Leading Canadian cannabis retailer High Tide Inc.‘s (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA) popular Canna Cabana chain is setting its sights on expanding to the country’s westernmost market.
High Tide said Tuesday that the British Columbia Liquor Distribution Branch granted due diligence approval to Canna Cabana, effectively licensing the stores to operate in the province.
With that approval in hand, the firm says it can now proceed with site-specific licence applications.
High Tide notes that B.C. is a global tourist destination with over six million overnight international visitor arrivals in 2019, according to the Tourism Industry Association of BC. With an estimated population of 5.2 million, it’s Canada’s third-most populous province.
According to a recent study by the Canadian Institute for Substance Use Research, legal cannabis sales in B.C. doubled between 2019 and 2020.
In a statement, CEO Raj Grover noted the province is famous for its “B.C. bud,” has a long history of accepting cannabis culture and was “ground zero for legalization in Canada.”
“I am thrilled that, very soon, B.C. residents and tourists will be able to enjoy an unparalleled selection of cannabis and consumption accessories at unbeatable prices through our signature one-stop shop experience,” he said. “We will be strategic in selecting our B.C. locations in order to maximize our retail potential for years to come.”
High Tide reports it’s the largest Canadian retailer of recreational cannabis by revenue, with 101 open locations spanning Ontario, Alberta, Manitoba and Saskatchewan.