CALGARY, Feb. 21, 2019 /CNW/ – High Tide Inc. (“High Tide” or the “Company”) (CSE:HITI) (Frankfurt:2LY), an Alberta-based downstream cannabis corporation focused on the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced that it has been licensed to open its ninth Canna Cabana retail store, which is located at #105, 330 10th Street NW in Calgary, Alberta (the “Kensington Store”). The Kensington Store has been converted from a Smoker’s Corner location and is now the first franchised Canna Cabana outlet in the High Tide network. Having met all municipal business requirements, the Kensington 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.
The re-opening of the Kensington Store under the Canna Cabana brand marks an exciting transition for the neighbourhood, the franchisee and the Company.
As a top-tier commercial location in a lively area of Calgary, being able to sell smoking accessories and cannabis lifestyle products while waiting for the AGLC’s Moratorium to be lifted is a welcome development by the City of Calgary. Having the only approved and released development permit on 10th Street NW is a significant achievement for both our franchisee and for High Tide.
Raj Grover, President and Chief Executive Officer of High Tide
We look forward to being a playful, approachable and responsible retailer of recreational cannabis in Kensington for a long time.
The Smoker’s Corner store in Kensington originally opened in 2010 and was franchised in 2017. Over time, it has become a key part of the vibrant community on 10th Street NW.
High Tide has also closed the acquisition of a retail cannabis location in the Bowness neighbourhood of Calgary and has entered into a lease as part of the transaction, which has a development permit approved and released by the City of Calgary associated with the location. The Company now has 34 development permits for its Canna Cabana and KushBar retail cannabis stores across Alberta and expects to receive the three remaining development permits required to achieve the AGLC’s effective maximum of 37 retail cannabis locations in the province in the short-term. High Tide continues to advance its next 25 Canna Cabana locations, which are under various stages of development and construction.
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 14 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 nine 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.