Mr. Raj Grover reports
HIGH TIDE ENTERS INTO PRIVATE LABEL PARTNERSHIPS FOR CANNABIS 2.0 PRODUCTS
High Tide Inc. has entered two white-label partnerships with Heritage Cannabis Holdings Corp. and Loosh Inc. (doing business as Loosh Brands), a privately held, next-generation cannabis edibles and finished goods manufacturer. As per the terms of the agreements and pending listing approval, Heritage and Loosh will manufacture High Tide's Cabana Cannabis Co. branded shatter and THC (tetrahydrocannabinol) gummies, respectively, for distribution in Ontario, Manitoba, Saskatchewan and Alberta with the potential to expand into additional Canadian jurisdictions in due course.
"I am excited to announce High Tide's new white-label rollout, which has been in the works for quite some time. We have taken a measured approach in launching our own house-branded products given the oversupply of branded biomass in the Canadian market. That's why we are moving cautiously by making an entry into the 2.0 category, which is much less crowded," said Raj Grover, president and chief executive officer of High Tide. "We are also in negotiations with Canadian licensed producers to bring select products from the FABCBD catalogue into our store network and look forward to expanding into other categories in due course as market dynamics evolve," added Mr. Grover.
"High Tide is one of the leading cannabis retailers in Canada with a wide reach in this rapidly growing market. We admire their focus on consumer education and best-in-class retailing and are proud to partner with them to get High Tide branded concentrate products in the hands of Canadian consumers," said David Schwede, chief executive officer and president of recreational cannabis at Heritage Cannabis. "This strategic relationship allows us to strengthen and expand our concentrate portfolio and provides the opportunity to further our partnership with one of the leading cannabis retailers in the country," added Mr. Schwede.
"This pioneering private label production relationship with one of North America's leading publicly traded platforms exemplifies the distribution channels and commercial relationships that we at Loosh provide and service," said Ilya Serebyrany, founder and chief executive officer of Loosh. "We look forward to supporting a variety of sell-through and decentralized production relationships as the industry matures and we are pleased to support High Tide in executing on its no-capex [capital expenditure] manufacturing requirements," added Mr. Serebyrany.
About High Tide Inc.
High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The company is the most profitable Canadian retailer of recreational cannabis as measured by adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), with 91 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment features the Canna Cabana, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its established e-commerce platforms, including the Grass City, Smoke Cartel, Daily High Club and Dank Stop websites, and more recently in the hemp-derived CBD (cannabidiol) space through the CBD City and Fab CBD websites, as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide's strategy as a parent company is to extend and strengthen its integrated value chain while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Tilray Inc. and Aurora Cannabis Inc.
About Heritage Cannabis Holdings Corp.
Heritage Cannabis is a trailblazer of the concentrates categories being the first to launch dabs and live resin in Canada. Heritage ranks in the top three in sales for concentrates in Canada. Constantly bringing new innovative products to market (like the Radsicles, for example), Heritage continues to focus on delighting customers with its speed to market and making products that consumers actually want.
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