CALGARY, April 23, 2018 /CNW/ - High Tide Ventures Inc. ("High Tide") today announced that, since entering the retail cannabis accessories business in 2009, the company recorded its best '4/20' weekend sales results to date. Through its 19 Smoker's Corner store locations, High Tide recorded revenues of approximately $132,000, which is a 13% increase over the $117,000 sold over the same three-day period in 2017. On April 20th alone, the increase was 20% over last year, which is a testament to the growing strength of High Tide's brands.
In celebration of the expected legalization of cannabis in Canada this year, promotions offered customers discounts on bubblers, dab rigs, electronic cigarettes, e-juice, hand pipes, vaporizers and water pipes, among other products. "The excitement surrounding cannabis legalization, combined with the tradition of the 4/20 date, saw over 2,200 customers visit our stores, which is a 19% increase over last year," said Raj Grover, Founder, President and Chief Executive Officer. "This marks a great milestone for our organization. High Tide currently generates over $10 million in combined annual revenues from over 4,100 SKUs and continue to strengthen our wholesale and retail networks across Canada."
The 20th day of April, otherwise known as '4/20' in cannabis culture and a derivative of 4:20 PM which is the customary time to consume cannabis, is the busiest day of the year for the rapidly growing High Tide group of companies. Smoker's Corner currently educates and supplies accessories to over 170,000 medicinal and recreational cannabis users per year in the provinces of Alberta, British Columbia and Nova Scotia. The organization is well-positioned to capitalize on the imminent launch of the legal Canadian cannabis industry. It has currently applied for 25 retail cannabis permits in Alberta and 16 in Saskatchewan, with applications in British Columbia expected to be submitted shortly.
About High Tide Ventures Inc.
High Tide is a privately-held, Alberta-based, downstream cannabis accessories corporation. It is among the most vertically-integrated players in the Canadian cannabis market, with portfolio companies including RGR Canada Inc. ("RGR"), Smoker's Corner, Canna Cabana and Famous Brandz, subject to signing a definitive agreement with all Famous Brandz shareholders, which is anticipated to occur later this month. 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 value for shareholders.
Representing the core of High Tide's business, RGR 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. Upon legalization across Canada in mid-2018, Canna Cabana is positioned to become a sizeable retailer through a modern dispensary concept with a sophisticated yet playful customer experience. Famous Brandz is a dominant manufacturer of licensed cannabis accessories, through partnerships with celebrities and entertainment companies like Snoop Dogg and Paramount Pictures, which are distributed through the largest wholesalers and retailers around the world.
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; that Bill C-45, being the bill enacting the federal Cannabis Act, will be passed into law, or passed into law substantially in its current form; that all of the shareholders will sign a definitive agreement of purchase and sale with High Tide; and that High Tide will receive a license from the AGLC permitting it to carry on its Canna Cabana business. 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.