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Tuesday, Nov 30, 2021
Mugglehead Magazine
Cannabis & psychedelics industry news based in Vancouver, B.C.
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High Tide’s Canna Cabana stores get approval to operate in BC

With approval from the provincial regulator, the firm is set to begin site-specific applications

High Tide's Canna Cabana stores get approval to operate in BC
High Tide has over 100 stores in Canada under its Canna Cabana, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners. Image via High Tide

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.

Read more: High Tide reports quarterly revenue up 18% to $48.1M

Read more: High Tide launches into UK with £9M Blessed CBD deal

With around 374 open stores, there’s more room to grow before hitting saturation, especially compared to neighbouring Alberta with 691 stores servicing its population of around 4.4 million.

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.”

Read more: Sundial set to buy liquor and pot retailer Alcanna for $346M

Read more: Ontario pitches permanent weed delivery and curbside pickup

High Tide reports it’s the largest Canadian retailer of recreational cannabis by revenue, with 101 open locations spanning Ontario, Alberta, Manitoba and Saskatchewan.

 

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