Company opens two new cannabis retail stores in Windsor and Cornwall, Ontario
CALGARY, Alberta, September 30, 2021– (COMMERCIAL THREAD) – High Tide Inc. (âHigh Tideâ or the âCompanyâ) (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA), a retail-focused cannabis company bolstered by the manufacture of exclusive and licensed consumer accessories, today announced that its Canna Cabana cannabis retail stores located at 4140 Walker Road in Windsor, Ont., and 960 Brookdale Avenue in Cornwall, Ont., have started selling adult recreational cannabis products. These openings bring the total number of High Tide-branded retail outlets in Canada and 30 in Ontario to 101, selling recreational cannabis products and consumer accessories. With the opening of these stores, the company launched eight organically constructed stores in September alone.
The Windsor store is High Tide’s first in this community, which is Ontario’s 10th largest city with a population of nearly 220,000. The store is located in a major retail and commercial district to the south of the city, with many national big box retailers as its mainstay, including a national hardware chain, and is well connected to Highway 401, which is Canada’s busiest highway.
The Cornwall store is also the first High Tide store to open in the community, a town of nearly 50,000 people in eastern Ontario. It is located in the Brookdale Center of Cornwall, a large retail and commercial plaza anchored by several national big box retailers, including a major grocery chain, and is adjacent to the intersection of two highways which bring the residents and visitors inside and outside the city.
Support for World Vision
To mark the 100 store milestone, High Tide is committed to expanding its long-standing partnership with World Vision, which has grown from initial sponsorships of three children in 2006 to over 200 sponsorships in 2021. Going forward, High Tide will sponsor another two children through World Vision for each new Canadian store opened.
âBeing the first non-franchised Canadian cannabis retailer to reach the 100 store mark is a proud moment for our company. This major achievement is the direct result of the tireless efforts of our retail and support teams. and achieve the goals. For some time now, I have said that we have made a commitment to reach the 30 store mark in Ontario by the end of September. We achieved that goal today, despite the challenges of the pandemic that have slowed the process of Despite these challenges, we are moving quickly across Ontario and remain excited about our trajectory to reach the new ceiling of 75 stores. portfolio focused on the US market that complements our existing business lines. As High Tide progresses, we intend to continue this growth rate for the remainder of 2021 and through 2022, with a goal of eventually surpassing 200 retail locations across Canada. Our goal is to consolidate our leadership position in Canadian market share, which will prepare us for long-term success by improving same-store sales and enabling cross-selling of our brands and products. internal across all of our platforms, âsaid Raj Grover, President and CEO of High Tide. âI have also long believed that corporate social responsibility should be at the heart of High Tide’s business operations. That’s why, many years ago, I made our support for World Vision a priority. I’m excited to see how much it has grown over time and look forward to executing today’s commitment to expand it further as we continue to grow. The best is yet to come for High Tide, and I look forward to sharing several more positive developments in the coming weeks. I want to take this opportunity to thank our customers, shareholders and team members who have supported us throughout this journey, âadded Mr. Grover.
Granting of options
In addition, High Tide has granted 6,000 stock options (the âOptionsâ) to certain employees, exercisable for a period of three years.
About High Tide Inc.
High Tide is a retail-focused cannabis company bolstered by the manufacture of exclusive and licensed consumer accessories. The company is Canada’s largest recreational cannabis retailer by revenue, with 101 current locations in Ontario, Alberta, Manitoba, and Saskatchewan, and was included in Report on Business magazine’s third annual ranking of businesses in fastest growing in Canada in 2021. High Tide’s Retail segment includes Canna Cabana, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations being developed across the country. High Tide has served consumers for over a decade through its established e-commerce platforms including Grasscity.com, Smokecartel.com, Dailyhighclub.com and Dankstop.com and most recently in the hemp-derived CBD space via CBDcity.com and FABCBD.com as well as its wholesale distribution division under Valiant Distribution, including licensed entertainment product maker Famous Brandz. High Tide’s strategy as a parent company is to expand and strengthen its integrated value chain, while delivering a complete customer experience and maximizing shareholder value. The main sector investors in High Tide are Tilray Inc. (TSX: TLRY) (Nasdaq: TLRY) and Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB).
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CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release are forward-looking information or forward-looking statements. These information and statements, referred to herein as âforward-looking statementsâ are made as of the date of this press release or the date of the effective date of the information described in this press release, as the case may be. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs about future events. Any statement that expresses or involves discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions or future events or performance (generally, forward-looking statements can be identified by the use of words such as “outlook”, “expect”, “intend”, “plan”, “anticipate”, “plan”, “projects”, “estimate”, “consider”, “assume”, ” needs “,” strategy “,” goals “,” objectives “, or variations thereof, or by stating that certain actions, events or results” may “,” may “,” could “,” would “,” could â, Orâ will âbe undertaken, occur or be achieved, or the negative of any of these terms or similar expressions, and any other similar terminology) are not statements of historical fact and may be forward-looking statements.
These forward-looking statements are based on assumptions which may prove to be incorrect, including, but not limited to, the ability of High Tide to execute its business plan and that High Tide will receive one or more licenses from Alberta Gaming. , Liquor & Cannabis, The Liquor Distribution Branch of British Columbia, the Liquor, Gaming and Cannabis Authority of Manitoba, the Alcohol and Gaming Commission of Ontario or the Saskatchewan Liquor and Gaming Authority allowing it to operate Canna Cabana Inc. and KushBar Inc. High Tide considers these assumptions to be reasonable in the circumstances. However, there can be no assurance that one or more of the governmental, industrial, commercial, operational or financial objectives set forth herein will be achieved. Inherent in 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 all results, performances. or accomplishments expressed or implied by these forward-looking statements. .
The forward-looking statements contained in this document are current as of the date of this press release. Except as required by law, High Tide has no obligation to notify any person if it becomes aware of any inaccuracy or omission in any forward-looking statement, and does not intend or assume no obligation to update or revise these forward-looking statements. – forward-looking statements to reflect new events or circumstances. All forward-looking statements included in this press release are expressly qualified by this cautionary statement and, unless otherwise indicated, are made as of the date of this press release.
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