High Tide to Open Third Canna Cabana in Hamilton, Ontario

Rhea-AI Summary

High Tide (Nasdaq: HITI) announced the opening of its third Canna Cabana store in Hamilton, Ontario, marking the company's 187th location in Canada and 73rd in Ontario. The new store, located at 1508 Upper James Street in a former GameStop location, will serve an area with over 150,000 people within a 5-kilometer radius. The opening contributes to High Tide's achievement of 25 new stores across Canada this year, including 19 in Ontario, exceeding their minimum target of 20 new stores. The company plans to focus on underserviced and high-potential markets in Ontario while developing new e-commerce initiatives.

Positive

• Exceeded store opening target with 25 new locations in 2023, including 19 in Ontario
• Strategic location in Hamilton with 150,000 population density within 5km radius
• competition in the area
• Expansion to 187 total stores across Canada

Negative

• None.

CALGARY, AB, Nov. 18, 2024 /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 1508 Upper James Street, Hamilton, Ontario will begin selling recreational cannabis products and consumption accessories for adult use this week. This opening will mark High Tide's 187th Canna Cabana branded retail cannabis location in Canada, the 73rd in the province of Ontario and the third in the city of Hamilton.

Opening in a former GameStop location, this Canna Cabana store will have excellent visibility within Upper James Square, a major shopping centre in Hamilton. With few competitors in the area, this new store features major Canadian discount retailers and several quick-service restaurants. Situated in a corner unit, this store expands the Canna Cabana footprint in the excellent market of Hamilton and is surrounded by a population density of over 150,000 in a 5-kilometer radius.

"I am thrilled to announce the opening of our newest Cabana, further expanding our reach in the Greater Toronto and Hamilton Area. With its well-established industrial sector, world-class universities, colleges, and research-intensive companies, Hamilton is home to many of the key demographics essential to our success. Earlier this year, we communicated that we would be ramping up new organic store openings, with a focus on underserviced and high-potential markets in Ontario. I am happy to say that as of today, our team has delivered 25 new stores across Canada this year, including 19 in Ontario, exceeding our minimum target of 20 new stores with six weeks remaining in the year," said Raj Grover, Founder and Chief Executive Officer of High Tide.

"While Canadian brick-and-mortar sales remain the heart and soul of our business, innovation in the e-commerce space remains a priority. I look forward to announcing some exciting new offerings that I believe will be as disruptive internationally as our Cabana Club has been in Canada," 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 187 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 named as one of the top 10 performing diversified industries stocks in both 2022 and 2024 TSX Venture 50. 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
Omar Khan
Chief Communications and Public Affairs Officer
High Tide Inc.
omar@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 location beginning to sell recreational cannabis products and consumption accessories for adult use, the expected benefits of the store location, and our commitment to opening future stores in prime power centre locations and the expansion of our discount club model. 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 8, 2024

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SOURCE High Tide Inc.

FAQ

How many Canna Cabana stores does High Tide (HITI) now have in Hamilton, Ontario?

High Tide now has three Canna Cabana stores in Hamilton, Ontario.

How many new stores has High Tide (HITI) opened in 2023?

High Tide has opened 25 new stores across Canada in 2023, including 19 in Ontario.

What is the total number of Canna Cabana stores operated by High Tide (HITI) in Canada?

High Tide operates 187 Canna Cabana branded retail cannabis locations across Canada.

Where is High Tide's (HITI) newest Canna Cabana store located in Hamilton?

The newest Canna Cabana store is located at 1508 Upper James Street, Hamilton, Ontario.