High Tide Announces Licence from AGCO to Open Canna Cabana-Branded Cannabis Retail Store in Toronto
CALGARY, April 29, 2019 /CNW/ - High Tide Inc. ("High Tide" or the "Company") (CSE:HITI) (OTCQB:HITIF) (FRA:2LY), an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, announced that on Friday, April 26, 2019 the Alcohol and Gaming Commission of Ontario ("AGCO") approved and issued a Retail Operator Licence (the "Licence") to High Tide's counterparty Dana Michele Kendal (the "Winner") for the Canna Cabana Toronto store (the "Toronto Store"). A Retail Store Authorization will also be required to be issued by the AGCO for the Winner to finalize the set-up of the Toronto Store. The Winner is aiming to open Canna Cabana Toronto on or before June 1, 2019.
The Toronto Store is expected to be highest profile Canna Cabana-branded location in Canada.
From originally being selected by the Winner to help establish the Toronto Store, to achieving this important milestone part-way through the process, we are growing very keen to open this shop near the intersection of Yonge Street and College Street
said Raj Grover, President and Chief Executive Officer of High Tide.
High Tide's best efforts are being put toward this project and we look forward to the privilege of the Toronto Store becoming a part of the surrounding community for the long term
added Mr. Grover. Prior to opening the Toronto Store, the AGCO will conduct a pre-opening inspection to ensure that the Winner is ready to sell cannabis products to the public in accordance with the regulations and standards for cannabis retail stores.
High Tide continues to grow at a rapid pace with existing operations and ongoing projects in multiple provinces across Canada. In Alberta, High Tide continues to operate 11 existing Canna Cabana retail stores and advance the next 25 locations that are under various stages of development and construction. In Ontario, two Canna Cabana-branded locations in Hamilton and Sudbury were opened on April 20th and both are performing strongly in each market. In Saskatchewan, the Company is progressing through the necessary steps to complete two pending cannabis retail business acquisitions in the short term. Lastly, across Alberta, British Columbia and Nova Scotia the Company has 13 Smoker's Corner accessories shops, of which five are corporately owned and eight are franchises.
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 Aphria Inc. (TSX: APHA) (NYSE: APHA), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) (FRA: 21P) 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 13 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 13 currently-branded 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.
SOURCE High Tide Inc.