October 17th was the one year anniversary of Canada's cannabis legalization, and High Tide saw a spike in profits that weekend.
CALGARY, Oct. 21, 2019 /CNW/ – High Tide Inc. ("High Tide" or the "Company") (CSE:HITI) (OTCQB:HITIF) (Frankfurt:2LY), an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced over $797,000 in systemwide gross sales from the 26 branded Canna Cabana and KushBar retail cannabis stores from Thursday, October 17th – the first anniversary of the legalization of recreational cannabis for adult use across Canada (the "Anniversary of Legalization") – through Saturday, October 19, 2019. Similar to its yearly reporting of retail sales related to April 20th, also known as '4/20' in cannabis culture, the Company expects to announce the results associated with the annual Anniversary of Legalization going forward.
High Tide deployed various in-store promotions on cannabis products and accessories across its large retail network to acknowledge the significant milestone.
Much like on 4/20 every year, the strong data shows that customers were excited to mark the occasion with a special trip to or a larger-than-average purchase from their favourite Canna Cabana and KushBar store.Raj Grover, President and Chief Executive Officer of High Tide
Grover continued to say that "Canadian cannabis consumers were clearly happy to celebrate the first Anniversary of Legalization. The day was also the start of 'Cannabis 2.0' when cannabis edibles and concentrate products became legal, with those products expected to hit store shelves in early January," added Mr. Grover. The Company opened its first retail cannabis store in late October of 2018 and then steadily established 25 more locations in three provinces over the next 11 months.
By mid-November, High Tide will have 30 branded retail cannabis locations across Canada barring any changes to the current rate of licensing by AGLC. The development permits for the remaining Canna Cabana and KushBar stores needed to achieve the AGLC's maximum of 42 are secured and in-hand, with each location currently under various stages of development and construction. Outside of Alberta, High Tide currently has a Canna Cabana retail cannabis store in Swift Current, Saskatchewan, along with 3 branded locations in Hamilton, Sudbury and Toronto, Ontario.
Disclaimer: Past performance is not an indicator of future performance.
Disclaimer: past performance is not an indicator of future performance
About High Tide Inc.
High Tide is an Alberta-based, retail-focused cannabis corporation enhanced by 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) and Aurora Cannabis Inc. (NYSE: ACB) (TSX: ACB).
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 12 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. and its 24 branded stores, is a sizeable retail business with a sophisticated yet playful customer experience. KushBar Inc. is a retail cannabis joint venture with 2 locations in Alberta, offering a modern experience that is focused on the growing customer bases in Alberta and Ontario.
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