UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2024
Commission File Number: 001-40258
HIGH TIDE INC.
(Registrant)
11127 - 15 Street N.E., Unit 112
Calgary, Alberta
Canada T3K 2M4
(Address of Principal Executive Offices)
Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
HIGH TIDE INC.
|
|
|
|
|
(Registrant)
|
|
|
|
|
Date: June 20, 2024
|
|
|
|
By
|
|
/s/ Raj Grover
|
|
|
|
|
|
|
Raj Grover
|
|
|
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
|
|
EXHIBIT INDEX
Exhibit
99.1
![](https://www.sec.gov/Archives/edgar/data/1847409/000127956924000771/logo.jpg)
High Tide to Open 80th Canna Cabana in Alberta
CALGARY, AB, June 20, 2024 /CNW/ - High Tide Inc.
("High Tide" or the "Company") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward
enterprise built to deliver real-world value across every component of cannabis, announced today that its Canna Cabana retail cannabis
store located at 5308 17 Ave SW Calgary will begin selling recreational cannabis products and consumption accessories for adult use tomorrow,
June 21. This opening will mark High Tide's 173rd Canna Cabana branded retail cannabis location in Canada and the 80th in the province
of Alberta.
This new Canna Cabana, situated in the well-established
community of Glendale, was already a fully built store when the Company negotiated a lease takeover from the previous operator. Located
right off two major thoroughfares through the southwest of Calgary, this new store will benefit from the high volume of residential traffic
flowing past it and is a short drive from West Hills Towne Center, a significant shopping node in southwest Calgary.
"I am thrilled to announce the opening of our
80th Canna Cabana in Alberta. As our investors know, market consolidation is underway, and many cannabis retailers are choosing not to
renew their existing leases, given the challenging macro environment. Opening new Canna Cabana locations in pre-existing cannabis stores
at quality sites is an excellent opportunity for us to grow our retail footprint, saving our shareholders hundreds of thousands of dollars
in build-out costs," said Raj Grover, Founder and Chief Executive Officer of High Tide.
"As I discussed in our earnings call last week,
our real estate team has been working hard to meet our goal of adding 20 to 30 new stores in 2024, and we are well on our way. These pre-built
stores are a win-win for us and the landlords as they continue to generate rental income from our nationally recognized Canna Cabana brand,
given our strong financial covenant. In this way, we are able to get into these fully built, quality sites at a fraction of the cost.
We have similar announcements lined up in the coming weeks and months, so stay tuned for more," added Mr. Grover.
ABOUT HIGH TIDE
High Tide, Inc. is the leading community-grown, retail-forward
cannabis enterprise engineered to unleash the full value of the world's most powerful plant and is the second-largest cannabis retailer
in North America by store count1. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified
and fully-integrated operations across all components of cannabis, including:
Bricks & Mortar Retail: Canna Cabana™
is the largest non-franchised cannabis retail chain in Canada, with 173 current locations spanning British Columbia, Alberta, Saskatchewan,
Manitoba and Ontario and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in North America.
Retail Innovation: Fastendr™ is a unique
and fully automated technology that integrates retail kiosks and smart lockers to facilitate a better buying experience through browsing,
ordering and pickup.
E-commerce Platforms: High Tide operates a
suite of leading accessory sites across the world, including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com.
Brands: High Tide's industry-leading and consumer-facing
brand roster includes Queen of Bud, Cabana Cannabis Co, Daily High Club, Vodka Glass, Puff Puff Pass, Dopezilla, Atomik, Silipipe, Evolution
and more.
CBD: High Tide continues to cultivate the possibilities
of consumer CBD through Nuleafnaturals.com, FABCBD.com, blessedcbd.de and blessedcbd.co.uk.
Wholesale Distribution: High Tide keeps that
cannabis category stocked with wholesale solutions via Valiant™.
Licensing: High Tide continues to push cannabis
culture forward through fresh partnerships and license agreements under the Famous Brandz™ name.
High Tide consistently moves ahead of the currents,
having been named one of Canada's Top Growing Companies in 2021, 2022 and 2023 by the Globe and Mail's Report on Business Magazine, and
was named as one of the top 10 performing diversified industries stocks in both the 2022 and 2024 TSX Venture 50. High Tide was also ranked
number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023. To discover the full impact
of High Tide, visit www.hightideinc.com. For investment performance, don't miss the High Tide profile pages on SEDAR+ and EDGAR.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking
information" and "forward-looking statements within the meaning of applicable securities legislation. The use of any of the
words "could", "intend", "expect", "believe", "will", "projected", "estimated"
and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information
and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking statements
herein include, but are not limited to, statements regarding: the timing of our new location beginning to sell recreational cannabis products
and consumption accessories for adult use, the expected benefits of the store location, our commitment to opening the number of future
stores as set out herein, and the expansion of our discount club model. Readers are cautioned to not place undue reliance on forward-looking
information. Actual results and developments may differ materially from those contemplated by these statements. Although the Company believes
that the expectations reflected in these statements are reasonable, such statements are based on expectations, factors, and assumptions
concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond
the Company's control, including but not limited to the risk factors discussed under the heading "Non-Exhaustive List of Risk Factors"
in Schedule A to our current annual information form, and elsewhere in this press release, as such factors may be further updated from
time to time in our periodic filings, available at www.sedarplus.ca and www.sec.gov, which factors are incorporated herein by reference.
Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's
expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information, estimates or opinions, future events or results, or otherwise, or
to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable
law.
_________________________________ |
1 As reported by ATB Capital Markets based on store counts as of February 8, 2024 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/high-tide-to-open-80th-canna-cabana-in-alberta-302177427.html
SOURCE High Tide Inc.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2024/20/c7094.html
%CIK: 0001847409
For further information: CONTACT INFORMATION, Media Inquiries, Omar
Khan, Chief Communications and Public Affairs Officer, High Tide Inc., omar@hightideinc.com, 403-770-3080; Investor Inquiries, Vahan Ajamian,
Capital Markets Advisor, High Tide Inc., vahan@hightideinc.com
CO: High Tide Inc.
CNW 06:00e 20-JUN-24
High Tide (NASDAQ:HITI)
Historical Stock Chart
From Jul 2024 to Aug 2024
High Tide (NASDAQ:HITI)
Historical Stock Chart
From Aug 2023 to Aug 2024