High Tide Inc. HITI HITI 2LYA announced on Tuesday that it has signed an agreement with the Manitoba Liquor and Lotteries Corporation (MBLL) through its wholly-owned subsidiary Valiant Distribution Canada.
Under the deal, the Canadian cannabis retail agreed to distribute cannabis products to cannabis retailers in Manitoba.
The deal will allow Valiant to warehouse products in the province from licensed producers and then distribute them to retailers while being responsible for inventory management, and tracking.
Why It Matters
Raj Grover, founder and CEO of the Alberta-based cannabis giant praised the move.
“We are thrilled to be extending our wholesale and distribution services into Manitoba through Valiant Distribution Canada, building on our established setup and experience in wholesaling cannabis products and consumption accessories in Saskatchewan, consumption accessories through our Calgary warehouse, as well as leveraging our experience and success in distributing in the United States and Europe through our warehouses in Las Vegas and Amsterdam,” Grover said.
See also: EXCLUSIVE: Cannabis Titans High Tide, Sanity Group CEOs Unveil Bold Global Expansion Plans (VIDEO)
Grover explained what the move means for the company behind the Canna Cabana cannabis retail chain.
“This new limited distribution agreement in Manitoba further enhances our strategic relationships with key partners across all segments of our business, while continuing to deepen our expertise across the broader cannabis value chain," he continued.
Big Player In Cannabis Retail
In the meantime, according to ATB Capital Markets, High Tide is among the top cannabis retailers in North America with a total of 163 cannabis stores, as per the company's recent post on X (Twitter).
In an exclusive interview with Benzinga, Frederico Gomes, director of Institutional Research at ATB Capital Markets. provided key insights into the recently released “Focus On Deep Value Small-Caps: Canadian Cannabis 2024 Outlook” report, challenging prevailing negative sentiments surrounding the sector in Canada.
Gomes specifically highlighted micro-caps and small-caps, such as High Tide and Nova Cannabis Inc. NVACF NOVC as leaders in the industry. These companies are not only generating positive free cash flow but are also trading at low multiples, presenting an enticing investment proposition.
Now read: Canadian Cannabis Retail Giant High Tide Narrows Net Loss YoY, Reports 37% Revenue Growth In 2023
Related News
- Here’s Where To Buy Legal Weed: Cannabis Delivery In New York, New Stores In Five More States, Canada
- Here’s Where To Buy Legal Weed: Cannabis Store Openings Ahead Of The New Year
HITI Price Action
High Tide's shares traded 2.1591% higher at $1.798 per share at the time of the writing on Wednesday morning.
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