CALGARY,
AB, Dec. 11, 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 Canna Cabana retail cannabis store located
at 5921 Perth Street, Richmond,
Ontario will begin selling recreational cannabis products
and consumption accessories for adult use on Saturday, December 14. This opening will mark
High Tide's 189th Canna Cabana branded retail cannabis location in
Canada, the 75th in the province
of Ontario, and the first location
in Richmond.
Richmond is located within the
amalgamated city of Ottawa.
Steeped in history, it was initially settled by the British Army in
the early 1800s and is now a short drive from downtown Ottawa. This bedroom community is a brand-new
market for Canna Cabana, and the new store is situated in a strong
shopping node. Anchor tenants include a provincially owned liquor
store, a national discount retailer, and pet supplies chain, and
several quick-service restaurants. With low competitive density,
this organic Canna Cabana provides the Company with attractive
cannabis demographics.
"I'm very excited about our recently announced global Cabana
Club launch and its potential to disrupt the online landscape with
our cutting-edge products and unbeatable pricing. On top of
our disruptive moves in the e-commerce space, we continue to
strengthen our core business of bricks and mortar cannabis stores
by adding another location in Canada's largest province, powered through
superior real estate," said Raj Grover, Founder and Chief Executive
Officer of High Tide.
"Ottawa is amongst the best
markets in the country for Canna Cabana and I'm hopeful this
location will live up to its potential. Our team continues to
work hard to position both our online and bricks and mortar
business for continued success. While I'm thrilled with the
success 2024 has brought us in Canada, I'm also looking forward to sharing
some additional news about some exciting new international
initiatives in the coming weeks," added Mr. Grover.
Grant of Restricted Share Units
The Company also announced that its Board of Directors has
approved the grant of 855,252 restricted share units ("RSUs") to
officers/directors/consultants of the Company, and 63,436 RSU's to
officers of the Company pursuant to the Company's Omnibus Plan,
which became effective on June 2,
2022. Each RSU entitles the holder to acquire one common
share of the Company upon vesting.
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 189 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 by the Globe and Mail's Report on Business in 2024 for
the fourth consecutive year 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.
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1 As
reported by ATB Capital Markets based on store counts as of
February 8, 2024
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CONTACT INFORMATION
Media Inquiries
Omar
Khan
Chief Communications and Public Affairs
Officer
High Tide
Inc.
omar@hightideinc.com
403-770-3080
Investor Inquiries
Vahan
Ajamian
Capital Markets Advisor
High
Tide Inc.
vahan@hightideinc.com
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 location beginning to
sell recreational cannabis products and consumption accessories for
adult use, the expected benefits of the store location, our
commitment to opening future stores in prime power centre locations
and the expansion of our discount club model, and the announcement
of future initiatives in the coming weeks. 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.