Further Updates Related to Private Label
Offerings in Manitoba and Ontario
Expected in the Coming Weeks
CALGARY,
AB, June 13, 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, announced
today that it has begun retail sales of its first Cabana Cannabis
Co. branded shatter and THC gummies in the province of Saskatchewan. The products were produced under
the terms of white label partnerships with Heritage Cannabis
Holdings ("Heritage") (CNSX: CANN), an industry-leading and
vertically-integrated cannabis provider, for Cabana Cannabis Co.
shatter, and Loosh Brands ("LOOSH"), a privately-held, next
generation edibles and finished goods manufacturer, for Cabana
Cannabis Co. THC gummies. The initial lineup of Cabana Cannabis Co.
products consists of one SKU of shatter, which is Pink Hawaiian
shatter and is available in 1-gram increments, and two SKUs of THC
gummies, which are Sunset Punch and Clementine Cream-flavoured soft
chews.
In addition to the aforementioned products, the Company expects
to begin retail sales of its Cabana Cannabis Co. pre-rolls in
Saskatchewan during the week of
June 20, 2022. Produced under the
terms of a white label partnership with Candre Cannabis Inc.
("Candre"), a privately-held licensed producer of craft
cannabis, the first SKU that will be available for sale will be
1.5-gram premium Apricot Jelly pre-rolls, which will include three
pre-rolls, at 0.5 grams each, per package.
High Tide anticipates that, pending listing approval, it will be
able to begin sales of its Cabana Cannabis Co. products in the
provinces of Manitoba and
Ontario within the coming
weeks.
"The rollout of our Cabana Cannabis Co. product line is a
long-awaited and exciting moment for our company. This launch is
just the beginning of High Tide's white label strategy, as we
intend to expand our catalogue to include other product categories,
and bring our Cabana Cannabis Co. products to market in other
provinces including Manitoba and
Ontario. While the process of
initially bringing our white label products to market took longer
than we had hoped, in part due to evolving regulations and
requirements between provinces, we expect that the foundation that
we have now built will make for a smoother process in the future as
we expand our selection of Cabana Cannabis Co. branded products,"
said Raj Grover, President and Chief Executive Officer of High
Tide. "As the largest non-franchised cannabis retailer in
Canada with active operations in
multiple jurisdictions, our Cabanalytics data tells us what the
best-selling products in Canada
are, as well as providing us with the hottest trends, insights, and
consumer preferences. We are using this data to identify and launch
the top-performing SKUs in the market today under the Cabana
Cannabis Co. brand, further differentiating our cannabis product
offerings, which is helpful for both ourselves, our peers, and
consumers, all of whom will benefit from a greater product
selection. Our white label strategy also represents a meaningful
margin-enhancing opportunity, as we intend to grow our white label
sales to be approximately 20-30% of our total sales over the long
term as we further grow our lineup of Cabana Cannabis Co.
products."
RELEASE OF SECOND QUARTER 2022
RESULTS AND WEBCAST
The Company also reiterated that it will release its financial
and operational results for the quarter ended April 30, 2022, after financial markets close on
Tuesday, June 14, 2022. High Tide's
second quarter 2022 financial and operational results will be
available on SEDAR, EDGAR, and on the Company's website at
www.hightideinc.com/invest.
Following the release of its first quarter financial and
operational results, High Tide will host a webcast with Raj Grover,
President and Chief Executive Officer, and Rahim Kanji, Chief Financial Officer, at
5:30 PM Eastern Time on Tuesday, June
14, 2022. The webcast and conference call will discuss High Tide's
second quarter 2022 financial and operational results, as well as
the Company's plans for the remainder of 2022.
Webcast Link for High Tide
Earnings Event:
https://events.q4inc.com/attendee/198957094
Participants may pre-register for the webcast by clicking on the
link above prior to the beginning of the live webcast. Three hours
after the live webcast, a replay of the webcast will be available
at the same link above.
Participants who wish to ask questions during the event may do
so through the call-in line, the access information for which is as
follows:
Canada Dial-In Number (Toll-Free): +1 833 950 0062
Canada Dial-In Number (Local): +1 226 828 7575
United States Dial-In Number (Toll-Free): +1 844 200 6205
United States Dial-In Number (Local): +1 646 904 5544
Dial-In Number for All Other Locations: +1 929 526 1599
Participant Access Code: 076140
*Participants will need to enter the participant access code
before being met by a live operator*
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 126 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/high-tide-launches-private-label-cannabis-2-0-products-in-saskatchewan-301566204.html
SOURCE High Tide Inc.