High Tide, an Alberta-based downstream cannabis corporation focused on the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced that it has recently opened its fifth Canna Cabana retail store. Situated on 111th Avenue Northwest in Edmonton, Alberta, the retailer was granted a business license by the City of Edmonton and has been open to the public since December 20, 2018.
At the new location, Canna Cabana employees are engaging with customers, educating them about cannabis and smoking accessories, and otherwise interacting with stakeholders as new members of the surrounding community. “As the market leader in smoking accessories, our team continues to find ways to generate revenues and robust gross margins through the sale of accessories, despite the temporary shortage of cannabis across Canada”, said Raj Grover, President & Chief Executive Officer of High Tide. “It is also important for us to continue opening stores on this basis, to develop relationships with our customers and communicate accurately with people as the topic of legal cannabis remains important to the general public”, added Mr. Grover.
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High Tide currently has 28 other Canna Cabana stores under various stages of construction, with 33 total development permits in hand for its Canna Cabana and KushBar retail cannabis stores across Alberta. In the short term, the Company expects to receive the four remaining development permits required to achieve the AGLC’s effective maximum of 37 retail cannabis locations in the province. Outside of Alberta, the Company will be submitting its Expression of Interest Application to participate in the Alcohol and Gaming Commission of Ontario’s lottery being conducted on January 11, 2019 to award 25 opportunities for potential operators to apply for a cannabis retail store license.
Lastly, on January 3, 2019, Kevin Cornish, Chief Operating Officer, departed the Company for personal reasons. During his time with High Tide, Mr. Cornish was responsible for operations with a focus on establishing and growing the Canna Cabana retail cannabis business. Raj Grover, President & Chief Executive Officer, is overseeing the Company’s operations while an external search is being conducted to identify a suitable successor for the role.
