High Tide Opens New Canna Cabana Store in Cornwall, Ontario

Rhea-AI Summary

High Tide Inc. (NASDAQ: HITI) announced the opening of a new Canna Cabana retail cannabis store in Cornwall, Ontario, set to begin operations on May 12, 2025. The new location at 525 Ninth Street marks the company's 197th Canna Cabana store in Canada and 81st in Ontario. Strategically positioned beside a national grocery chain in a high-traffic shopping centre, this second Cornwall location serves the east end community with minimal local competition. High Tide expects to reach its 200th store milestone by the end of May 2025. The company, ranked as Canada's second-largest cannabis retailer by store count, continues to demonstrate strong same-store sales performance through its loyalty-focused retail model.

Positive

• Expansion to 197 stores nationwide with strong presence of 81 locations in Ontario
• Strategic location in high-traffic shopping center with minimal competition
• Company approaching milestone of 200 stores by end of May 2025
• Expansion funded through free cash flow, indicating strong financial health
• Leading industry in same-store sales performance

Negative

• None.

CALGARY, AB, May 9, 2025 /PRNewswire/ - High Tide Inc. ("High Tide" or the "Company") (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, announced today that its Canna Cabana retail cannabis store located at 525 Ninth Street in Cornwall, Ontario, will begin selling recreational cannabis products and consumption accessories for adult use on May 12, 2025. This opening brings High Tide's total store count to 197 Canna Cabana branded locations across Canada, and 81 in the province of Ontario.

Cornwall has already demonstrated strong potential for High Tide, highlighted by the success of its Canna Cabana retail store on the town's west end. The company's new east end location broadens its presence across the city and is strategically placed beside a national grocery chain, within a high-traffic community shopping centre that consistently attracts a strong volume of destination shoppers. Located near fast-growing residential areas, this new location faces little local competition and offers the Company an opportunity to diversify its presence in an already strong market of over 50,000 people.

"We're thrilled to deepen our roots in Cornwall with the opening of our second Canna Cabana location, expanding our footprint in a city that has already embraced our unique value proposition. This new store positions us to better serve the growing east end community and exemplifies our focus on disciplined, demand-driven expansion in markets where we know we can win," said Raj Grover, Founder and Chief Executive Officer of High Tide Inc.

"As always, this expansion is being driven by free cash flow and supported by our strategy of securing high-quality, high-traffic real estate. Our same-store sales continue to lead the industry, which we attribute to our differentiated, loyalty-focused retail model and superior site selection. May is shaping up to be a high-impact month for new store openings, and if all goes to plan, we expect to reach our milestone 200th Canna Cabana location by the end of this month," added Mr. Grover.

ABOUT HIGH TIDE

High Tide, Inc. is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world's most powerful plant and is the second-largest cannabis retailer globally by store count¹. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated operations across all components of cannabis, including:

Bricks & Mortar Retail: Canna Cabana™ is the largest cannabis retail chain in Canada, with 197 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in the world.

Retail Innovation: Fastendr™ is a unique and fully automated technology that employs retail kiosks to facilitate a better buying experience through browsing, ordering and pickup.

Consumption Accessories: High Tide operates a suite of leading accessory e-commerce platforms across the world, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com.

Brands: High Tide's industry-leading and consumer-facing brand roster includes Queen of Bud™, Cabana Cannabis Co™, Daily High Club™, Vodka Glass™, Puff Puff Pass™, Dopezilla™, Atomik™, Hue™, Evolution™ and more.

CBD: High Tide continues to cultivate the possibilities of consumer CBD through Nuleafnaturals.com, FABCBD.com, blessedcbd.de and blessedcbd.co.uk.

Wholesale Distribution: High Tide keeps that cannabis category stocked with wholesale solutions via Valiant™.

Licensing: High Tide continues to push cannabis culture forward through fresh partnerships and license agreements under the Famous Brandz™ name.

High Tide consistently moves ahead of the currents, having been named one of Canada's Top Growing Companies by the Globe and Mail's Report on Business in 2024 for the fourth consecutive year and was recognized as a top 50 company by the TSX Venture Exchange in 2022, 2024 and 2025. High Tide was also ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023. To discover the full impact of High Tide, visit www.hightideinc.com. For investment performance, don't miss the High Tide profile pages on SEDAR+ and EDGAR.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION:

Media Inquiries
Carter Brownlee
Communications and Public Affairs Advisor
High Tide Inc.
cbrownlee@hightideinc.com
403-770-3080

Investor Inquiries
Vahan Ajamian 
Capital Markets Advisor
High Tide Inc.
vahan@hightideinc.com 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release may contain "forward-looking information" and "forward-looking statements within the meaning of applicable securities legislation. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking statements herein include, but are not limited to, statements regarding: the timing of our new locations beginning to sell recreational cannabis products and consumption accessories for adult use, the expected benefits of the store locations, the level of competition in the area, and our commitment to opening the number of future stores on the timeline indicated herein. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. Although the Company believes that the expectations reflected in these statements are reasonable, such statements are based on expectations, factors, and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company's control, including but not limited to the risk factors discussed under the heading "Non-Exhaustive List of Risk Factors" in Schedule A to our current annual information form, and elsewhere in this press release, as such factors may be further updated from time to time in our periodic filings, available at www.sedarplus.ca and www.sec.gov, which factors are incorporated herein by reference. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results, or otherwise, or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

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1 As reported by ATB Capital Markets based on store counts as of February 6, 2025

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SOURCE High Tide Inc.

FAQ

When will High Tide's new Canna Cabana store in Cornwall, Ontario open?

The new Canna Cabana store in Cornwall, Ontario will begin selling recreational cannabis products on May 12, 2025.

How many Canna Cabana stores does High Tide (HITI) operate in Canada?

High Tide operates 197 Canna Cabana branded locations across Canada, with 81 stores in Ontario.

Where is High Tide's new Canna Cabana store located in Cornwall?

The new store is located at 525 Ninth Street in Cornwall's east end, situated beside a national grocery chain within a high-traffic community shopping centre.

What is High Tide's (HITI) target for store count by the end of May 2025?

High Tide expects to reach its milestone 200th Canna Cabana location by the end of May 2025.

What is High Tide's (HITI) current ranking among cannabis retailers?

High Tide is the second-largest cannabis retailer globally by store count, according to ATB Capital Markets as of February 6, 2025.