High Tide to Open 80th Canna Cabana in Alberta

Published: June 24, 2024

High Tide to Open 80th Canna Cabana in Alberta

High Tide Inc., 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 ColumbiaAlbertaSaskatchewanManitoba and Ontario and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in North America.