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CALGARY, Dec. 14, 2018 /CNW/ - High Tide Inc. ("High Tide" or the "Company") today announced that the Company's common shares are scheduled to commence trading publicly on the Canadian Securities Exchange ("CSE") under the stock symbol "HITI" at the opening of the market on Monday, December 17, 2018.
Founded in 2009, the Company has grown from one retail store in Calgary, Alberta to currently being a major player in the smoking accessories and cannabis lifestyle products industry. Raj Grover, Founder, President & CEO of High Tide, said: "December 17, 2018 marks one of the most important days in our company's history. Becoming a publicly-traded company is a dream come true for our employees, shareholders and stakeholders." Mr. Grover added, "we look forward to the ongoing support of our investors as we strive to achieve the Company's vision of becoming an increasingly valuable enterprise with global operations, through a retail-focused and vertically-integrated strategy."
Over the past year, the High Tide group of companies – RGR Canada, Famous Brandz, Smoker's Corner, Canna Cabana and the majority of KushBar – was reorganized and strengthened to capitalize on the legalization of recreational cannabis that occurred on October 17, 2018. The Company has successfully achieved many milestones during this short period of time including, but not limited to, hiring exceptional employees, completing a brokered private placement of special warrants ("Brokered Special Warrants"), setting internal sales records for wholesale accessories, completing a split of its common shares, opening its first four retail cannabis stores in Alberta while currently also having more than 20 under construction, securing nearly 20 retail locations in Ontario, obtaining receipt for its final prospectus from the Alberta Securities Commission and, most recently, announcing a brokered private placement of convertible debentures.
The Company also recently issued a total of 6,100,000 special warrants for acquisition purposes, with vesting of the special warrants conditional upon the closing of multiple transactions ("Acquisition Special Warrants"). Any transactions not closed will result in the expiry of the applicable amount of the Acquisition Special Warrants without any common shares of High Tide being issued. The terms of certain Acquisition Special Warrants vary from those of the Brokered Special Warrants.
High Tide is also pleased to announce that President and CEO Raj Grover has been replaced in his role as Secretary-Treasurer for the Company and that the Board of Directors has appointed Shimmy Posen as Secretary-Treasurer. Mr. Posen is a Partner at Garfinkle Biderman LLP in Toronto where he practices in the firm's corporate commercial and securities groups, with an emphasis on corporate finance and mergers and acquisitions.
About High Tide Inc.
High Tide is an Alberta-based, retail-focused cannabis corporation. It is among the most vertically-integrated companies in the Canadian cannabis market, with portfolio subsidiaries including RGR Canada Inc., Smoker's Corner Ltd., Famous Brandz Inc., Canna Cabana Inc. and the majority of KushBar Inc. 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 Inc. 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 Ltd. is Canada's largest counter-culture chain with 19 current locations. 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. With the deregulation of recreational cannabis for adult use across Canada, Canna Cabana Inc. is positioned to become a sizeable retail brand through a modern concept 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.
For more information about High Tide Inc., visit www.hightideinc.ca
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: please contact Nick Kuzyk, Chief Strategy Officer & SVP Capital Markets at High Tide Inc.; Tel: (403) 265-4207; Email: [email protected]; Web: www.HighTideInc.ca