CALGARY, April 23, 2019 /CNW/ – High Tide Inc. (“High Tide” or the “Company”) (CSE:HITI) (OTCQB:HTDEF) (FRA:2LY), an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced approximately $441,000 in systemwide gross revenues (“Sales”) from April 19th to 21st, 2019, which is a 234% increase over the $132,000 reported for the same three-day period in 2018. This record result was generated from the Company’s 13 Canna Cabana-branded stores including the two partnered Ontario locations in Hamilton and Sudbury that opened on April 20th, from its 13 Smoker’s Corner locations across Canada, as well as from the Grasscity, Famous Brandz and Smoker’s Corner e-commerce websites.
Sales on April 20th, known as 4/20 in the cannabis community, increased by 125% over the same day in 2018 and accounted for 60% of the weekend’s total compared to 89% last year, which was earned more evenly in 2019 due to four Canna Cabana retail cannabis stores in Alberta and the recently acquired Grasscity e-commerce website all operating throughout the weekend.
It was incredible to make history by selling cannabis and accessories across Canada on the first 4/20 after the legalization of recreational cannabis for adult use.
Raj Grover, President and Chief Executive Officer of High Tide
I couldn’t be prouder of our employees, partners and other stakeholders for all helping to make this 4/20 weekend so fantastic, not only from a financial perspective but also for symbolic reasons.
Other notable achievements on 4/20 were Sales of $72,000 at Canna Cabana Hamilton, $43,000 at Canna Cabana Sudbury and $39,000 on Grasscity.com.
High Tide is currently assisting with the opening and operation of a third cannabis retail location on Yonge Street in Toronto, Ontario. In Alberta, 11 Canna Cabana retail stores are currently operating of which 10 are corporately-owned and one is a franchise, while the next 25 corporately-owned locations are under various stages of development and construction. The Company has 13 Smoker’s Corner accessories shops across Alberta, British Columbia and Nova Scotia, of which five are corporately-owned and eight are franchises. In Saskatchewan, the Company is progressing through the necessary steps to complete two pending cannabis retail business acquisitions.
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 Aphria Inc. (TSX: APHA) (NYSE: APHA), Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB) (FRA:21P) 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 13 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 13 current branded 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.