CALGARY, March 28, 2019 /CNW/ – High Tide Inc. (“High Tide” or the “Company”) (CSE:HITI) (Frankfurt:2LY), an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced that it has been licensed to open its 11th Canna Cabana retail store, which is located at 100 Stockton Avenue in Okotoks, Alberta (the “Okotoks Store”). Having met all municipal business requirements, the Okotoks Store is approved to sell smoking accessories and cannabis lifestyle products while the temporary suspension of incremental cannabis retail licensing (the “Moratorium”) by Alberta Gaming, Liquor and Cannabis (the “AGLC”) remains in effect.
Fittingly, the town of Okotoks is Alberta’s 11th-most populous place with approximately 30,000 current residents.
The opening of the Okotoks Store marks yet another milestone in our goal of establishing Canna Cabana as the retailer of choice for cannabis consumers in Canada. Okotoks is a young, vibrant and growing community, and I can’t think of a better fit for the Canna Cabana experience
Raj Grover, President and Chief Executive Officer of High Tide
Store employees will now be able to have conversations with those in the community who are curious about cannabis, assist customers with their smoking accessory needs and introduce them to the sophisticated, approachable and playful Canna Cabana brand.
The Company currently has 36 of the 37 effective maximum number of development permits established by the AGLC for retail cannabis stores across Alberta and expects to receive the one remaining development permit in the near future. High Tide continues to advance its next 25 Canna Cabana locations, which are under various stages of development and construction. The Company is also progressing through the necessary steps to complete two pending retail acquisitions in Saskatchewan and assisting with the opening and operation of three cannabis retail locations in Ontario located in the cities of Sudbury, Hamilton and Toronto.
Additionally, the Company has entered into a debt settlement agreement with an arm’s-length service provider, pursuant to which High Tide intends to settle an amount of up to $400,000 owed through the issuance of up to 800,000 common shares of the Company at a deemed price of $0.50 per common share. High Tide anticipates that the settlement will close on or about April 2, 2019. Lastly, on March 24, 2019, the Company accepted the resignation of Mr. Paul Rosen from its Board of Directors. High Tide would like to thank Mr. Rosen for his guidance to date and looks forward to his ongoing support as a shareholder. The Company wishes Mr. Rosen well in his future endeavours.
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. Key industry investors in High Tide include Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) (Frankfurt: 21P; WKN: A1C4WM) and FSD Pharma Inc. (CSE: HUGE) (OTC: FSDDF) (FRA: 0K9).
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 chains with 12 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 11 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.