CALGARY, Oct. 17, 2018 /CNW/ – High Tide Inc. (“High Tide” or the “Company”) today announced that it is celebrating the legalization of recreational cannabis across Canada along with cannabis consumers, industry partners and all levels of government. The deregulation of recreational cannabis for adult use is a major milestone for Canada as the first member of the Group of Eight (G8) highly industrialized nations to take this progressive step. High Tide would like to congratulate and commend Prime Minister Trudeau for embracing cannabis as a controlled substance and establishing Canada as the world leader in cannabis on this historic day.
Founded in 2009 with its first Smoker’s Corner store on 17th Avenue SW in Calgary, Alberta, the Company has been serving cannabis enthusiasts for almost a decade through the sale of smoking accessories and lifestyle products and, therefore, has been looking forward to this day since inception. “Today – October 17, 2018 – is and will remain as the most important day in modern history of cannabis”, said Raj Grover, President and Chief Executive Officer. “Our Canna Cabana retail cannabis stores will soon begin serving customers in Alberta, which is a great responsibility and privilege for which the Company is grateful upon this incredibly exciting occasion”, added Mr. Grover.
Subject to passing remaining Alberta Gaming, Liquor and Cannabis inspections and the timely receipt of product inventory, High Tide expects its first five retail cannabis outlets in Calgary, Edmonton, Fort Saskatchewan, Lethbridge and Whitecourt to be open during the month of October. The Company is currently in possession of 23 development permits for retail cannabis stores in Alberta and expects to open the maximum permitted number of 37 stores in the province. High Tide is also awaiting its wholesale cannabis permit for Saskatchewan, expects to establish the maximum allowed number of eight retail cannabis stores in British Columbia, and has dispatched a real estate team to secure what it expects to be a large number of leases for retail cannabis locations in Ontario.
High Tide is in the process of becoming a listed issuer on the Canadian Securities Exchange (“CSE”), subject to approval of the CSE and the review of its preliminary prospectus by the Alberta Securities Commission (“ASC”). The Company has submitted its preliminary prospectus to the ASC and has reserved “HITI” as its ticker symbol on the CSE. However, there can be no guarantee that the CSE will accept the listing of the common shares or that the ASC will issue a receipt for the Company’s final prospectus.
About High Tide Inc.
High Tide is a privately-held, Alberta-based, retail-focused cannabis corporation. It is among the most vertically-integrated companies in the Canadian cannabis market, with portfolio subsidiaries including RGR Canada Inc., Smoker’s Corner Ltd., Famous Brandz Inc., Canna Cabana Inc. and the majority of KushBar Inc. High Tide’s strategy as a parent company is to extend and strengthen its retail-focused integrated value chain, while providing a complete customer experience and maximizing shareholder value.
Representing the core of High Tide’s business, RGR Canada Inc. is a high-quality and innovative designer, manufacturer and distributor of cannabis accessories. Founded in 2009 and approved by the Canadian Franchise Association, Smoker’s Corner Ltd. is Canada’s largest counter-culture chain with 19 current locations. 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. With the deregulation of recreational cannabis for adult use across Canada, Canna Cabana Inc. is positioned to become a sizeable retail brand through a modern concept 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.
For more information about High Tide Inc., visit www.hightideinc.ca
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.
SOURCE High Tide Inc.
For further information: please contact Nick Kuzyk, Chief Strategy Officer & SVP Capital Markets at High Tide Inc.; Tel: (403) 265-4207; Email: [email protected]; Web: www.HighTideInc.ca.