CALGARY, AB, Sept. 13, 2021 /PRNewswire/ - High Tide Inc.
("High Tide" or the "Company") (TSXV: HITI) (Nasdaq: HITI) (FSE:
2LYA), a retail-focused cannabis corporation enhanced by the
manufacturing and distribution of consumption accessories,
announced today two white label partnerships with Heritage Cannabis
Holdings (Heritage) (CSE: CANN) (OTCQX: HERTF),
an industry-leading and vertically-integrated cannabis
provider, and Loosh Inc. dba Loosh Brands, a privately held, next
generation cannabis edibles and finished goods manufacturer.
As per the terms of the agreements, and pending listing approval,
Heritage and LOOSH will manufacture High Tide's "Cabana Cannabis
Co." branded shatter and THC gummies, respectively, for
distribution in Ontario,
Manitoba, Saskatchewan and Alberta with the potential to expand into
additional Canadian jurisdictions in due course.
"I am excited to announce High Tide's new white label rollout
which has been in the works for quite some time. We have
taken a measured approach in launching our own house-branded
products given the oversupply of branded biomass in the Canadian
market. That's why we are moving cautiously by making an
entry into the 2.0 category which is much less crowded," said Raj
Grover, President and Chief Executive Officer of High Tide. "We are
also in negotiations with Canadian licensed producers to bring
select products from the FABCBD catalogue into our store network
and look forward to expanding into other categories in due course
as market dynamics evolve," added Mr. Grover.
"High Tide is one of the leading cannabis retailers in
Canada with a wide reach in this
rapidly growing market. We admire their focus on consumer education
and best-in-class retailing, and are proud to partner with them to
get High Tide-branded concentrate products in the hands of Canadian
consumers," said David Schwede,
Chief Executive Officer and President of Recreational Cannabis at
Heritage Cannabis. "This strategic relationship allows us to
strengthen and expand our concentrate portfolio and provides the
opportunity to further our partnership with one of the leading
cannabis retailers in the country," added Mr. Schwede.
"This pioneering private label production relationship with one
of North America's leading
publicly-traded platforms exemplifies the distribution channels and
commercial relationships that we at Loosh provide and service,"
said Ilya Serebyrany, founder and CEO of LOOSH Inc. "We look
forward to supporting a variety of sell-through and decentralized
production relationships as the industry matures and we are pleased
to support High Tide in executing on its no-capex manufacturing
requirements," added Mr. Serebyrany.
About High Tide Inc.
High Tide is a retail-focused cannabis company enhanced by the
manufacturing and distribution of consumption accessories. The
Company is the most profitable Canadian retailer of recreational
cannabis as measured by Adjusted EBITDA1, with 93
current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's
retail segment features the Canna Cabana, Meta Cannabis Co., and
Meta Cannabis Supply Co. banners, with additional locations under
development across the country. High Tide has been serving
consumers for over a decade through its established ecommerce
platforms including Grasscity.com, Smokecartel.com,
Dailyhighclub.com, and Dankstop.com and more recently in the
hemp-derived CBD space through CBDcity.com and FABCBD.com 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. Key industry
investors in High Tide include Tilray Inc. (TSX: TLRY) (Nasdaq:
TLRY) and Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB).
Neither the 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.
For more information about High Tide Inc., please visit
www.hightideinc.com and its profile page on SEDAR at
www.sedar.com.
About Heritage Cannabis
Heritage Cannabis are trailblazers of the concentrates
categories being the first to launch Dabs and Live resin in
Canada. They rank in the top 3 in
sales for concentrates in Canada.
Constantly bringing new innovative products to market like the
Radsicles for example. They continue to focus on delighting
customers with their speed to market and making products that
consumers actually want.
About LOOSH Brands
Loosh Brands is a privately held next generation Licensed
Producer that has brought together a team of colleagues and
professionals to execute on the mission of supporting best-in-class
brands, formats and retailers from its highly strategic production
and sensory testing facility in midtown Toronto.
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. and KushBar Inc. businesses. 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.
______________________________
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1
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Adjusted EBITDA is a
non-IFRS financial measure.
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SOURCE High Tide Inc.