CALGARY, AB, Sept. 14, 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 that it recently finalized and subsequently
revealed the store design for its new cannabis retail value
outlets, "Cannabis Chop Club". The interior aesthetic is both
simple and approachable for the value customer and showcases a
discount warehouse vibe along with a club membership feel. Cannabis
Chop Club stores will also feature exclusive deals and wholesale
prices for "Chop Club" members. The concept design was created in
collaboration with Holland Design, an award-winning, Calgary-based interior design firm.
The new Cannabis Chop Club stores will be differentiated from
High Tide's existing Canna Cabana network in the following
ways:
- In comparison to Canna Cabana and High Tide's other retail
outlets, which are typically 1,500 to 2,000 square feet in size,
our new value concept will be more compact with an average retail
footprint of 1,000 to 1,200 square feet.
- The estimated build costs for the new concept are expected to
be between $125,000 to $150,000 instead of $265,000 to $350,000 for a typical Canna Cabana store.
- Cannabis Chop Club will focus on a differentiated assortment of
cannabis and consumption accessories targeting and tailored to the
value-sensitive demographic.
- "Chop Club" members will automatically have full access to High
Tide's "Cabana Club" loyalty program and vice versa, leveraging the
Company's existing and rapidly growing loyal customer base.
"Over the past six months, it has become clear to us that
value-focused customers represent a very meaningful consumer
segment in the Canadian cannabis retail landscape. Our upcoming
move to specifically service the value segment is designed to
increase market share and lure customers away from the illicit
market which, although declining, still represents a significant
share of total cannabis sales nationally," said Raj Grover,
President and Chief Executive Officer. "Our strong data analytics
capability has allowed us to pinpoint competitive and
value-sensitive markets where the new Cannabis Chop Club model can
thrive and compete with the aggressive pricing strategies that have
been adopted by certain competitors. Given that our existing Canna
Cabana one-stop cannabis shop concept is very well-received, with
membership and loyalty growing rapidly and now standing at over
220,000 members, the launch of this new concept will give High Tide
even broader national demographic coverage amongst Canadian
cannabis consumers," added Mr. Grover.
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, NewLeaf Cannabis, 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).
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1
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Adjusted EBITDA is a
non-IFRS financial measure.
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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.
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.
SOURCE High Tide Inc.