- Innovative, first-of-its-kind loyalty program in retail
cannabis that presents a recurring high-margin revenue opportunity
for High Tide
- Membership provides access to exclusive ELITE flash sales,
limited edition and exclusive ELITE branded products, discounts on
delivery and across High Tide's global e-commerce accessories
portfolio, among other benefits at non-cannabis retailers across
Canada1
- For a limited time, in an effort to accelerate ELITE
adoption and showcase its benefits, the first year of ELITE will be
offered at $2.50 per month, a 50%
discount
- Cabana Club membership currently exceeds over 860,000
members, which is the largest bricks-and-mortar cannabis loyalty
program in Canada
- Standard Cabana Club Membership with all current benefits to
remain unchanged and free of charge
CALGARY,
AB, Nov. 29, 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 launch of Cabana Elite ("ELITE"), an
optional paid membership upgrade for Cabana Club members. Starting
today, customers can sign up for ELITE in-store and online at
www.cannacabana.com. The Company expects that ELITE will extend the
Cabana Club membership program, attract new customers and instill
even greater customer loyalty. The Company anticipates that further
discounts, benefits and promotions will be regularly added to
ELITE. The table below outlines the various perks and benefits
available to ELITE members:
|
Cabana Club
|
ELITE2
|
UNBEATABLE prices on
cannabis3
|
√
|
√
|
Up to 80% off
accessories, everyday
|
√
|
√
|
25% off accessory
coupon
|
|
√
|
Triple entries into the
420 Car Giveaway, featuring a TESLA Model Y valued at over
C$100,000
|
|
√
|
Exclusive and limited
edition ELITE branded accessories
|
|
√
|
ELITE Flash
Sales
|
|
√
|
Birthday
bags
|
|
√
|
Cabana Cannabis Co.
discount
|
|
√
|
Discounts on High
Tide's leading e-commerce accessory platforms
|
|
√
|
5000+ retail and
restaurant deals
|
|
√
|
Tours, events and
tickets
|
|
√
|
50% off delivery
fee
|
|
√
|
__________________________
|
|
1 ELITE
shall at all times be conducted in compliance with the federal
Cannabis Act and all cannabis regulations of each province in which
its membership is available. ELITE is not available in British
Columbia.
|
|
2 ELITE
benefits vary by province, as regulations differ in each
jurisdiction.
|
|
3 UNBEATABLE prices includes our
lowest price guarantee and price matching. For details on
UNBEATABLE prices, please see our lowest price guaranteed and price
matching policies on our website at cannacabana.com
|
|
|
|
"I am delighted to finally announce the launch of ELITE, the
next evolution in our innovative discount club model and a huge
milestone for High Tide. The continuous innovation from our team
has positioned us as a top-performing Canadian cannabis company,
and ELITE is the natural result of this success. By leveraging the
strengths of our diversified cannabis ecosystem, we are providing
additional value to ELITE members by offering discounts on High
Tide's global online consumption accessories platforms. We see this
as a big step towards building our loyalty program into a global
cannabis community as we continue to convert price-conscious
consumers from the illicit market into our legal cannabis
ecosystem," said Raj Grover, President and Chief Executive Officer
of High Tide.
"Our goal is to sign up as many Cabana Club members to ELITE as
possible within the first year, following which we anticipate an
even greater financial impact in subsequent years. During these
inflationary times, we decided to offer the ELITE membership at a
50% discount for a limited time to allow our customers to try out
the new program at a minimum cost. Once our customers see what
ELITE has to offer, we anticipate they will look to maintain their
status in subsequent years. Launching ELITE was not an easy task,
given the varied regulatory landscape in the Canadian provinces
where we operate. Our team has been working hard on this project
for many months, and I want to take this opportunity to extend my
sincere gratitude to our team members and provincial regulators,
who helped us get to this pivotal day. We are confident ELITE will
generate excellent returns for our shareholders, who can rely on
High Tide for continued innovation and execution," added Mr.
Grover.
GRANT OF OPTIONS
In addition, High Tide announces the
grant of an aggregate of 25,000 incentive stock options (the
"Options") to certain employees of the Company. Each Option
is exercisable at the closing price of the Company's common shares
listed on the TSX Venture Exchange (the "TSXV") based on the
last trading day immediately prior to this press release, expires
three years from the date of grant, and vests over a two-year
period. Each Option is exercisable to purchase one common share of
the Company and are being issued pursuant to the terms of the
Company's Omnibus Plan, which became effective on June 2, 2022 (as further detailed in High Tide's
press release dated September 14,
2022).
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 non-franchised
cannabis retail chain in Canada,
with 142 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. The Company is also North America's first cannabis discount club
retailer, under the Canna Cabana banner, which is the
single-largest cannabis retail brand in Canada, with additional locations under
development across the country. High Tide's portfolio also includes
retail kiosks 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, BlessedCBD.de, and Amazon United
Kingdom, as well as its wholesale distribution division under
Valiant Distribution, including the licensed entertainment product
manufacturer Famous Brandz. High Tide was featured in the Report on
Business Magazine's ranking of Canada's Top Growing Companies in both 2021
and 2022 and was named as one of the top 10 performing diversified
industries stocks in the 2022 TSX Venture 50™. 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.
For more information about High Tide, please visit
www.hightideinc.com and its profile pages on SEDAR at www.sedar.com
and EDGAR at www.sec.gov.
Neither the TSX Venture Exchange ("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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains "forward-looking information"
within the meaning of applicable Canadian securities legislation.
These statements relate to future events or future performance. The
use of any of the words "could", "intend", "expect", "believe",
"will", "projected", "estimated" and similar expressions and
statements relating to matters that are not historical facts are
intended to identify forward-looking information and are based on
the Company's current belief or assumptions as to the outcome and
timing of such future events.
The forward-looking information and forward-looking
statements contained herein include, but are not limited to,
statements regarding: the Company's business objectives and
milestones and the anticipated timing of, and costs in connection
with, the execution or achievement of such objectives and
milestones; the Company's future growth prospects and intentions to
pursue one or more viable business opportunities; the development
of the Company's business and future activities following the date
hereof; expectations relating to market size and anticipated growth
in the jurisdictions within which the Company may from time to time
operate or contemplate future operations; expectations with respect
to economic, business, regulatory and/or competitive factors
related to the Company or the cannabis industry generally; the
market for the Company's current and proposed product offerings, as
well as the Company's ability to capture market share (including,
without limitation, Cabana Club and ELITE memberships); the
Company's ability to obtain, maintain, and renew or extend,
applicable authorizations, including the timing and impact of the
receipt thereof; the Company's strategic investments and capital
expenditures, and related benefits; the distribution methods
expected to be used by the Company to deliver its product
offerings; the competitive landscape within which the Company
operates; the performance of the Company's business and the
operations and activities of the Company; the Company making
meaningful increases to its revenue profile; Cabana Club and ELITE
programs continuing to attract new members and instill greater
customer loyalty; the current and future pricing, benefits and
terms of the ELITE program; the continued growth of the Cabana Club
and ELITE programs; and the anticipated effects of the Cabana Club
and ELITE programs on the Company's business and operations of the
Company, including building a global cannabis community and gaining
recurring high-margin revenue.
Forward-looking information in this press release are based
on certain assumptions and expected future events, namely: current
and future members of management will abide by the Company's
business objectives and strategies from time to time established by
the Company; the Company will have sufficient working capital and
the ability to obtain the financing required in order to develop
and continue its business and operations; the Company will continue
to attract, develop, motivate and retain highly qualified and
skilled consultants and/or employees, as the case may be; no
adverse changes will be made to the regulatory framework governing
cannabis, taxes and all other applicable matters in the
jurisdictions in which the Company conducts business and any other
jurisdiction in which the Company may conduct business in the
future; the Company will be able to generate cash flow from
operations; the Company will be able to execute on its business
strategy as anticipated; the Company will be able to meet the
requirements necessary to obtain and/or maintain authorizations
required to conduct the business; general economic, financial,
market, regulatory, and political conditions, including the impact
of the COVID-19 pandemic, will not negatively affect the Company or
its business; the Company will be able to successfully compete in
the cannabis industry; cannabis prices will not decline materially;
the Company will be able to effectively manage anticipated and
unanticipated costs; the Company will be able to conduct its
operations in a safe, efficient and effective manner; general
market conditions will be favourable with respect to the Company's
future plans and goals; the Company will reach the anticipated
sales from continuing operations for the financial year of the
Company ending October 31, 2023;
Cabana Club and ELITE loyalty memberships will continue to increase
and generate customer loyalty and revenue for the Company;
same-store sales will continue to increase; the Company will make
meaningful increases to its revenue profile; the Company will add
the additional cannabis retail store locations to the Company's
business and remain on a positive growth trajectory; the Company
will complete the development of its cannabis retail stores; Cabana
Club and ELITE programs will continue to attract new members,
instilling greater customer loyalty; current members of the
programs will renew their memberships; ELITE will allow the Company
to realize financial benefits in subsequent years, generate returns
for the Company's shareholders and create a global cannabis
community; program membership benefits and terms will be maintained
and supplemented; Cabana Club and ELITE programs will have the
anticipated effects on the Company's business and operations; and
the Company will continue to grow its online retail portfolio
through further strategic and accretive acquisitions.
These statements involve known and unknown risks,
uncertainties and other factors, which may cause actual results,
performance or achievements to differ materially from those
expressed or implied by such statements, including but not limited
to: the Company's inability to attract and retain qualified members
of management to grow the Company's business and its operations;
unanticipated changes in economic and market conditions (including
changes resulting from the COVID-19 pandemic) or in applicable
laws; the impact of the publications of inaccurate or unfavourable
research by securities analysts or other third parties; the
Company's failure to complete future acquisitions or enter into
strategic business relationships; interruptions or shortages in the
supply of cannabis from time to time available to support the
Company's operations from time to time; unanticipated changes in
the cannabis industry in the jurisdictions within which the Company
may from time to time conduct its business and operations,
including the Company's inability to respond or adapt to such
changes; the Company's inability to secure or maintain favourable
lease arrangements or the required authorizations necessary to
conduct the business and operations and meet its targets; the
Company's inability to secure desirable retail cannabis store
locations on favourable terms; risks relating to projections of the
Company's operations; the Company's inability to effectively manage
unanticipated costs and expenses, including costs and expenses
associated with product recalls and judicial or administrative
proceedings against the Company; risk that the Company will not
reach the anticipated sales from continuing operations for the
financial year of the Company ending October
31, 2023; risk that Cabana Club and ELITE memberships will
decrease and/or plateau; risk that the Company will be unable to
increase its revenue profile; risk that the Company will be unable
to add additional cannabis retail store locations to the Company's
business and remain on a positive growth trajectory; and risk that
the Cabana Club and ELITE programs will not have the anticipated
effect on the Company's business and operations.
Readers are cautioned that the foregoing list is not
exhaustive. Readers are further cautioned not to place undue
reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are placed will occur. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated.
Forward-looking statements contained in this press release
are expressly qualified by this cautionary statement and reflect
the Company's expectations as of the date hereof and are subject to
change thereafter. The Company undertakes no obligation to update
or revise any forward-looking statements, whether as a result of
new information, estimates or opinions, future events or results or
otherwise or to explain any material difference between subsequent
actual events and such forward-looking information, except as
required by applicable law.
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SOURCE High Tide Inc.