New Joint Venture Follows Alberta's Decision
to Allow Cannabis Pop-Up Stores at Adults-Only Festivals and
Events
This news release constitutes a "designated
news release" for the purposes of the Company's prospectus
supplement dated August 31, 2023, to
its short form base shelf prospectus dated August 3, 2023.
CALGARY,
AB, Sept. 10, 2024 /PRNewswire/ - 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 it has entered into a
joint-venture with Positive Intent Events (PIE) to establish a
leading position in Canada's
nascent cannabis hospitality sector. The announcement follows
Alberta's decision to allow
licensed cannabis pop-up stores at adults-only festivals and
events.
With 183 Canna Cabana branded retail stores across Canada, making it the second largest cannabis
retailer in the world by store count, and the largest in
Alberta, High Tide will leverage
the strength of its national brand to deliver incredible retail
experiences at a broad variety of events and venues, while working
with PIE to create additional opportunities for cannabis pop-ups
across Canada.
"As Canada's largest retail
cannabis chain, we intend to bring the power of our innovative and
disruptive discount club model that has helped us achieve almost
11% market share in the Canadian provinces where we operate, into
the nascent world of cannabis sales at adults-only events, such as
music festivals, comedy shows, and business conferences. The
opportunities keep getting bigger and better for High Tide," said
Raj Grover, Founder and Chief Executive Officer of High Tide.
"Our success has always been grounded in bringing an unbeatable
selection of the highest quality products to our customers at the
lowest price in the most convenient way possible. That's why I am
thrilled to announce that we are bringing the Cabana experience
directly to events where our customers are already socializing. In
PIE we have found an event partner that has the regulatory and
event planning expertise to support us in executing this vision,"
added Mr. Grover.
"Partnering with High Tide allows us to seamlessly grow across
Canada as regulations make space
for cannabis to be included as part of hospitality and tourism,"
said Daffyd Roderick, Managing Partner, Positive Intent Events.
"The positive reception we received at the Edmonton
International Fringe Theatre Festival confirmed that the public is
very ready to embrace cannabis and make it a responsible part of
their entertainment experiences," added Mr. Roderick.
ABOUT POSITIVE INTENT EVENTS (PIE)
PIE is Alberta's pioneering
event company dedicated to creating adult-only cannabis events and
exceptional culinary adventures supported by professional
logistics, execution and sponsorship.
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 183 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.
|
_______________________________
1 As reported by ATB Capital Markets based on store
counts as of February 8, 2024
|
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 success of the joint venture, and whether
there will be additional opportunities for cannabis pop-ups across
Canada. 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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SOURCE High Tide Inc.