Further Updates Related to Private Label Offerings in Manitoba and Ontario Expected in the Coming Weeks
CALGARY, June 13, 2022 /CNW/ – High Tide Inc. (“High Tide” or the “Company”) (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced today that it has begun retail sales of its first Cabana Cannabis Co. branded shatter and THC gummies in the province of Saskatchewan. The products were produced under the terms of white label partnerships with Heritage Cannabis Holdings (“Heritage”) (CNSX: CANN), an industry-leading and vertically-integrated cannabis provider, for Cabana Cannabis Co. shatter, and Loosh Brands (“LOOSH”), a privately-held, next generation edibles and finished goods manufacturer, for Cabana Cannabis Co. THC gummies. The initial lineup of Cabana Cannabis Co. products consists of one SKU of shatter, which is Pink Hawaiian shatter and is available in 1-gram increments, and two SKUs of THC gummies, which are Sunset Punch and Clementine Cream-flavoured soft chews.
In addition to the aforementioned products, the Company expects to begin retail sales of its Cabana Cannabis Co. pre-rolls in Saskatchewan during the week of June 20, 2022. Produced under the terms of a white label partnership with Candre Cannabis Inc. (“Candre”), a privately-held licensed producer of craft cannabis, the first SKU that will be available for sale will be 1.5-gram premium Apricot Jelly pre-rolls, which will include three pre-rolls, at 0.5 grams each, per package.
High Tide anticipates that, pending listing approval, it will be able to begin sales of its Cabana Cannabis Co. products in the provinces of Manitoba and Ontario within the coming weeks.
“The rollout of our Cabana Cannabis Co. product line is a long-awaited and exciting moment for our company. This launch is just the beginning of High Tide’s white label strategy, as we intend to expand our catalogue to include other product categories, and bring our Cabana Cannabis Co. products to market in other provinces including Manitoba and Ontario. While the process of initially bringing our white label products to market took longer than we had hoped, in part due to evolving regulations and requirements between provinces, we expect that the foundation that we have now built will make for a smoother process in the future as we expand our selection of Cabana Cannabis Co. branded products,” said Raj Grover, President and Chief Executive Officer of High Tide. “As the largest non-franchised cannabis retailer in Canada with active operations in multiple jurisdictions, our Cabanalytics data tells us what the best-selling products in Canada are, as well as providing us with the hottest trends, insights, and consumer preferences. We are using this data to identify and launch the top-performing SKUs in the market today under the Cabana Cannabis Co. brand, further differentiating our cannabis product offerings, which is helpful for both ourselves, our peers, and consumers, all of whom will benefit from a greater product selection. Our white label strategy also represents a meaningful margin-enhancing opportunity, as we intend to grow our white label sales to be approximately 20-30% of our total sales over the long term as we further grow our lineup of Cabana Cannabis Co. products.”
RELEASE OF SECOND QUARTER 2022 RESULTS AND WEBCAST
The Company also reiterated that it will release its financial and operational results for the quarter ended April 30, 2022, after financial markets close on Tuesday, June 14, 2022. High Tide’s second quarter 2022 financial and operational results will be available on SEDAR, EDGAR, and on the Company’s website at www.hightideinc.com/invest.
Following the release of its first quarter financial and operational results, High Tide will host a webcast with Raj Grover, President and Chief Executive Officer, and Rahim Kanji, Chief Financial Officer, at 5:30 PM Eastern Time on Tuesday, June 14, 2022. The webcast and conference call will discuss High Tide’s second quarter 2022 financial and operational results, as well as the Company’s plans for the remainder of 2022.
Webcast Link for High Tide Earnings Event:
Participants may pre-register for the webcast by clicking on the link above prior to the beginning of the live webcast. Three hours after the live webcast, a replay of the webcast will be available at the same link above.
Participants who wish to ask questions during the event may do so through the call-in line, the access information for which is as follows:
Canada Dial-In Number (Toll-Free): +1 833 950 0062
Canada Dial-In Number (Local): +1 226 828 7575
United States Dial-In Number (Toll-Free): +1 844 200 6205
United States Dial-In Number (Local): +1 646 904 5544
Dial-In Number for All Other Locations: +1 929 526 1599
Participant Access Code: 076140
*Participants will need to enter the participant access code before being met by a live operator*