CALGARY,
AB, June 2, 2022 /CNW/ - High Tide Inc.
("High Tide" or the "Company") (Nasdaq: HITI) (TSXV:
HITI) (FSE: 2LYA), a leading retail-focused cannabis company with
bricks-and-mortar as well as global e-commerce assets, is pleased
to announce the voting results from its annual general and special
meeting of shareholders of the Company held on Thursday, June 2, 2022 (the "Meeting").
Each nominee listed in the Company's management information
circular dated April 19, 2022 was elected as director of
the Company.
Each of the following five nominees proposed by management was
elected as a director of the Company, the results of such vote were
as follows:
Nominee
|
Votes
For:
|
Votes
Withheld:
|
Number
|
%
|
Number
|
%
|
Harkirat ("Raj")
Grover
|
12,550,012
|
75.36
|
4,103,599
|
24.64
|
Nitin
Kaushal
|
12,536,314
|
75.28
|
4,117,297
|
24.72
|
Arthur Kwan
|
12,594,656
|
75.63
|
4,058,955
|
24.37
|
Christian
Sinclair
|
12,624,252
|
75.80
|
4,029,359
|
24.20
|
Andrea
Elliott
|
12,555,406
|
75.39
|
4,098,205
|
24.61
|
In addition, at the Meeting, shareholders approved: (i) fixing
the board of directors (the "Board") at five; (ii)
reappointing Ernst & Young LLP as the Company's auditor for the
ensuing year and authorizing the board to fix their compensation;
(iii) the adoption of a fixed 20% equity incentive omnibus plan
(the "Omnibus Plan"); and (iv) certain common share
issuances to employees and consultants of Smoke Cartel Inc., a
wholly owned subsidiary of the Company (the "Bonus Share
Payment"). The results of such votes were as follows:
Resolution
|
Votes
For:
|
Votes
Withheld:
|
Votes
Against:
|
Number
|
%
|
Number
|
%
|
Number
|
%
|
Fixing the Board at
Five
|
14,308,193
|
85.92
|
-
|
-
|
2,345,418
|
14.08
|
Reappointment of Ernst
& Young
LLP as the Auditors
|
14,324,073
|
86.01
|
2,329,538
|
13.99
|
-
|
-
|
Adoption of the Omnibus
Plan
|
5,815,976
|
57.16
|
-
|
-
|
4,359,044
|
42.84
|
Approval of the Bonus
Share
Payment
|
12,462,658
|
74.84
|
-
|
-
|
4,189,476
|
25.16
|
GRANT OF OPTIONS
In addition, High Tide announces the grant of an aggregate of
256,000 stock options (the "Options") to certain employees
of the Company pursuant to the terms of the Omnibus Plan. The
Options will vest over a two year period and are exercisable for a
period of three years, at the price per High Tide Share as of the
close of the TSX Venture Exchange on the day before this press
release.
ABOUT HIGH TIDE
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 124 current locations spanning
Ontario, Alberta, Manitoba, and Saskatchewan. High Tide was featured in the
third annual Report on Business Magazine's ranking of Canada's Top Growing Companies in 2021 and was
named as one of the top 10 performing diversified industries stocks
in the 2022 TSX Venture 50™. The Company is also North America's first and only cannabis
discount club retailer, featuring Canna Cabana, Meta Cannabis Co.,
and Meta Cannabis Supply Co. banners, with additional locations
under development across the country. High Tide's portfolio also
includes retail kiosk and smart locker technology – Fastendr™. High
Tide has been serving consumers for over a decade through its
established e-commerce platforms including Grasscity.com,
Smokecartel.com, Dailyhighclub.com, and Dankstop.com and more
recently in the hemp-derived CBD space through Nuleafnaturals.com,
FABCBD.com, BlessedCBD.co.uk, and BlessedCBD.de, 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) 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. business. 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.
This news release does not constitute an offer to sell or
a solicitation of an offer to buy any of the securities in
the United States of America. The
securities have not been and will not be registered under the
United States Securities Act of 1933 (the "1933 Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons (as
defined in the 1933 Act) unless registered under the 1933 Act and
applicable state securities laws, or an exemption from such
registration is available.
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SOURCE High Tide Inc.