High Tide Inc. (CSE:HITI), an Alberta-based downstream cannabis corporation focused on the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced that it has recently opened its fifth Canna Cabana retail store (the “Location”). Situated on 111th Avenue Northwest in Edmonton, Alberta, the Location was granted a business license by the City of Edmonton and has been open to the public since December 20, 2018. The Location is approved to sell smoking accessories and cannabis lifestyle products while the temporary suspension of incremental cannabis retail licensing by Alberta Gaming, Liquor and Cannabis (“AGLC”) remains in effect.
At the Location, Canna Cabana employees are engaging with customers, educating them about cannabis and smoking accessories, and otherwise interacting with stakeholders as new members of the surrounding community. “As the market leader in smoking accessories, our team continues to find ways to generate revenues and robust gross margins through the sale of accessories, despite the temporary shortage of cannabis across Canada”, said Raj Grover, President & Chief Executive Officer of High Tide. “It is also important for us to continue opening stores on this basis, to develop relationships with our customers and communicate accurately with people as the topic of legal cannabis remains important to the general public”, added Mr. Grover.
High Tide currently has 28 other Canna Cabana stores under various stages of construction, with 33 total development permits in hand for its Canna Cabana and KushBar retail cannabis stores across Alberta. In the short term, the Company expects to receive the four remaining development permits required to achieve the AGLC’s effective maximum of 37 retail cannabis locations in the province. Outside of Alberta, the Company will be submitting its Expression of Interest Application to participate in the Alcohol and Gaming Commission of Ontario’s lottery being conducted on January 11, 2019 to award 25 opportunities for potential operators to apply for a cannabis retail store license.
Lastly, on January 3, 2019, Kevin Cornish, Chief Operating Officer, departed the Company for personal reasons. During his time with High Tide, Mr. Cornish was responsible for operations with a focus on establishing and growing the Canna Cabana retail cannabis business. Raj Grover, President & Chief Executive Officer, is overseeing the Company’s operations while an external search is being conducted to identify a suitable successor for the role.
About High Tide Inc.
High Tide is an Alberta-based, downstream cannabis corporation focused on the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products. It is a vertically-integrated company in the Canadian cannabis market, with portfolio subsidiaries including RGR Canada Inc., Famous Brandz Inc., Kush West Distribution Inc., Smoker’s Corner Ltd., Grasscity.com, Canna Cabana Inc. and the majority of KushBar Inc. High Tide’s strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value.
Representing the core of High Tide’s business, RGR Canada Inc. is a high-quality and innovative designer, manufacturer and distributor of cannabis accessories. Famous Brandz Inc. is a dominant manufacturer of licensed lifestyle accessories, through partnerships with celebrities and entertainment companies including Snoop Dogg and Paramount Pictures. Famous Brandz’ products are sold to wholesalers and retailers around the world. Founded in 2009 and approved by the Canadian Franchise Association, Smoker’s Corner Ltd. is Canada’s largest counter-culture chain with 19 locations, five of which are being converted into Canna Cabana locations. Kush West Distribution is in the process of becoming a cannabis wholesaler in the province of Saskatchewan. Based in Amsterdam since 2000, Grasscity.com is the world’s preeminent and most searchable online retailer of smoking accessories and cannabis lifestyle products with approximately 5.8 million site visits annually. With the deregulation of recreational cannabis for adult use across Canada, Canna Cabana Inc. is in the process of becoming a sizeable retail brand through a modern concept with a sophisticated yet playful customer experience, while KushBar Inc. is a retail concept that will also be focused on the valued Canadian cannabis consumer.
Certain statements in this news release are forward-looking information or forward-looking statements. Such information and statements, referred to herein as “forward-looking statements” are made as of the date of this news release or as of the date of the effective date of information described in this news release, as applicable. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (generally, forward-looking statements can be identified by use of words such as “outlook”, “expects”, “intend”, “forecasts”, “anticipates”, “plans”, “projects”, “estimates”, “envisages, “assumes”, “needs”, “strategy”, “goals”, “objectives”, or variations thereof, or stating that certain actions, events or results “may”, “can”, “could”, “would”, “might”, or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions, and other similar terminology) are not statements of historical fact and may be forward-looking statements.
Such forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to the ability of High Tide to execute on its business plan and that High Tide will receive one or multiple licenses from Alberta Gaming, Liquor & Cannabis, British Columbia’s Liquor Distribution Branch or the Saskatchewan Liquor and Gaming Authority permitting it to carry on its Canna Cabana Inc. and KushBar Inc. businesses. High Tide considers these assumptions to be reasonable in the circumstances. However, there can be no assurance that any one or more of the government, industry, market, operational or financial targets as set out herein will be achieved. Inherent in the forward-looking statements are known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements.
The forward‐looking statements contained herein are current as of the date of this news release. Except as required by law, High Tide does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forward-looking statement, nor does it intend, or assume any obligation, to update or revise these forward-looking statements to reflect new events or circumstances. Any and all forward-looking statements included in this news release are expressly qualified by this cautionary statement, and except as otherwise indicated, are made as of the date of this news release.
For further information: please contact Nick Kuzyk, Chief Strategy Officer & SVP Capital Markets at High Tide Inc.; Tel: (403) 265-4207; Email: Nick@HighTideInc.ca; Web: www.HighTideInc.com.
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For more information regarding the Company or the offering, please contact firstname.lastname@example.org, or