Calgary’s cannabis supplier High Tide Inc. (Nasdaq: HITI) (TSX-V: HITI) has expanded its Canadian influence through a new distribution agreement with the Manitoba Liquor and Lotteries Corporation.
The company announced its entry into the province’s market on Tuesday. Its subsidiary Valiant Distribution Canada will be responsible for providing licensed Manitoba suppliers with an assortment of pot merchandise.
“We are thrilled to be extending our wholesale and distribution services into Manitoba,” Founder Raj Grover said. “This agreement builds on our established setup and experience in wholesaling cannabis products and consumption accessories in Saskatchewan and through our Calgary warehouse.”
Grover says the new partnership will enable the company to enhance its expertise in the industry through exposure to a new market.
Valiant currently owns distribution facilities in Calgary, Las Vegas and Amsterdam. High Tide says it is now North America’s second-largest cannabis retailer.
Breaking news… $HITI is now second largest cannabis retailer in North America based on store footprint according to ATB Capital Markets! pic.twitter.com/KtvFRJauDE
— High Tide Inc. (@HighTide_HITI) February 9, 2024
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High Tide looks to strengthen foothold in Europe
The company is looking to expand its presence from Amsterdam and into Germany more precisely. The country’s market is valued at well over €200 million.
German lawmakers have officially put a vote for cannabis legalization on next week’s agenda in the Bundestag, Marijuana Moment reported. The nation’s adult-use market should be open within the next two months.
“It’s a very affluent market with 85 million people,” Grover said in a recent interview.
High Tide recently set up its first Canna Cabana shop in Fort McMurray. The company expects to have success with it, largely because of high-paid oil sands workers in the municipality.
The cannabis operator says its Canna Cabana sales have risen by 110 per cent since the end of the 2021 fiscal year.
Valiant distributes over 5,000 different products from its three locations. It says 80 per cent are designed in-house.
rowan@mugglehead.com
