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High Tide Launches Adult-Use Store In Calgary, Plans To Pursue 'Acquisition Opportunities'

March 4, 2021 9:28 am
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High Tide Launches Adult-Use Store In Calgary, Plans To Pursue 'Acquisition Opportunities'

Canadian retailer of recreational cannabis High Tide Inc. (OTCQB:HITIF), is opening its 73rd branded retail location in Canada.

The new adult-use store is located at 4600 Bowness Road NW, in Calgary's Montgomery neighborhood in the vicinity of the University of Calgary campus.

The Alberta company confirmed Thursday it will kick off the sale of recreational cannabis on Friday, Mar. 5.

"As with all stores operating under the High Tide umbrella, this new location will follow our exclusive one-stop-shop approach that allows consumers to purchase all of their cannabis and accessory needs under one roof," CEO Raj Grover said.

He explained that build-out in Ontario has been slowed due to the current health crisis and related restrictions.

As a result, the company opted to boost its retail footprint in other provinces.

The company also disclosed plans to accelerate its strategy of pursuing "acquisition opportunities" after closing a $23 million bought deal equity financing in February.

High Tide generated around CA$83.2 million ($65.7 million) in revenue in 2020, wrapping it up with approximately CA$8 million ($6.32 million) in adjusted EBITDA.

The merger with META Growth in November "nearly doubled" its size in Canada, Grover disclosed, calling 2020 the company's "the best year" ever.