CALGARY, Sept. 14, 2018 /CNW/ - High Tide Ventures Inc. ("High Tide" or the "Company") today announced that its wholly-owned subsidiary, Famous Brandz Inc. ("Famous Brandz") recently entered into a Master Accessories Supply Agreement ("MASA" or the "Agreement") with the Ontario Cannabis Retail Corporation operating as the Ontario Cannabis Store ("OCS"). The Agreement formalizes the supply of a variety of the Company's hand-blown glass smoking accessories from its "Famous X" line of convenient and cost-effective products, over a two-year initial term with two-year renewal options held by the OCS. This MASA serving the province of Ontario, which is Canada's largest consumer market, validates Famous Brandz as a leading player in the cannabis accessories market.
Famous Brandz is unique among the suppliers selected by the OCS in that it designs, manufactures and distributes all of its smoking accessories and lifestyle products. "Being selected to supply the OCS with cannabis accessories is an important achievement for the business as well as for our customers", said Raj Grover, President & Chief Executive Officer of High Tide. Although the Company has been selling its accessories in Ontario on a wholesale basis since 2012, the opportunity to serve retail customers via this critical platform is an important step in the growth, visibility and brand equity of Famous Brandz. "Through the OCS system, even more people in Ontario will soon be able to see and experience the high quality and innovative aspects of our proprietary products", added Mr. Grover.
This MASA closely follows High Tide's previously announced launch of its efforts to capitalize on the large opportunity provided by the Ontario cannabis market. The Company is positioned to be one of Canada's largest retailers of cannabis products and accessories. With twelve development permits already in hand from various municipalities including but not limited to Beaumont, Calgary, Edmonton, Fort Saskatchewan, Lethbridge, Lloydminster, Morinville, Vegreville and Whitecourt, the Company expects to secure the maximum number of 37 retail cannabis outlets in Alberta, as well as the maximum of eight expected retail cannabis locations in British Columbia and a large number of leases for stores in Ontario as the province prepares for the privatization of retail cannabis by April 1, 2019.
About High Tide Ventures 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 entities including RGR Canada, Smoker's Corner, Famous Brandz, Canna Cabana and the majority of KushBar. 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 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 is Canada's largest counter-culture chain with 19 current locations. Famous Brandz is a dominant manufacturer of licensed lifestyle accessories, through partnerships with celebrities and entertainment companies like Snoop Dogg and Paramount Pictures, respectively, which are sold to wholesalers and retailers around the world. Upon the legalization of recreational cannabis across Canada on October 17, 2018, Canna Cabana is positioned to become a sizeable retail brand through a modern concept with a sophisticated yet playful customer experience, while KushBar 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 and KushBar businesses. High Tide considers these assumptions to be reasonable in the circumstances, given the time periods for such outlook. 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 is 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 Ventures Inc.
For further information: please contact Nick Kuzyk, Chief Strategy Officer & SVP Capital Markets at High Tide Ventures Inc.; Tel: (403) 265-4207; Email: [email protected]; Web: www.hightideventures.com.