CALGARY, Aug. 20, 2018 /CNW/ - High Tide Ventures Inc. ("High Tide" or the "Company") today announced that Alberta Gaming, Liquor & Cannabis ("AGLC") has found Canna Cabana and its key representatives suitable for a one-year conditional approval in relation to its applications for retail cannabis store licenses. This is a major step towards becoming fully-licensed in the province of Alberta, with store inspections and licensing forming the final steps of the in-depth process. Those two steps are expected to occur closer to the legalization of recreational cannabis across Canada on October 17, 2018.
Receipt of conditional approval enables the Company to proceed confidently with the construction of all Canna Cabana stores for which it has development permits. "Since being established in 2009, this is truly one of the most important moments in our company's history", said Raj Grover, President & Chief Executive Officer of High Tide. "Receiving this conditional approval is a testament to the quality of the team that has been assembled to achieve the goal of becoming a major player in the downstream Canadian cannabis industry", added Mr. Grover. As of today, High Tide is well on its way to being one of the largest recreational cannabis retailers in Alberta and is currently in possession of nine development permits for stores in the municipalities of Calgary, Edmonton, Fort Saskatchewan, Lethbridge, Morinville and Whitecourt.
Further to beginning construction on its stores, the Company will now also embark on conducting large job fairs in Calgary and Edmonton in September. Over 400 staff are expected to be hired, ranging in roles from sales associates to general managers. All staff working in the Company's stores across Alberta will be required to hold a Qualified Cannabis Worker registration and complete the Sellsafe Cannabis Staff training program. SellSafe is a mandatory social responsibility training program designed to help retail cannabis staff understand what their responsibilities are to customers. The program also helps workers understand Alberta's cannabis laws and AGLC policies.
High Tide is positioned to be one of Canada's largest retailers of cannabis products and lifestyle accessories. The Company expects to secure the maximum number of 37 retail cannabis outlets in Alberta, the maximum of eight expected locations in British Columbia, as well as a large number of leases for stores in Ontario as it 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.