CALGARY, July 31, 2018 /CNW/ - High Tide Ventures Inc. ("High Tide" or the "Company") today announced that, as a result of its strong real estate relationships across the country, it recently acquired 50.1% of KushBar Inc., the owner of the "KushBar" brand and retail concept focused on the valued Canadian cannabis consumer. High Tide has included the KushBar brand and concept in several retail cannabis applications submitted to the Alberta Gaming and Liquor Commission ("AGLC"). Including these applications, the Company's total number currently in process is rapidly approaching the maximum of 37 retail locations across in the province.
"The addition of the KushBar brand to High Tide's integrated portfolio of brands and retail-focused entities is an exciting development for the company", said Raj Grover, President & CEO of the High Tide group of companies. "Our goal is for KushBar locations to offer cannabis consumers an elevated experience with proprietary products, excellent customer service and attractive décor," added Grover. The Company intends to establish KushBar locations in Alberta as well as other provinces across Canada, as a complement to its sophisticated yet playful Canna Cabana retail concept.
High Tide is well-positioned to capitalize on the imminent launch of the legal recreational cannabis industry in Canada on October 17, 2018. Through its two wholesale businesses, Famous Brandz and RGR Canada, and the 19 existing Smoker's Corner retail locations, High Tide currently generates over $12 Million in annual revenues while offering over 4,100 SKUs and serving more than 170,000 retail customers per year. By executing on its growth strategy through the Canna Cabana and KushBar retail brands, High Tide expects to grow into a significant player on a national level, post-legalization.
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.
For more information about High Tide Ventures Inc., visit www.hightideventures.com
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 the Alberta Liquor and Gaming Commission, 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.