Mr. Raj Grover reports
HIGH TIDE OPENS ITS FIRST CANNABIS RETAIL STORE IN CANMORE, ALBERTA, AND APPOINTS CHIEF OPERATING OFFICER
High Tide Inc.'s Canna Cabana retail store located at 1702 Bow Valley Trail, in Canmore, Alta., will begin selling recreational cannabis products for adult use today. This opening represents High Tide's 77th branded retail location across Canada, selling recreational cannabis products and consumption accessories. Located one hour west of Calgary and only five minutes from the Banff National Park, the new Canmore store is strategically located within walking distance of several ski resorts and other tourist attractions.
High Tide is also pleased to announce that it has promoted Aman Sood to the position of chief operating officer of the company, effective March 15, 2021. Mr. Sood has been serving as senior director, information technology and retail operations, since transitioning to High Tide after the company's acquisition of Meta Growth. Mr. Sood is a seasoned leader with over two decades of experience in retail sector project management, operations, technology and cost optimization. He has proven successes in new market identification and strategic positioning for companies of all sizes. Having led the building and management of 25 NewLeaf Cannabis locations, Mr. Sood is a pioneer in the legal market who specializes in spearheading operational improvements to reduce shrink, enhance productivity, increase sales and drive efficiencies. The company has also approved the grant of 600,000 stock options for Mr. Sood to purchase common shares of High Tide as per the terms of the stock option plan.
"Along with our existing Banff location, the opening of this new Canmore store solidifies our presence within Alberta's Bow Valley region, which includes Banff National Park and the popular tourist hamlet of Lake Louise," said Raj Grover, president and chief executive officer of High Tide. "I am also very excited to announce the promotion of Mr. Sood, who has played a leading role in driving the successful integration of Meta Growth into the High Tide family. I look forward to Aman bringing his expertise in driving operational efficiencies into his new leadership role on our team, particularly as we aggressively pursue new acquisition targets," added Mr. Grover.
Grant of stock options and restricted share units
The company also announces that its board of directors has approved a grant of five million stock options to purchase common shares of High Tide to certain officers and consultants. In addition, the company also announces that its board of directors has approved a grant of one million restricted share units (RSUs) to certain directors of the company pursuant to the company's restricted share unit plan. Each RSU entitles the holder to acquire one common share of the company upon vesting.
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 77 branded retail 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. 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 Aphria Inc. and Aurora Cannabis Inc.
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