CALGARY, March 28, 2019 /CNW/ – High Tide Inc. (“High Tide” or the “Company”) (CSE:HITI) (Frankfurt:2LY), an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced that it has been licensed to open its 11th Canna Cabana retail store, which is located at 100 Stockton Avenue in Okotoks, Alberta (the “Okotoks Store”). Having met all municipal business requirements, the Okotoks Store is approved to sell smoking accessories and cannabis lifestyle products while the temporary suspension of incremental cannabis retail licensing (the “Moratorium”) by Alberta Gaming, Liquor and Cannabis (the “AGLC”) remains in effect.
Fittingly, the town of Okotoks is Alberta’s 11th-most populous place with approximately 30,000 current residents. “The opening of the Okotoks Store marks yet another milestone in our goal of establishing Canna Cabana as the retailer of choice for cannabis consumers in Canada,” said Raj Grover, President and Chief Executive Officer of High Tide. “Okotoks is a young, vibrant and growing community, and I can’t think of a better fit for the Canna Cabana experience,” added Mr. Grover. Store employees will now be able to have conversations with those in the community who are curious about cannabis, assist customers with their smoking accessory needs and introduce them to the sophisticated, approachable and playful Canna Cabana brand.
The Company currently has 36 of the 37 effective maximum number of development permits established by the AGLC for retail cannabis stores across Alberta and expects to receive the one remaining development permit in the near future. High Tide continues to advance its next 25 Canna Cabana locations, which are under various stages of development and construction. The Company is also progressing through the necessary steps to complete two pending retail acquisitions in Saskatchewan and assisting with the opening and operation of three cannabis retail locations in Ontario located in the cities of Sudbury, Hamilton and Toronto.
Additionally, the Company has entered into a debt settlement agreement with an arm’s-length service provider, pursuant to which High Tide intends to settle an amount of up to $400,000 owed through the issuance of up to 800,000 common shares of the Company at a deemed price of $0.50 per common share. High Tide anticipates that the settlement will close on or about April 2, 2019. Lastly, on March 24, 2019, the Company accepted the resignation of Mr. Paul Rosen from its Board of Directors. High Tide would like to thank Mr. Rosen for his guidance to date and looks forward to his ongoing support as a shareholder. The Company wishes Mr. Rosen well in his future endeavours.