Mr. Raj Grover reports
HIGH TIDE APPOINTS RETAIL INDUSTRY VETERAN ANDREA ELLIOTT AS INDEPENDENT DIRECTOR
High Tide Inc. has appointed Andrea Elliott as an independent director of the board effective Jan. 4, 2021. Ms. Elliott brings over 20 years of executive retail experience to High Tide. She currently is executive vice-president, direct to consumer, at Moose Knuckles -- a successful global Canadian luxury outerwear brand.
Previously, Ms. Elliott founded R2 Retail Resources, an independent consultancy that supported domestic and international retailers with strategic initiatives, growth plans, e-commerce ideation and SG&A (selling, general and administrative) improvements. Ms. Elliott was previously vice-president and general manager of PVH Canada Retail (Calvin Klein, Van Heusen, IZOD and Bass), an executive vice-president at PwC, and chief operating officer with Karabus Management -- a wholly owned subsidiary of PwC focused on the retail industry. Prior to PwC, Ms. Elliott was the director of Canadian operations for Williams-Sonoma Inc. and held various senior positions at Gap Inc. in the international division.
"We are delighted to have Andrea join the board and increase the retail expertise, independence and diversity of our organization," said Raj Grover, president and chief executive officer of High Tide. "As we grow our national cannabis store footprint and our international e-commerce businesses, Andrea's extensive retail background will be invaluable as we implement strategic initiatives to further differentiate High Tide from the competition," added Mr. Grover.
With the addition of Ms. Elliott, High Tide has also strengthened its real estate competency at the board level. "I'm excited to join the board of High Tide and contribute to the evolution of this great company as it broadens its focus beyond Canada to new opportunities in the United States and abroad," said Ms. Elliott. "I view this as a mutually beneficial opportunity and appreciate the warm welcome to High Tide's board," added Ms. Elliott. The company looks forward to Andrea's guidance as it continues to execute on its growth strategy.
Ms. Elliott replaces Mike Cosic who resigned as a member of the board effective Jan. 4, 2021. Mr. Cosic became a director of High Tide concurrent with the acquisition of Meta Growth Corp. on Nov. 18, 2020, and played an important role in facilitating the transition. Mr. Cosic graciously resigned to allow the board to attract Ms. Elliott and High Tide thanks Mr. Cosic for his contributions.
The board has approved the grant of one million stock options for Ms. Elliott to purchase common shares of High Tide. The options have an exercise price of 25.5 cents per common share and have a term of three years. Subject to the terms and conditions of the company's stock option plan, the options shall vest as per their previously announced schedule.
Furthermore, the company issued an aggregate of 833,332 common shares of High Tide to certain holders of unsecured convertible debentures of the company, in satisfaction of the annual amount of interest due to the holders. The interest shares were issued at a deemed price of 24 cents per interest share. The interest shares are subject to a statutory hold period of four months plus one day and remain subject to final approval from the TSX Venture Exchange.
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 largest Canadian retailer of recreational cannabis as measured by revenue, with 67 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment features the Canna Cabana, KushBar, 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 numerous consumption accessory businesses including e-commerce platforms Grasscity and CBDcity, and its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz.
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