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High Tide Inc. (TSXV:HITI) (NASDAQ:HITI) (FSE: 2LYA) confirmed Tuesday that its wholly-owned subsidiary, Canna Cabana Inc., is now provincially licensed to operate in British Columbia, having received due diligence approval from the British Columbia Liquor Distribution Branch.
With this authorization, Canna Cabana can now proceed with site-specific license applications.
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British Columbia, a popular tourist destination, hosted more than 6 million overnight visitors in 2019. It is also Canada's third-most populous province with an estimated population of 5.2 million as of 2021.
According to a recent study by the Canadian Institute for Substance Use Research (CISUR), legal cannabis sales in British Columbia doubled between 2019 and 2020. The same study also found that in 2020 the BC market saw $290 million in gross revenues.
"I am delighted to share this very positive news of our approval to operate in the province of British Columbia with our shareholders today,” Raj Grover president and CEO of High Tide stated. “I am very proud of our team's perseverance over the last three years to achieve this major milestone. This approval allows us to expand into Canada's third-most populous province which, being famous for its 'BC Bud', has a long history of accepting cannabis culture and was ground zero for legalization in Canada. I am thrilled that, very soon, BC residents and tourists will be able to enjoy an unparalleled selection of cannabis and consumption accessories at unbeatable prices through our signature one-stop shop experience. We will be strategic in selecting our BC locations in order to maximize our retail potential for years to come," Grover added.
In addition, a retail-focused cannabis company also announced it has granted 25,000 stock options to certain employees, exercisable for a period of three years.
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More recent news from High Tide:
High Tide Reaches U.K. CBD Market Via Acquisition of Blessed CBD For $12.32M
High Tide Confirms Inclusion In Fourth Cannabis ETF Since Its NASDAQ Debut
High Tide's Canna Cabana Milestone: Opens 100th Cannabis Dispensary, Big Plans For 2022
Price Action
High Tide’s shares were trading 1.75% higher at $5.81 per share during Tuesday’s pre-market session.
Photo: Courtesy of CNW Group/High Tide Inc
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.