Canadian cannabis retailer High Tide Inc. HITI HITI (FSE:2LYA) revealed Thursday it hit the milestone of opening 100th and 101st branded retail locations nationwide.
The new Canna Cabana dispensaries sell recreational cannabis at 4140 Walker Road in Windsor and 960 Brookdale Avenue in Cornwall, Ontario.
These openings bring High Tide's total number of branded retail locations in the province to 30.
The Windsor shop is the company's first in that community, which is Ontario's 10th-largest city with a population of nearly 220,000. In addition, it's well-connected to Highway 401 – Canada's busiest highway.
The store in Cornwall is High Tide's first to open in this community, a city of close to 50,000 people in eastern Ontario.
To mark the 100-store milestone, the company committed to expand its long-standing partnership with World Vision, which has grown substantially from initial sponsorships of three children in 2006 to over 200 in 2021, the company said, adding that it plans to sponsor an additional two children through World Vision for every new Canadian store opened.
"Being the first non-franchised Canadian cannabis retailer to reach the 100-store milestone is a proud moment for our company," Raj Grover, president and CEO of High Tide said. "This major accomplishment is a direct result of the tireless efforts of our retail and support teams."
Over the past month, the company has launched eight organically-built stores, including the two recently launched Canna Cabana retail locations in Ottawa.
Grover disclosed that the company plans to "continue this pace of growth for the remainder of 2021 and throughout 2022," targeting over 200 retail locations opened across Canada.
"Our objective is to solidify our leadership position with respect to Canadian market share, which will set us up for long-term success by enhancing same-store sales and allowing for the cross-selling of our in-house brands and products across all of our platforms," Grover explained.
Price Action
High Tide's shares traded 0.49% higher at $6.16 per share during the pre-market session on Thursday morning.
Photo: Courtesy of High Tide Inc.
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