Canadian cannabis retailer High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA) announced today that its Canna Cabana retail cannabis store located at 11070 100 Avenue in Grande Prairie, Alberta, will begin selling recreational cannabis products for adult use on Saturday.
This opening represents High Tide's 111th branded retail location across Canada, and 60th in Alberta, selling recreational cannabis products and consumption accessories.
The store is also the company’s second to open in Grande Prairie, which is the largest city in northwestern Alberta with a population of almost 65,000.
The new Canna Cabana store is located in a power centre anchored by a major international discount retailer, at the well-trafficked intersection of Highways 40 and 43.
It is also close to the main campus of Grande Prairie Regional College, on the opposite side of Highway 43.
"With the opening of this Canna Cabana location, we have reached yet another store count milestone in Alberta, the province where High Tide started and where we continue to be the single largest cannabis retailer," Raj Grover, the company’s president and CEO, said. "Alberta has been a leader in promoting a competitive and thriving retail cannabis market, and we remain committed to increasing our investment in the province as we continue to grow. Grande Prairie has one of the highest incomes per-capita in Alberta, with a consistently steady and stable economy.”
Issuance Of Shares
The company simultaneously revealed that it intends to pay an aggregate of $100,000 in consulting fees to two consultants as consideration for services provided by the consultants pertaining to certain commercial premises for development in Saskatchewan.
High Tide intends to pay for the consulting fee through the issuance of 15,122 common shares of the company at a deemed price of $6.6132.
The shares are being issued pursuant to a consulting agreement between the company and the consultants dated December 22, 2022.
The consulting agreement has a term of six months, during which the consultants will be engaged on an on-going basis in efforts to source commercial premises for development for the company. The issuance of shares is subject to approval from the TSX Venture Exchange.
