CALGARY, AB, Nov. 4, 2021
/CNW/ - High Tide Inc. ("High Tide" or the "Company") (TSXV: HITI)
(Nasdaq: HITI) (FSE: 2LYA), the largest Alberta-based cannabis retailer, with 57
retail cannabis stores currently operating provincewide, welcomes
the Alberta Government's proposed Bill 80: the Red Tape Reduction
Implementation Act, 2021 (No. 2). The Act, if passed, would
discontinue the provincially-run Albertacannabis.org e-commerce
portal and transition online sales and home delivery of cannabis
products to licensed private sector retailers within 90 days of
passage and proclamation. This follows recent moves by the
governments of Ontario and
British Columbia to allow private
sector participation in cannabis e-commerce and home delivery.
"Alberta has once again shown
that it is a province that believes in the free market. Today's
proposed legislation will, if passed, provide a shot in the arm to
private sector cannabis retailers who, for too long, have had to
compete with a government owned entity in the e-commerce space that
also serves as their sole wholesale supplier," said Raj Grover,
President and Chief Executive Officer of High Tide. "Licensed
cannabis retailers have proven in other provinces that we can
operate online sales and home delivery in a safe and secure manner,
allowing adults to have timely access to the regulated and
quality-controlled products that they want while ensuring that,
unlike illicit market operators, access to youth is strictly
forbidden," added Mr. Grover.
Grant of Options
Furthermore, High Tide granted 100,000 stock options (the
"Options") to certain employees and consultants, exercisable for a
period of three years.
About High Tide Inc.
High Tide is a leading retail-focused cannabis company with
bricks and mortar as well as global e-commerce assets. The Company
is the largest Canadian retailer of recreational cannabis as
measured by revenue, with 103 current locations spanning
Ontario, Alberta, Manitoba and Saskatchewan, and was featured in the third
annual Report on Business Magazine's ranking of Canada's Top Growing Companies in 2021. The
Company is also North America's
first and only cannabis discount club retailer, featuring Canna
Cabana, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf
Cannabis banners, with additional locations under development
across the country. High Tide has been serving consumers for over a
decade through its established ecommerce platforms including
Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com
and more recently in the hemp-derived CBD space through
CBDcity.com, FABCBD.com, and BlessedCBD.co.uk, as well as its
wholesale distribution division under Valiant Distribution,
including the licensed entertainment product manufacturer Famous
Brandz. 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 Tilray Inc. (TSX: TLRY) (Nasdaq:
TLRY) and Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB).
Neither the TSXV 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.
For more information about High Tide Inc., please visit
www.hightideinc.com, its profile page on SEDAR at www.sedar.com,
and its profile page on EDGAR at www.sec.gov.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release are forward-looking
information or forward-looking statements. Such information and
statements, referred to herein as "forward-looking statements" are
made as of the date of this news release or as of the date of the
effective date of information described in this news release, as
applicable. Forward-looking statements relate to future events or
future performance and reflect current estimates, predictions,
expectations or beliefs regarding future events. Any statements
that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions
or future events or performance (generally, forward-looking
statements can be identified by use of words such as "outlook",
"expects", "intend", "forecasts", "anticipates", "plans",
"projects", "estimates", "envisages, "assumes", "needs",
"strategy", "goals", "objectives", or variations thereof, or
stating that certain actions, events or results "may", "can",
"could", "would", "might", or "will" be taken, occur or be
achieved, or the negative of any of these terms or similar
expressions, and other similar terminology) are not statements of
historical fact and may be forward-looking statements.
Such forward-looking statements are based on assumptions that
may prove to be incorrect, including but not limited to the ability
of High Tide to execute on its business plan and that High Tide
will receive one or multiple licenses from Alberta Gaming, Liquor
& Cannabis, British Columbia's
Liquor Distribution Branch, Liquor, Gaming and Cannabis Authority
of Manitoba, Alcohol and Gaming
Commission of Ontario or the
Saskatchewan Liquor and Gaming Authority permitting it to carry on
its Canna Cabana Inc. and KushBar Inc. businesses. High Tide
considers these assumptions to be reasonable in the circumstances.
However, there can be no assurance that any one or more of the
government, industry, market, operational or financial targets as
set out herein will be achieved. Inherent in the forward-looking
statements are known and unknown risks, uncertainties and other
factors that could cause actual results, performance or
achievements, or industry results, to differ materially from any
results, performance or achievements expressed or implied by such
forward-looking statements.
The forward–looking statements contained herein are current
as of the date of this news release. Except as required by law,
High Tide does not have any obligation to advise any person if it
becomes aware of any inaccuracy in or omission from any
forward-looking statement, nor does it intend, or assume any
obligation, to update or revise these forward-looking statements to
reflect new events or circumstances. Any and all forward-looking
statements included in this news release are expressly qualified by
this cautionary statement, and except as otherwise indicated, are
made as of the date of this news release.
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SOURCE High Tide Inc.