CALGARY: High Tide Inc., a retail-focused cannabis corporation enhanced by the manufacturing and distribution of cannabis lifestyle accessories, announced that the Canna Cabana retail cannabis store located at 1723 Bayview Avenue in East York, Ontario (the “Bayview Store”) will be opening on Saturday, June 13, 2020.
Located just south of Eglinton Avenue, it will mark the seventh branded Canna Cabana location in Ontario and the Company’s 36th retail cannabis store across Canada. The Bayview Store secured all necessary permits and licenses on June 8, 2020, after receiving a Retail Store Authorization (“RSA”) from the Alcohol and Gaming Commission of Ontario (the “AGCO”) on June 1, 2020, which was one of only five issued in the first week of June.
The Bayview Store will serve the 120,000 residents living in the East York area, as part of the City of Toronto’s overall population of approximately 2,700,000. “The Bayview Store is a great complement to the existing Canna Cabana locations in Toronto on Yonge Street and Parliament Street and our other stores across Ontario in Burlington, Hamilton, Niagara Falls and Sudbury,” said Raj Grover, President and Chief Executive Officer of High Tide.
“With nine percent market share Canna Cabana is the second largest retail brand by number of stores in Ontario, based on 82 currently authorized by the AGCO to be open,” added Mr. Grover. High Tide expects to open its next three Canna Cabana locations by September to reach the provincial maximum of 10 retail cannabis stores per operator.
In addition, the Company will release its financial and operational results for the second quarter ended April 30, 2020 before financial markets open on June 17, 2020.