High Tide has struck a deal with one of the winners of the Ontario Retail Cannabis lottery to operate a cannabis retail store in Ontario. Only 25 opportunities are initially available in Ontario.
Read Release below:
High Tide Inc. (CSE:HITI) (Frankfurt:2LY) today announced that the Company has entered into a letter of intent ("LOI") with a winner of one of the 25 opportunities to apply for a licence to operate a cannabis retail store as a result of the Alcohol and Gaming Commission of Ontario's (the "AGCO") Expression of Interest Application Lottery conducted on January 11, 2019 (the "Lottery"). The terms of the LOI include, but are not limited to, the acquisition of a minority interest in the Winner and the option to acquire a greater interest in the future. High Tide is greatly looking forward to leveraging its decade of relevant experience to assist the Winner with the establishment and operation of a cannabis retail store in Ontario.
High Tide's history of selling smoking accessories and cannabis lifestyle products since 2009 made it unique among the industry players offering their expertise to the beneficiaries of the AGCO Lottery. "The Winner was looking for a strong partner and we are grateful that High Tide was selected to help them achieve their goals," stated Raj Grover, President and Chief Executive Officer of High Tide. "Our vertically-integrated business, large product offering, knowledgeable staff and responsible retail practices have resulted in a dedicated customer base across Canada. Further, the speed at which we have opened our first seven Canna Cabana stores in Alberta, our strategic relationships throughout the dynamic cannabis industry and the added transparency of being a public company all positioned us favourably to partner with the Winner," added Grover.
Supporting the operation of a cannabis retail store in Canada's largest province and advising the Winner on the topic of selling recreational cannabis is strategically important to High Tide. Since legalization, the Company has been focused on achieving excellence in the areas of customer education, government relations and stakeholder communications. During that same time, the Company also established a significant commercial presence in Ontarioas one of only a few suppliers of smoking accessories to the Ontario Cannabis Store, which is the sole online retailer of recreational cannabis products in the Province of Ontario. High Tide is currently maintaining approximately 20 conditional leases for future locations across Ontario and is targeting having recreational cannabis stores in every province that permits privately-owned retail outlets, as demonstrated by the recently announced signing of letters of intent to acquire two locations in Saskatchewan.
About High Tide Inc.
High Tide is an Alberta-based, downstream cannabis corporation focused on 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.
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 14 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., with seven current locations, is in the process of becoming a sizeable retail brand with a sophisticated yet playful customer experience, while KushBar Inc. is a retail concept that will also be focused on the valued Canadian cannabis consumer.
For more information about High Tide Inc., please visit www.hightideinc.com and its profile page on SEDAR at www.sedar.com.