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Wednesday, Jun 29, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

High Tide expands into Saskatoon with new Canna Cabana store

The new store is the company’s 126th branded retail location across Canada

High Tide to launch Cabana Cannabis Co. products in Ontario
Photo via High Tide

Leading cannabis retailed High Tide Inc. (NASDAQ: HITI) (CVE: HITI) has expanded its retail operations into Saskatoon, opening a new Canna Cabana store.

The new pot shop — High Tide’s first store in Saskatoon — is the company’s 126th branded retail location across Canada and 10th in Saskatchewan, offering recreational cannabis products and consumption accessories.

“With this organic store opening and expansion into Saskatoon, we are bringing our innovative discount club model directly to thousands of consumers who have not previously had the chance to shop with us in their home city,” High Tide CEO Raj Grover said in a statement.

Read more: High Tide completes Bud Heaven acquisition

Read more: High Tide reports approximately $1.37M in retail sales on 4/20

Grover noted the Calgary-based company’s organic growth strategy is focused on gaining additional market share and strengthening its foothold across multiple provinces.

High Tide expects to open additional locations in Saskatoon throughout the rest of this year and into 2023.

“The Saskatchewan government’s approach to the cannabis industry has made it one of the most attractive provinces to do business in, and because of this, we plan to meaningfully increase our presence in the province as we grow our business further,” Grover said.

“Saskatchewan’s regulatory environment has also made it the ideal province to launch our Cabana Cannabis Co. white label products.”

Read more: High Tide opens 125th store, now sponsors 250 children via World Vision

Read more: High Tide buys Boreal Cannabis for $2.2M

Last week, High Tide celebrated the opening of its 125th retail location in Blackfalds, Albera, asserting its commitment to sponsoring two children via World Vision International for each new store. The company has sponsored 250 children living under precarious circumstances.

Founded in 1950, World Vision is an evangelical Christian humanitarian aid, development, and advocacy organization that helps children living in poverty.

Company stock was down more than 5 per cent Thursday, trading at $3.10 on the Canadian Venture Exchange.

 

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