High Tide Reaches 125-Cannabis-Store Milestone, Releases Info From Special Shareholders Meeting

High Tide Inc. HITI HITI 2LYA, released the voting results from its annual general and special meeting of shareholders of the company held on June 2, 2022.

Each of the following five nominees proposed by management was elected as a director of the company: Harkirat ("Raj") Grover, Nitin Kaushal, Arthur Kwan, Christian Sinclair and Andrea Elliott.

In addition, at the meeting, shareholders approved:

• Fixing the board of directors at five;

• Reappointing Ernst & Young LLP as the company's auditor for the ensuing year and authorizing the board to fix their compensation;

• The adoption of a fixed 20% equity incentive omnibus plan;

• Certain common share issuances to employees and consultants of Smoke Cartel Inc., a wholly owned subsidiary of the company.

High Tide granted an aggregate of 256,000 stock options to certain employees of the company pursuant to the terms of the omnibus plan. The options will vest over a two year period and are exercisable for a period of three years, at the price per High Tide share as of the close of the TSX Venture Exchange on June 1, 2022.

Opening of a New Store in Blackfalds

The company’s Canna Cabana retail cannabis store located at 4500 Blackfalds Crossing Way in Blackfalds, Alberta has begun selling recreational cannabis products and consumption accessories for adult use.

This opening represents High Tide's 125th branded retail location across Canada, and 65th in Ontario, selling recreational cannabis products and consumption accessories. 

"Achieving the 125-store milestone is yet another encouraging sign for High Tide's future, as our bricks-and-mortar retail revenues have continued to grow strongly and exceed expectations since we launched our discount club model, with continued same-store sales growth that has put us in an even stronger leadership position within the Canadian cannabis retail landscape," said Raj Grover, president and CEO of High Tide. "I am also very pleased that we have surpassed 250 child sponsorships through World Vision. This is just one of many examples of High Tide's ongoing commitment to giving back and corporate social responsibility." 

Photo: Courtesy of CNW Group/High Tide Inc.

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