CALGARY,
AB, Oct. 17, 2022 /CNW/ - High Tide Inc.
("High Tide" or the "Company") (Nasdaq: HITI) (TSXV:
HITI) (FSE: 2LYA), Canada's
largest non-franchised cannabis retailer with bricks-and-mortar as
well as global e-commerce assets, is pleased to announce that its
senior executive is available for comment ahead of the fourth
anniversary of cannabis legalization in Canada.
According to a joint study completed by Deloitte and the Ontario
Cannabis Store,1 Canadians celebrate the
growth of an industry that contributed $43.5
billion to the country's GDP and created 43,479 direct
industry jobs between 2018 and 2021, with many in small and rural
communities. Despite these successes, the industry faces headwinds
that can be partially alleviated through common-sense regulatory
and legislative reforms from the federal and provincial
governments.
As Senior Vice President - Corporate and Public Affairs, Mr.
Khan leads the policy and communications team at High Tide. He will
be able to shed light on the current state of the cannabis industry
and what common sense reforms Canada's federal and provincial governments
should take to bolster this burgeoning sector. He has nearly two
decades of experience working as a communication strategist in
Canadian federal and provincial politics, including serving as the
Chief of Staff to several Ontario Ministers.
Company's Highlights since
Legalization
- Since cannabis legalization in Canada, High Tide has grown into an
international cannabis company, evolving beyond bricks-and-mortar
cannabis sales with e-commerce platforms focusing on CBD and
consumption accessories (Nuleaf Naturals, FABCBD, Blessed CBD,
Grasscity.com, Smokecartel.com, Dailyhighclub.com, and
Dankstop.com);
- Since October 2018, High Tide has
grown from two stores in Alberta
to 140 across British Columbia,
Alberta, Saskatchewan, Manitoba and Ontario, employing over 1400 people across
Canada, the United States and Europe;
- High Tide's strategy is to capture the Canadian retail cannabis
market share by focusing on converting the approximately 40 percent
of Canadian consumers still purchasing cannabis through illicit
market channels.
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1Source:
https://www2.deloitte.com/ca/en/pages/consumer-business/articles/an-industry-makes-its-mark.html?icid=An_industry_makes_its_mark
|
ABOUT HIGH TIDE
High Tide is a leading retail-focused cannabis company with
bricks-and-mortar as well as global e-commerce assets. The Company
is the largest non-franchised recreational cannabis retail chain in
Canada as measured by revenue,
with 140 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. The Company is also North America's first cannabis discount club
retailer, under the Canna Cabana banner, which is the
single-largest cannabis retail brand in Canada, with additional locations under
development across the country. High Tide's portfolio also includes
retail kiosks and smart locker technology – Fastendr™. High Tide
has been serving consumers for over a decade through its
established e-commerce platforms, including Grasscity.com,
Smokecartel.com, Dailyhighclub.com, and Dankstop.com and more
recently in the hemp-derived CBD space through Nuleafnaturals.com,
FABCBD.com, BlessedCBD.co.uk, BlessedCBD.de, and Amazon United
Kingdom, as well as its wholesale distribution division under
Valiant Distribution, including the licensed entertainment product
manufacturer Famous Brandz. High Tide was featured in the annual
Report on Business Magazine's ranking of Canada's Top Growing Companies in both 2021
and 2022 and was named as one of the top 10 performing diversified
industries stocks in the 2022 TSX Venture 50™. 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.
For more information about High Tide, please visit
www.hightideinc.com and its profile pages on SEDAR at
www.sedar.com and EDGAR at www.sec.gov.
Neither the TSX Venture Exchange (the "TSXV") 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.
CAUTIONARY NOTE REGARDING FORWARD
LOOKING STATEMENTS
This press release contains "forward-looking information"
within the meaning of applicable Canadian securities legislation.
These statements relate to future events or future performance. 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 information and
forward-looking statements contained herein include, but are not
limited to, statements regarding: the Company's business; the
Company's future growth prospects and intentions to pursue one or
more viable business opportunities; the development of the
Company's business and future activities following the date hereof;
expectations relating to market size and anticipated growth in the
jurisdictions within which the Company may from time to time
operate or contemplate future operations; expectations with respect
to economic, business, regulatory and/or competitive factors
related to the Company or the cannabis industry generally; the
market for the Company's current and proposed product offerings, as
well as the Company's ability to capture market share; the
distribution methods expected to be used by the Company to deliver
its product offerings; the performance of the Company's business
and the operations and activities; the Company adding the number of
additional cannabis retail store locations the Company proposes to
add to its business, and the Company remaining on a positive growth
trajectory; the Company completing the development of its cannabis
retail stores; the Company's ability to successfully integrate the
operations of any business acquired within the Company's business;
and the Company continuing to grow its online retail portfolio
through further strategic and accretive acquisitions.
Forward-looking information in this press release are based on
certain assumptions and expected future events, namely: current and
future members of management will abide by the Company's business
objectives and strategies from time to time established by the
Company; the Company will have sufficient working capital and the
ability to obtain the financing required in order to develop and
continue its business and operations; the Company will continue to
attract, develop, motivate and retain highly qualified and skilled
consultants and/or employees; no adverse changes will be made to
the regulatory framework governing cannabis, taxes and all other
applicable matters in the jurisdictions in which the Company
conducts business and any other jurisdiction in which the Company
may conduct business in the future; the Company will be able to
execute on its business strategy as anticipated; the Company will
be able to meet the requirements necessary to obtain and/or
maintain authorizations required to conduct the business; general
economic, financial, market, regulatory, and political conditions,
will not negatively affect the Company or its business; general
market conditions will be favourable with respect to the Company's
future plans and goals; the Company will remain on a positive
growth trajectory; the Company will complete the development of its
cannabis retail stores; and the Company will continue to grow its
online retail portfolio through further strategic and accretive
acquisitions. These statements involve known and unknown risks,
uncertainties and other factors, which may cause actual results,
performance or achievements to differ materially from those
expressed or implied by such statements, including but not limited
to: the Company's inability to attract and retain qualified members
of management to grow the Company's business and its operations;
unanticipated changes in economic and market conditions or in
applicable laws; the impact of the publications of inaccurate or
unfavourable research by securities analysts or other third
parties; interruptions or shortages in the supply of cannabis from
time to time available to support the Company's operations from
time to time; unanticipated changes in the cannabis industry in the
jurisdictions within which the Company may from time to time
conduct its business and operations; the Company's inability to
secure desirable retail cannabis store locations on favourable
terms; risks relating to projections of the Company's operations;
risk that the Company will be unable to increase its revenue
profile; risk that the Company will be unable to grow its online
retail portfolio through further strategic and accretive
acquisitions; risk that the Company will be unable to add
additional cannabis retail store locations to the Company's
business and remain on a positive growth trajectory; risks that the
Company will be unable to complete the development of any or all of
its cannabis retail stores; and risk that the Company will be
unable to continue to grow its online retail portfolio through
further strategic and accretive acquisitions.
Readers are cautioned that the foregoing list is not
exhaustive. Readers are further cautioned not to place undue
reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are placed will occur. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated. 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.
Related Links
https://hightideinc.com/
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SOURCE High Tide Inc.