High Tide Selected to Assist a Second Winner of the Ontario Cannabis Retail Lottery
CALGARY, Feb. 12, 2019 /CNW/ - High Tide Inc. ("High Tide" or the "Company") (CSE:HITI) (Frankfurt:2LY) today announced that, subject to regulatory approval, the Company has been selected to assist with the establishment and operation of a retail cannabis store by a second winner of one of the 25 opportunities to apply for a licence to operate a cannabis retail store (the "Second Winner") as a result of the Alcohol and Gaming Commission of Ontario's (the "AGCO") Expression of Interest Application Lottery conducted on January 11, 2019 (the "Lottery"). Subsequent to previously announcing that the Company had entered into a letter of intent with another beneficiary of the Lottery, the Second Winner and its representatives sought out High Tide's support to help open a retail cannabis store at a potential location in the City of Hamilton, Ontario.
High Tide has strong reputation as a leading retailer of smoking accessories and cannabis lifestyle products through its Smoker's Corner shops across Canada, which has recently been enhanced by the opening of several Canna Cabana retail cannabis stores in Alberta.
We are delighted to have been approached by the Second Winner in Ontario. Our decade of operational expertise and knowledge of the cannabis consumer, among other factors, have positioned us favourably to those seeking industry partners
stated Raj Grover, President and Chief Executive Officer of High Tide.
The Second Winner was looking for the support of an experienced player in the Canadian cannabis marketplace, which continues to validate us as the partner of choice in Ontario
added Mr. Grover.
High Tide currently has seven operating Canna Cabana stores and continues to advance its next 26 locations under various stages of construction. In Ontario, the Company has also established a significant commercial presence as one of only a few suppliers of smoking accessories to the Ontario Cannabis Store, which is the sole online retailer of recreational cannabis products in the Province of Ontario. High Tide is currently maintaining approximately 20 conditional leases for future locations across Ontario and is targeting having recreational cannabis stores in every province that permits privately-owned retail outlets, as demonstrated by the recent signing of letters of intent to acquire two locations in Saskatchewan.
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.
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 14 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 seven current 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.