“With our recently closed $ 23.6 million the supply of shares and total debt currently standing at $ 31.6 million – of which only $ 3.8 million is expected over the next twelve months – High Tide’s financial strength has never been stronger. Having declared an adjusted EBITDA of $ 4.6 million for our last quarter ended January 31, 2021, which did not include the contribution from two acquisitions we made subsequently, we believe we are a prime candidate for traditional non-dilutive bank debt, and we are in late stage talks with a bank of leading on this front, ”said Raj Grover, President and CEO of High Tide.
Additionally, High Tide is pleased to announce that it has been added to the AdvisorShares Pure Cannabis ETF (NYSE: YOLO) (“YOLOListed on the Archipelago Exchange of the New York Stock Exchange, YOLO was the first actively managed ETF with a dedicated cannabis investment mandate domiciled at United States alongside AdvisorShares (NYSE: MSOS) Pure US Cannabis ETF, a sister fund of YOLO, which focuses on US multi-state operators (MSOs) and other national companies in the cannabis industry.
“Our inclusion in the AdvisorShares ETF once again demonstrates the confidence that institutional investors have in High Tide’s business plan and growth strategy, particularly with regard to United States. Coupled with our track record of profitability and sustainable growth, this inclusion allows us to further broaden our visibility with North American investors. Being included in this ETF during our first week of trading on the Nasdaq confirms our belief that institutions and ETFs will continue to take positions in High Tide. We continue to relentlessly seek out opportunities for added value for shareholders. During the first eight days of June, we announced the opening of three stores, listed our shares on Nasdaq, added to another top ETF and eliminated our senior debt, ”added Mr. Grover.
About High Tide Inc.
High Tide is a retail-focused cannabis company bolstered by the manufacture and distribution of consumer accessories. The Company is the most profitable Canadian recreational cannabis retailer as measured by Adjusted EBITDA,1 with 87 current locations covering Ontario, Alberta, Manitoba and Saskatchewan. High Tide’s retail segment includes the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co., and NewLeaf Cannabis banners, with additional locations being developed across the country. High Tide has served consumers for more than a decade through its many consumer accessory businesses, including e-commerce platforms Grasscity.com, Smokecartel.com and CBDcity.com, and its wholesale distribution division under Valiant Distribution, including the manufacturer of licensed entertainment products Famous Brandz. . High Tide’s strategy as a parent company is to expand and strengthen its integrated value chain, while delivering a complete customer experience and maximizing shareholder value. The main sector investors in High Tide are Tilray Inc. (TSX: TLRY) (NYSE: TLRY) and Aurora Cannabis Inc. (TSX: ACB). (NYSE: ACB).
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this release.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain information contained in this press release constitutes forward-looking statements under applicable securities laws. All statements contained in this press release that are not statements of historical fact can be considered as forward-looking statements. Forward-looking statements are often identified by words such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms. and similar expressions. Forward-looking statements regarding High Tide and its business include, without limitation, statements regarding: High Tide added to other ETFs in the future, and the Company’s ability to increase shareholder liquidity and attract equity capital. international and institutional investors. The forward-looking events and circumstances described in this press release may not occur on certain specified dates or not at all and could differ materially due to known and unknown risk factors and uncertainties affecting High Tide, including risks associated with it. to the listing of High Tide’s titles in the United States, the shutdown of the United States government, the Company’s non-expansion globally, which may result in the Company not having a diversified business platform for growth, which the Company is not well positioned to pursue additional growth opportunities, or that these opportunities are no longer available to High Tide, the risks associated with the geographic markets in which High Tide operates, the risks associated with fluctuations in currency exchange rates (including, without limitation, currency fluctuations), risks associated with the cannabis industry and its regulations, failure to comply with applicable laws, failure to obtain regulatory approvals, economic factors, market conditions market, equity and debt markets in general, risks associated with growth and competition, general economic and stock market conditions, risks and inc uncertainties detailed from time to time in documents filed by High Tide with the TSXV and Canadian Securities Administrators, the COVID-19 pandemic nationally and globally and the response of governments to the COVID-19 pandemic with respect to the operation of retail stores and other risks and many other factors beyond the control of High Tide. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will be achieved. This information, although considered reasonable by management at the time of its preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Adjusted EBITDA is a non-IFRS financial measure.
The forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and are therefore subject to change thereafter. High Tide disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
SOURCE Marée Haute Inc.