Calgary, AB--High Tide Inc. announced in a press release that its Canna Cabana retail cannabis store located at 4500 Blackfalds Crossing Way in Blackfalds, Alberta has begun selling recreational cannabis products and consumption accessories for adult use. This opening represents High Tide's 125th branded retail location across Canada, and 65th in Ontario, selling recreational cannabis products and consumption accessories.
[Image source: CNW Group/High Tide Inc]
To mark the Company's 100-store milestone, on September 30, 2021, High Tide announced in the release that it would expand its existing support of vulnerable children globally through child sponsorship, which had already grown substantially from initial sponsorships of three children in 2006 to over 200 sponsorships in 2021 with World Vision, by sponsoring an additional two children for every new Canadian store opened. Given the Company's growth since the earlier announcement and the achievement of the 125-store milestone, High Tide now sponsors 250 children through World Vision.
"As a fast-growing and young town, Blackfalds has favorable cannabis demographics, and given the success of our nearby Canna Cabana store in Red Deer, I expect that this new store will perform positively as well," said Raj Grover, President and Chief Executive Officer of High Tide, in the press release. "Achieving the 125-store milestone is yet another encouraging sign for High Tide's future, as our bricks-and-mortar retail revenues have continued to grow strongly and exceed expectations since we launched our discount club model, with continued same-store sales growth that has put us in an even stronger leadership position within the Canadian cannabis retail landscape. I am also very pleased that we have surpassed 250 child sponsorships through World Vision. This is just one of many examples of High Tide's ongoing commitment to giving back and corporate social responsibility."
Read more in the entire press release.