High Tide, GTI Each Open Stores
March 25, 2021

By Jelena Martinovic at Benzinga

High Tide Launches Additional Two Canna Cabana Stores In Calgary

High Tide Inc. (TSXV:HITI) (OTCQB:HITIF) is cutting the ribbon on two additional stores in Calgary, its 78th and 79th branded retail locations nationwide.

The Canadian cannabis retailer opted to boost its footprint in Alberta’s largest city after opening stores in its Montgomery and Beltline neighborhoods earlier this month.

The new Canna Cabana retail stores are located at 850 – 19369 Sheriff King Street SW and 130 – 296 Shawville Blvd SE, in Silverado and Shawnessy neighborhoods.

The dispensary in the Silverado neighborhood is already selling recreational cannabis products for adult use.

The store in the Shawnessy neighborhood is expected to launch sales on Friday, March 26.

“Both new stores will follow High Tide’s “one-stop cannabis shop” differentiated model for all our customers’ cannabis and consumption accessory needs,” President and CEO Raj Grover said Thursday.

“While Alberta remains a competitive market, our business strategy in the province focuses on continuing organic growth by opening new stores in underserviced neighborhoods while offering price points and product offerings that appeal to a broad spectrum of consumers,” Grover added.

The Calgary-based company also enhanced its presence in Ontario by opening a store in London last week.

Meanwhile, High Tide confirmed closing the acquisition of the e-commerce platform for consumption accessories, Smoke Cartel Inc. (OTCQB:SMKC), on Wednesday.

The deal worth $8 million is “part of our strategy to aggressively pursue M&A targets that can be immediately accretive to shareholders,” Grover explained.

The company expects to launch online cannabis sales in the U.S. once cannabis becomes legal on the federal level.

GTI Expands In Illinois, Opens Rise Lake in the Hills

The owner of Rise dispensaries, Green Thumb Industries Inc. (CSE:GTII) (OTCQX:GTBIF), is launching its ninth retail location in Illinois.

The new store is located at 270 N. Randall Road in Lake in the Hills. It is the 55th store the Chicago-headquartered company opted to open nationwide.

Rise Lake in the Hills is scheduled to open on Wednesday, March 31.

GTI said plans to donate the profits from the first day of sales to Habitat for Humanity of McHenry County.

Ben Kovler, GTI’s founder and CEO, is “honored” to cut the ribbon on McHenry County’s first cannabis store.

“Habitat for Humanity has made a positive difference in the lives of so many since its founding, and we are grateful to support their important work through financial support and by collaborating with the McHenry County chapter on volunteer initiatives,” Kovler stated Thursday.

The company recently reported generating $177.2 million in revenue in the fourth quarter, representing a 12.8% sequential and 133.8% year-over-year increase.