The Company Also Announces the Opening of a
New Canna Cabana Store in Belleville, Ontario
CALGARY,
AB, Aug. 8, 2024 /CNW/ - High Tide Inc.
("High Tide" or the "Company") (Nasdaq: HITI) (TSXV:
HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built
to deliver real-world value across every component of cannabis,
announced today that its Cabana Club loyalty program has surpassed
1.5 million members across Canada. Membership has increased
5% since June 13, 2024, when the
Company reported Q2 2024 results. This represents an annual growth
rate of 37%. More than 1.2 million members have joined the loyalty
program since the Company unveiled its innovative discount club
model in October 2021, an increase of
more than 400% since its launch.
"I am thrilled that our first-of-its-kind discount club model in
cannabis has grown by more than 400% in just a few short
years. This rapid surge in loyalty has resulted in our Canna
Cabana store network generating more than 111% growth in same store
sales since the launch of the discount club model. With our
long-term goal of reaching at least 300 locations across
Canada we believe our Cabana Club
membership trajectory will keep growing to beyond 2 million members
in the months and years to come," said Raj Grover, Chief Founder
and Chief Executive Officer of High Tide.
New Belleville Store
The Canna Cabana retail cannabis store located at 150 Sidney
Street, in Belleville,
Ontario will begin selling recreational cannabis products and
consumption accessories for adult use today. This opening will mark
High Tide's 181st Canna Cabana branded retail cannabis location in
Canada, the 66th in Ontario and the first store in Belleville.
Belleville is located on the Bay of Quinte, along the northern
shore of Lake Ontario. In between
Toronto and Ottawa, Belleville is a short drive from the
internationally renowned Prince Edward County, with sandy beaches
and award-winning wineries. This new Canna Cabana location will be
one of the first cannabis stores in the southwest end of the city,
with nearly exclusive access to over 30,000 residents within a
three-kilometer radius. Anchor tenants of this high-volume shopping
plaza include a major North American discount retailer, a large
Canadian pharmacy chain and several quick service restaurants.
"I am pleased to announce the opening of our first Cabana in
Belleville, as we continue to
selectively and strategically expand our innovative discount club
model into underserved communities. The Ontario cannabis market, the largest in
Canada, holds great potential for
the future expansion of our Canna Cabana brand as we continue
building towards our goal of 150 locations across the province. Our
focus will always be to offer an unbeatable selection and prices to
communities across Ontario and
beyond," added Mr. Grover.
ABOUT HIGH TIDE
High Tide Inc. is the leading community-grown, retail-forward
cannabis enterprise engineered to unleash the full value of the
world's most powerful plant and is the second-largest cannabis
retailer globally by store count1. High Tide (HITI) is
uniquely-built around the cannabis consumer, with
wholly-diversified and fully-integrated operations across all
components of cannabis, including:
Bricks & Mortar Retail: Canna Cabana™ is the largest
cannabis retail chain in Canada,
with 181 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and growing. In 2021, Canna Cabana
became the first cannabis discount club retailer in the world.
Retail Innovation: Fastendr™ is a unique and fully
automated technology that employs retail kiosks to facilitate a
better buying experience through browsing, ordering and pickup.
Consumption Accessories: High Tide operates a suite of
leading accessory e-commerce platforms across the world, including
Grasscity.com, Smokecartel.com, Dailyhighclub.com, and
Dankstop.com.
Brands: High Tide's industry-leading and consumer-facing
brand roster includes Queen of Bud, Cabana Cannabis Co, Daily High
Club, Vodka Glass, Puff Puff Pass, Dopezilla, Atomik, Hue, Evolution and more.
CBD: High Tide continues to cultivate the possibilities
of consumer CBD through Nuleafnaturals.com, FABCBD.com,
blessedcbd.de and blessedcbd.co.uk.
Wholesale Distribution: High Tide keeps that cannabis
category stocked with wholesale solutions via Valiant™.
Licensing: High Tide continues to push cannabis culture
forward through fresh partnerships and license agreements under the
Famous Brandz™ name.
High Tide consistently moves ahead of the currents, having been
named one of Canada's Top Growing
Companies in 2021, 2022 and 2023 by the Globe and Mail's Report on
Business Magazine, and was named as one of the top 10 performing
diversified industries stocks in both 2022 and 2024 TSX Venture 50.
High Tide was also ranked number one in the retail category on the
Financial Times list of Americas' Fastest Growing Companies for
2023. To discover the full impact of High Tide, visit
www.hightideinc.com. For investment performance, don't miss the
High Tide profile pages on SEDAR+ and EDGAR.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this
release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release may contain "forward-looking information"
and "forward-looking statements within the meaning of applicable
securities legislation. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of such future events. The
forward-looking statements herein include, but are not limited to,
statements regarding: the timing of our new locations beginning to
sell recreational cannabis products and consumption accessories for
adult use, the expected benefits of the store locations, the
expansion of our discount club model, the ability to reach our
communicated goals of reaching 300 locations in Canada, 150 locations in Ontario, and 2 million members. Readers are
cautioned to not place undue reliance on forward-looking
information. Actual results and developments may differ materially
from those contemplated by these statements. Although the Company
believes that the expectations reflected in these statements are
reasonable, such statements are based on expectations, factors, and
assumptions concerning future events which may prove to be
inaccurate and are subject to numerous risks and uncertainties,
certain of which are beyond the Company's control, including but
not limited to the risk factors discussed under the heading
"Non-Exhaustive List of Risk Factors" in Schedule A to our current
annual information form, and elsewhere in this press release, as
such factors may be further updated from time to time in our
periodic filings, available at www.sedarplus.ca and www.sec.gov,
which factors are incorporated herein by reference. Forward-looking
statements contained in this press release are expressly qualified
by this cautionary statement and reflect the Company's expectations
as of the date hereof and are subject to change thereafter. The
Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
estimates or opinions, future events or results, or otherwise, or
to explain any material difference between subsequent actual events
and such forward-looking information, except as required by
applicable law.
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1 As
reported by ATB Capital Markets based on store counts as of
February 8, 2024
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SOURCE High Tide Inc.