High Tide Submits Expression of Interest Application for AGCO Lottery to Award 25 Cannabis Retail Store Licenses
High Tide Inc. (CSE:HITI) today announced that it has submitted its Expression of Interest Application (“EOI”) to enter the lottery to award potential operators with 25 opportunities to receive a cannabis retail store license, all being conducted by the Alcohol and Gaming Commission of Ontario (“AGCO”) on January 11, 2019 (the “Lottery”). High Tide looks forward to the results of the Lottery, as the opportunity to operate a cannabis retail store in Canada’s largest province and communicate with the public on the topic of legal cannabis is strategically important to the Company. High Tide is proud of its strong commercial presence in Ontario to date, as one of only a few suppliers of smoking accessories to the Ontario Cannabis Store, which is the sole online retailer of recreational cannabis products in the province.
The Company is strongly positioned to leverage the knowledge gained from operating 19 Smoker’s Corner locations across Alberta, British Columbia and Nova Scotia. “We are focused on the opportunity to provide the large base of potential customers in Ontario with the benefits of our integrated value chain,” said Raj Grover, President and Chief Executive Officer of High Tide. “As a proven player in the industry, High Tide is growing rapidly to provide a complete customer experience including a large product selection, knowledgeable staff and responsible retail practices.” As a Canadian company selling smoking accessories to cannabis enthusiasts in the retail setting since 2009, this head-start gives it a significant advantage over the competition.
Being awarded a cannabis retail store license by the AGCO through the Lottery process would enable High Tide to continue building on its track record of success. Recently, the Company opened the doors to its fifth Canna Cabana store, located in Edmonton. High Tide currently has 28 Canna Cabana stores under various stages of construction, with 33 total development permits in hand for its Canna Cabana and KushBar locations across Alberta. The Company expects to receive the four remaining development permits required to achieve the effective maximum of 37 cannabis retail locations in the province, while it also expects to establish the maximum of eight cannabis retail locations in British Columbia.
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.