High Tide Inc. HITI HITIF (FRA:2LY) confirmed its Ontario stores will remain closed for two weeks.
The Canadian manufacturer of smoking accessories and cannabis products announced the decision after the government determined on April 3 that retail cannabis stores were no longer essential workplaces during the COVID-19 outbreak.
As a result, all retail workforce at High Tide's locations in Hamilton, Sudbury and Toronto were laid off until further notice from the Province.
"Despite the temporary forced closures in Ontario, our 27 other retail cannabis stores across Alberta and Saskatchewan remain open for the time being, while Grasscity.com has recently experienced a doubling of its average weekly sales as people around the world are increasingly shopping online from the safety of their homes for their smoking accessories and cannabis lifestyle products," said President and CEO Raj Grover.
The Alberta-based company plans to launch CBDCity.com in mid-April, another e-commerce website serving customers worldwide with an accent on the US and EU market, after witnessing the success of Grasscity.com.
High Tide expects the senior secured credit facility advanced by Windsor Capital and earnings from the eventual sale of the Halo Labs' common shares will cover the funding of the core operating expenses and capital expenditures.
Photo courtesy of High Tide
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