High Tide Inc. (“High Tide” or the “Company”) (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced today that its Canna Cabana retail cannabis store located at 3710 Eastgate Drive in Regina, Saskatchewan (the “Eastgate Drive store”) has begun selling recreational cannabis products for adult use. The Company further announced that its Canna Cabana retail cannabis store located at 970 Albert Street, also in Regina, Saskatchewan (the “Albert Street store”), will begin selling recreational cannabis products for adult use on January 27, 2022. These openings will bring High Tide’s total number of branded retail locations across Canada to 109, and 9 in Saskatchewan, selling recreational cannabis products and consumption accessories. These stores will also be the fourth and fifth Canna Cabana locations, respectively, to open in Regina, which is Saskatchewan’s capital and second-largest city. The Eastgate Drive store is well-situated as part of a major commercial and retail corridor that is centered on Victoria Avenue and features a wide range of well-trafficked big box stores in the vicinity. The Albert Street store is located on a well-utilized north-south roadway in Regina’s North Central neighbourhood which sees a daily average of over 31,000 vehicles, and is easily accessible from adjacent residential and employment districts.
“I am pleased to announce the next phase of our continued expansion and investment in Regina’s cannabis market, which will make our innovative discount club model accessible for many more Reginans,” said Raj Grover, President and Chief Executive Officer of High Tide. “This month alone, we have more-than-doubled our presence in Regina from two Canna Cabana locations to five. With these openings, we have also kept our commitment to open all of the Regina retail portfolio locations that we acquired in August of 2021. This growth in Regina is just one part of our Canada-wide expansion strategy for 2022, through which we plan to reach 150 retail locations by investing in promising markets across the country,” added Mr. Grover
ISSUANCE OF SHARES
Furthermore, High Tide intends to pay an aggregate of $100,000 in consulting fees (the “Consulting Fees”) to two (2) consultants as consideration for services provided by the consultants pertaining to certain commercial premises for development. High Tide intends to pay the Consulting Fee through the issuance of common share of the Company (the “Shares), pending Exchange approval. The deemed price of the Shares shall be based on the 10-day volume weighted average price of the Shares on the Exchange.
GRANT OF OPTIONS
Furthermore, High Tide granted 35,000 stock options (the “Options”) to certain consultants, that fully vest over a two (2) year period and are exercisable for a period of three (3) years.