CALGARY, AB, /PRNewswire/ – 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, welcomes Tuesday’s amendment of Ontario Regulation 468/18 under the Cannabis Licence Act, 2018 that increases the number of stores that licensed retail cannabis operators and their affiliates can operate from 75 to 150.
“We welcome Ontario’s move today to make good on its previously stated intent to double the provincial store cap to 150. The increase comes as some operators who have a franchise model are already approaching, or have exceeded, 75 stores in the province. The move will have a positive impact on Ontario’s cannabis retail market as it brings the province closer to Alberta, Saskatchewan and Manitoba, which don’t have a store cap and have demonstrated success at illicit market capture,” said Raj Grover, Founder and Chief Executive Officer of High Tide.
“This change not only levels the retail playing field in Ontario but also creates a significant growth opportunity for High Tide and others that will help Ontario’s legal cannabis industry better compete with an entrenched illicit market, creating new jobs for Ontarians and increasing tax revenue for the province. As of July 2023, the 50 Canna Cabana stores we had open in Ontario had an average annual run rate that was 3.4 times our provincial peers’. Accordingly, an additional 100 locations will help meaningfully boost our revenues and power our growth trajectory over the next couple of years, further solidifying our leadership position as the largest non-franchised cannabis retailer in the country. With this change, our long term growth target has now shifted upwards to 300 bricks and mortar stores in Canada,” added Mr. Grover.
SOURCE High Tide Inc.
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