High Tide Opens Two New Canna Cabana Locations in Regina, Bringing Total Number of Cannabis Stores in Canada to 109
High Tide Inc. (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA), a leading cannabis company that sells through both its physical stores and online channels, has announced that the company’s retail Canna Cabana store in Regina, capital of Saskatchewan, has started retailing adult-use recreational cannabis.
The address of the new store is 3710, Eastgate Drive. The company also made an announcement that another of its Canna Cabana store in Regina will start selling adult-use recreational cannabis from 27th January 2022. The address of the second one is 970, Albert Street.
About High Tide
High Tide is a Canadian cannabis retailer which sells recreational cannabis. It is the largest among such retailers, based on the revenue it generates. The company has 109 stores spread out across the Canadian provinces of Manitoba, Alberta, Ontario, and Saskatchewan.
It found mention among Canada’s Top Growing Companies in the year 2021, in the annual report prepared by Business Magazine. In North America, High Tide is the only discount-club cannabis company with brands like Meta Cannabis Co., Canna Cabana, and Meta Cannabis Supply Co., and also simultaneously developing new locations all over the country.
The company’s e-commerce platforms include Smokecartel.com, Grasscity.com, Dankstop.com, Dailyhighclub.com, FABCBD.com, Nuleafnaturals.com, and BlessedCBD.co.uk.
About the Two New Cannabis Stores
These new openings will raise the number of High Tide’s branded retail stores, selling consumption accessories and recreational cannabis, to 109 across Canada, and to 9 in the city of Saskatchewan.
The store in Eastgate Drive will be the fourth Canna Cabana store in Regina, while the one in Albert Street will be the fifth. The former is situated in a commercially advantageous area, within a retail corridor surrounding Victoria Avenue, with brisk business going on in the many retail establishments around.
The latter is also situated in a busy locality, in the city’s north-central area, where about 31,000 vehicles pass every day. It is also accessible from nearby employment districts and residential areas.
President and CEO of the company, Raj Grover, expressed his happiness in announcing High Tide’s steady expansion and continuing investment in the city’s cannabis market, which would make its discount club benefit accessible to the city residents.
He added that in just one month, the company had raised the number of its Canna Cabana stores in Regina from two to five, thereby keeping its commitment to make functional, all the stores that were acquired in 2021 August. According to him, the target is to open 150 retail stores across Canada, and increasing the number of stores in Regina is a part of it.
ISSUING OF SHARES
The company plans to pay a total of $100,000 as consulting fees to the consultants whose services it availed, in connection with the development of some commercial premises. The fees will be paid as common shares of High Tide, to be realized upon approval by the Exchange. The share price shall be estimated on the basis of the 10-day VWAP of shares traded on any national securities exchange.
Besides, High Tide also gave options of buying 35,000 shares at a discount to some consultants. The vesting period for these is two years, and they can be exercised in full or in part for 3 years.