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CALGARY, Jan. 30, 2019 /CNW/ - High Tide Inc. ("High Tide" or the "Company") (CSE:HITI), an Alberta-based downstream cannabis corporation focused on the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced that it recently signed letters of intent to acquire two cannabis retail locations in Saskatchewan from two separate vendors (the "Locations"). Subject to regulatory approval, the Locations will be strategically situated in different cities with distinct customer bases, which will enable both urban and rural cannabis consumers to develop a relationship with the Canna Cabana brand. Entering Saskatchewan will also provide High Tide with the unique opportunity in Canada to sell recreational cannabis online as a private retailer, which leverages the in-depth e-commerce experience gained from its Grasscity and Smoker's Corner businesses. High Tide expects each transaction to be closed by the end of February and it continues to pursue additional acquisition opportunities in the province.
The Saskatchewan market provides a compelling growth opportunity for High Tide due to the limited number of 51 retail cannabis permits granted by the Saskatchewan Liquor and Gaming Authority ("SLGA"). "Acquiring two retail cannabis stores in Saskatchewan will allow us to expand our Canna Cabana brand and apply our product expertise and customer knowledge to a new Canadian market," said Raj Grover, President and Chief Executive Officer of High Tide. "We are also in the process of establishing a wholesale business named Kush West Distribution, subject to SLGA approval, to serve retailers across Saskatchewan as part of our strategy to be vertically-integrated wherever possible. Accordingly, we have entered into a conditional lease for a warehouse in Regina approximately 10,000 square feet in size," added Mr. Grover.
High Tide currently has seven Canna Cabana retail stores open in Alberta and continues to move forward with 26 other Canna Cabana locations under various stages of construction, which are all expected to be completed and ready for inspections by the end of March. In total, the Company has 33 development permits for its Canna Cabana and KushBar retail cannabis stores across Alberta and expects to receive the four remaining development permits required to achieve Alberta Gaming, Liquor and Cannabis' maximum of 37 initial locations across the province.
About High Tide Inc.
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 chain 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.
For further information: Nick Kuzyk, Chief Strategy Officer & SVP Capital Markets at High Tide Inc., Tel: (403) 265-4207, Email: [email protected], Web: www.HighTideInc.com.