CALGARY, AB, Nov. 29, 2022 /PRNewswire/ – 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, is pleased to announce the launch of Cabana Elite (“ELITE“), an optional paid membership upgrade for Cabana Club members. Starting today, customers can sign up for ELITE in-store and online at www.cannacabana.com. The Company expects that ELITE will extend the Cabana Club membership program, attract new customers and instill even greater customer loyalty. The Company anticipates that further discounts, benefits and promotions will be regularly added to ELITE. The table below outlines the various perks and benefits available to ELITE members:
“I am delighted to finally announce the launch of ELITE, the next evolution in our innovative discount club model and a huge milestone for High Tide. The continuous innovation from our team has positioned us as a top-performing Canadian cannabis company, and ELITE is the natural result of this success. By leveraging the strengths of our diversified cannabis ecosystem, we are providing additional value to ELITE members by offering discounts on High Tide’s global online consumption accessories platforms. We see this as a big step towards building our loyalty program into a global cannabis community as we continue to convert price-conscious consumers from the illicit market into our legal cannabis ecosystem,” said Raj Grover, President and Chief Executive Officer of High Tide.
“Our goal is to sign up as many Cabana Club members to ELITE as possible within the first year, following which we anticipate an even greater financial impact in subsequent years. During these inflationary times, we decided to offer the ELITE membership at a 50% discount for a limited time to allow our customers to try out the new program at a minimum cost. Once our customers see what ELITE has to offer, we anticipate they will look to maintain their status in subsequent years. Launching ELITE was not an easy task, given the varied regulatory landscape in the Canadian provinces where we operate. Our team has been working hard on this project for many months, and I want to take this opportunity to extend my sincere gratitude to our team members and provincial regulators, who helped us get to this pivotal day. We are confident ELITE will generate excellent returns for our shareholders, who can rely on High Tide for continued innovation and execution,” added Mr. Grover.
GRANT OF OPTIONS
In addition, High Tide announces the grant of an aggregate of 25,000 incentive stock options (the “Options”) to certain employees of the Company. Each Option is exercisable at the closing price of the Company’s common shares listed on the TSX Venture Exchange (the “TSXV“) based on the last trading day immediately prior to this press release, expires three years from the date of grant, and vests over a two-year period. Each Option is exercisable to purchase one common share of the Company and are being issued pursuant to the terms of the Company’s Omnibus Plan, which became effective on June 2, 2022 (as further detailed in High Tide’s press release dated September 14, 2022).
For more information about High Tide, please visit www.hightideinc.com and its profile pages on SEDAR at www.sedar.com and EDGAR at www.sec.gov.
Neither the TSX Venture Exchange (“TSXV“) 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.
SOURCE High Tide Inc.
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