High Tide Expands Retail Footprint with New Canna Cabana Stores

High Tide Expands Retail Footprint with New Canna Cabana Stores

The Company Will End 2024 Having Opened 29 New Stores Across Canada

High Tide Inc. (NASDAQ: HITI), a retail-focused cannabis company, has made an exciting announcement regarding its expansion plans. The company will open two new Canna Cabana retail cannabis store locations in Alberta and Ontario. The new Alberta location at 900 Carmichael Lane, in Hinton, will begin retailing recreational cannabis and consumption accessories for adults tomorrow. The Ontario outlet at 1036 Pembroke Street East, Pembroke, is set to open its doors on the same date for consumption accessories, with recreational sales to commence shortly after. These openings will mark High Tide's 190th and 191st Canna Cabana locations across Canada.

Overview of New Store Locations

Hinton Location

Hinton, Alberta, is not only a new market for Canna Cabana but is also a well-trafficked stop for those visiting the world-famous Jasper National Park. Situated along the Yellowhead highway, Hinton serves as the last major municipality before entering the park, making it a vital retail location for tourists. The Canna Cabana store will be positioned in Parks West Mall, an established shopping area that already features major grocery chains and popular fast-food restaurants.

Pembroke Location

Pembroke is another fresh market for High Tide, located northwest of Ottawa and home to roughly 15,000 residents. This new Canna Cabana store will be centrally located along a primary roadway, maximizing visibility and accessibility. The local competition is minimal, positioning this store advantageously. Additionally, it will benefit from the proximity of Pembroke Mall and a prominent national confectionery chain.

Growth Plans and Future Prospects

Raj Grover, Founder and CEO of High Tide, expressed enthusiasm about these new store openings. He stated, "By the end of 2024, High Tide will have successfully opened 29 new locations, aligning with our goal of establishing 20 to 30 new stores throughout Canada this year. The growth has been fueled by robust free cash flow, allowing us to expand without relying on cash reserves. We have cemented our status as Alberta’s largest cannabis retailer, now boasting 84 owned locations, and we see numerous opportunities for growth ahead." Moreover, in Ontario, High Tide has surpassed 75 stores, with aspirations to reach a target of 150 locations within the province.

Ambitious Nationwide Expansion

The cannabis market in Canada continues to show promise, and High Tide is fully geared to take advantage of this momentum. The company is committed to achieving its ambitious goal of operating 300 stores nationwide within the upcoming years. Furthermore, the team is poised to explore international opportunities that could pave the way for its global footprint. Grover expressed gratitude for the hardworking team that is crucial to the company’s ongoing successes.

About High Tide

High Tide, Inc. is recognized as the premier community-centric, retail-driven cannabis enterprise dedicated to maximizing the potential of cannabis. It stands as the world's second-largest cannabis retailer by store count, with a unique framework that prioritizes the customer experience. As the largest cannabis retail chain in Canada, Canna Cabana currently operates 191 stores across diverse provinces, including British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario, and continues to grow.

Innovative Retail Solutions

High Tide is embracing innovative strategies, such as the deployment of Fastendr™—an automated retail technology that enhances the customer buying process through user-friendly kiosks for browsing, ordering, and pickups. The company also operates prominent accessory e-commerce platforms globally, including Grasscity.com and Smokecartel.com, among others, catering to the diverse needs of cannabis consumers.

Brand Expansion

In addition to its retail presence, High Tide boasts a formidable selection of consumer brands like Queen of Bud™, Daily High Club™, and Atomik™, which resonate with a broad audience. The company is also delving into the consumer CBD space, effectively broadening its product offerings. Its wholesale distribution arm, Valiant™, ensures that the market remains well-stocked with essential cannabis products.

Frequently Asked Questions

What are the new locations of High Tide's Canna Cabana stores?

The new Canna Cabana stores will be located in Hinton, Alberta, and Pembroke, Ontario.

How many stores does High Tide plan to open by the end of 2024?

High Tide aims to have opened 29 new stores by the end of 2024.

What is the significance of the locations in Hinton and Pembroke?

Both cities represent new markets for Canna Cabana, with Hinton serving tourists and Pembroke being centrally located with minimal competition.

Is High Tide involved in international markets?

Yes, High Tide is exploring international opportunities to expand its global presence.

How many locations does High Tide currently operate across Canada?

High Tide currently operates 191 Canna Cabana locations in Canada.

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