CALGARY, Oct. 11, 2018 /CNW/ - High Tide Ventures Inc. today announced that it recently changed its name to High Tide Inc. ("High Tide" or the "Company"), pursuant to a shareholder resolution passed at a special meeting of shareholders on August 24, 2018 (the "Meeting"). As a result of the name change, High Tide has changed its website address to www.HighTideInc.ca and has begun updating its name and associated branding where necessary. Further, and pursuant to a separate resolution passed at the Meeting, shareholders approved a split of High Tide's issued and unissued common shares on the basis of 2.76 post-split shares for 1.0 pre-split share (the "Stock Split"). The Stock Split was subsequently completed on October 4, 2018 and, for illustrative purposes, would have the effect of changing the most recent price of the Company's common shares from $1.38 to $0.50 per share.
Now that High Tide has closed its recent private placement of special warrants, with gross proceeds in excess of $18,300,000 from over 135 investors, the Company is focused on achieving its next milestone. "As we prepare to become a publicly-traded company, we are keen to continue receiving valuable feedback from our current and prospective investors, as well as any other key stakeholders", said Raj Grover, President and Chief Executive Officer. "By removing the word "Ventures" from the Company's name, we have eliminated any confusion associated with the term 'venture capital' as well as any technology-related implications. And by completing the Stock Split, we are positioning our common shares to provide shareholders with greater liquidity upon being listed for trading on the open market," added Mr. Grover.
High Tide is currently in possession of 22 development permits for retail cannabis stores in Alberta and expects to open the maximum permitted number of 37 stores in the province. The Company is also awaiting its wholesale cannabis permit for Saskatchewan, expects to establish the maximum allowed number of eight retail cannabis stores in British Columbia, and has dispatched a real estate team to secure what it expects to be a large number of leases for retail cannabis locations in Ontario. High Tide is in the process of becoming a listed issuer on the Canadian Securities Exchange ("CSE"), subject to approval of the CSE and the review of its preliminary prospectus by the Alberta Securities Commission ("ASC"). The Company has submitted its preliminary prospectus to the ASC and has reserved "HITI" as its ticker symbol on the CSE. However, there can be no guarantee that the CSE will accept the listing of the common shares or that the ASC will issue a receipt for the Company's final prospectus.
About High Tide 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 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. Upon the expected deregulation of cannabis for adult use across Canada on October 17, 2018, 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: Nick Kuzyk, Chief Strategy Officer & SVP Capital Markets at High Tide Inc.; Tel: (403) 265-4207; Email: Nick@HighTideInc.ca; Web: www.HighTideInc.ca.