High Tide Inc. (CSE:HITI) (Frankfurt:2LY), 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 been licensed to open its ninth Canna Cabana retail store, which is located at #105, 330 10th Street NW in Calgary, Alberta (the “Kensington Store”). The Kensington Store has been converted from a Smoker’s Corner location and is now the first franchised Canna Cabana outlet in the High Tide network. Having met all municipal business requirements, the Kensington Store is approved to sell smoking accessories and cannabis lifestyle products while the temporary suspension of incremental cannabis retail licensing (the “Moratorium”) by Alberta Gaming, Liquor and Cannabis (the “AGLC”) remains in effect.
The re-opening of the Kensington Store under the Canna Cabana brand marks an exciting transition for the neighbourhood, the franchisee and the Company. “As a top-tier commercial location in a lively area of Calgary, being able to sell smoking accessories and cannabis lifestyle products while waiting for the AGLC’s Moratorium to be lifted is a welcome development by the City of Calgary,” said Raj Grover, President and Chief Executive Officer of High Tide. “Having the only approved and released development permit on 10th Street NW is a significant achievement for both our franchisee and for High Tide. We look forward to being a playful, approachable and responsible retailer of recreational cannabis in Kensington for a long time,” added Mr. Grover. The Smoker’s Corner store in Kensingtonoriginally opened in 2010 and was franchised in 2017. Over time, it has become a key part of the vibrant community on 10th Street NW.
High Tide has also closed the acquisition of a retail cannabis location in the Bowness neighbourhood of Calgary and has entered into a lease as part of the transaction, which has a development permit approved and released by the City of Calgary associated with the location. The Company now has 34 development permits for its Canna Cabana and KushBar retail cannabis stores across Alberta and expects to receive the three remaining development permits required to achieve the AGLC’s effective maximum of 37 retail cannabis locations in the province in the short-term. High Tide continues to advance its next 25 Canna Cabana locations, which are under various stages of development and construction.
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. Key industry investors in High Tide include Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) (Frankfurt: 21P; WKN: A1C4WM) and FSD Pharma Inc. (CSE: HUGE) (OTC: FSDDF) (FRA: 0K9).
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 among Canada’s largest counter-culture chains with 14 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., with nine current locations, is in the process of becoming a sizeable retail brand 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: Nick Kuzyk, Chief Strategy Officer & SVP Capital Markets at High Tide Inc.; Tel: (403) 265-4207; Email: Nick@HighTideInc.com; Web: www.HighTideInc.com.