High Tide Inc. (“High Tide” or the “Company”) (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks and mortar as well as global e-commerce assets, is pleased to announce that its wholly-owned subsidiary, Canna Cabana Inc., is now provincially licensed to operate in British Columbia (BC), having received due diligence approval from the British Columbia Liquor Distribution Branch (BCLDB). With this approval in hand, Canna Cabana Inc. is now able to proceed with site-specific license applications. BC is the westernmost province of Canada, situated between the Pacific Ocean and the Rocky Mountains, and is a major global tourist destination, seeing over six million overnight international visitor arrivals in 2019 according to the Tourism Industry Association of BC. With an estimated population of 5.2 million as of 2021, it is also Canada’s third-most populous province.
According to a recent study by the Canadian Institute for Substance Use Research (CISUR), legal cannabis sales in British Columbia doubled between 2019 and 2020. The same study also found that in 2020 the BC market saw $290 million in gross revenues.
“I am delighted to share this very positive news of our approval to operate in the province of British Columbia with our shareholders today. I am very proud of our team’s perseverance over the last three years to achieve this major milestone. This approval allows us to expand into Canada’s third-most populous province which, being famous for its ‘BC Bud’, has a long history of accepting cannabis culture and was ground zero for legalization in Canada,” said Raj Grover President and Chief Executive Officer of High Tide. “I am thrilled that, very soon, BC residents and tourists will be able to enjoy an unparalleled selection of cannabis and consumption accessories at unbeatable prices through our signature one-stop shop experience. We will be strategic in selecting our BC locations in order to maximize our retail potential for years to come,” added Mr. Grover.
