(CNW) Calgary – High Tide Inc., the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, announced today that its Canna Cabana retail cannabis stores located at 20 Douglas Woods Dr SE Calgary, Alberta, 3630 Brentwood Road NW Calgary, Alberta ,1729 Walkley Rd, Ottawa, Ontario, and 94 Highway 8, Stoney Creek, Ontario, will open tomorrow, bringing the number of High Tide’s Canna Cabana branded retail locations Canada-wide to 180, including 65 stores in the province of Ontario.
Alberta
Douglasdale is a well-established and mature neighbourhood in southeast Calgary. This new Canna Cabana will open in a previous retail cannabis store with an established customer base. Co-tenants include a pharmacy, a liquor store and a gas station, amongst other businesses. This location is highly visible from a major roadway through the community and is steps away from walking paths along the Bow River while boasting over 40,000 residents within a three-kilometer radius.
Situated in the northwest end of Calgary, Brentwood is a community featuring a mix of high-density multi-family units and single-family homes. Located in a major retail shopping plaza beside the University of Calgary, this new Canna Cabana opens in a retail unit previously leased by FOUR20 Cannabis, which has filed a notice of intention to make a proposal to their creditors. Anchor tenants include a major discount retailer, a Canadian grocery chain, and several quick-service restaurants. This new store also features excellent street visibility and a population density of over 56,000 in a three-kilometer radius.
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Ontario
The Walkley store opening brings the total number of Canna Cabana locations in Ottawa, Canada’s capital city, to five. Situated in a large shopping plaza along a major roadway, this brand-new Canna Cabana is anchored by a discount grocery chain, a national pharmacy retail chain, and a major Canadian discount retailer. It is also located in the densely populated southeast end of Ottawa, with minimal competition and over 180,000 residents within a five-kilometer radius.
Located in the Hamilton suburb of Stoney Creek, this new Canna Cabana opens in a major power centre surrounded by internationally recognized discount retailers, a large provincial grocery store chain, as well as a national pharmacy chain and the provincial liquor retailer, amongst many other anchor tenants. It is the first Canna Cabana in Stoney Creek and is situated along a significant thoroughfare connecting it to the surrounding suburban communities, with over 100,000 residents within a five-kilometer radius.
“I can’t think of a better way to end our third fiscal quarter than by announcing the opening of four new Canna Cabanas, bringing our ever-expanding store count to 180 across Canada and 65 in Ontario. Many of these new stores are part of our organic expansion strategy, which includes onboarding proven locations previously run by competitors through lease takeovers, resulting in minimal store buildout costs. Since January 1, we have already added 18 new Cabanas to our retail portfolio and are confident that we will meet or exceed our previously communicated goal of adding 20 to 30 new locations this year,” said Raj Grover, founder and CEO of High Tide.
“Furthermore, I am thrilled that the majority of this growth has been funded through our strong free cash flow generation from current operations. This approach will propel our future organic growth which should help us continue an upward trajectory both in terms of our store count, but also with respect to overall Canadian retail market share,” added Mr. Grover.
Debt Financing Update
Regarding the debt financing announced by the company on June 13, 2024, the company continues to work towards resolving all remaining outstanding items and drawing the initial tranche as early as this week.
Employee Stock Options Grant
In addition, High Tide announces the grant of 204,000 incentive stock options to various employees, consultants and management of the Company. Each Option is exercisable at the closing price of the company’s common shares listed on the TSX Venture Exchange based on the last trading day immediately prior to this press release, which 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.