In the last days of 2023, the growing retail cannabis company High Tide Inc. opened its first Canna Cabana store in Mississauga, a 1240 square foot inline unit at 5700 Mavis Rd., across from the entrance to the Heartland Town Centre. With this addition, the Calgary-based chain ends the year with 162 Canna Cabana locations from British Columbia to Ontario and its 54th in Ontario. “We ended 2022 with a flurry of store openings, and I am thrilled that the close of 2023 is much of the same,” said High Tides’ founder and CEO Raj Grover. “I have eagerly awaited the opening of our first Mississauga store, which I am confident will be a top performer based on the success we’ve had elsewhere in the Region of Peel as well as its premier location, which is steps away from Heartland Town Centre and situated among national retail chains. This location is yet another example of our team’s relentless dedication to securing the best possible lease opportunities.” He added that the company’s plans call for another 20 to 30 new store openings in 2024, with a focus on the Ontario market. The largest non-franchised cannabis retail chain in Canada, in 2021, Canna Cabana became the first cannabis discount club retailer in North America. Following the Mississauga opening, High Tide announced the paydown of $2.8 million from its convertible debenture balance using cash on hand. This, along with the restructuring announced on November 1, 2023, has resulted in the balance of this debenture being reduced from $8.9 million then to just over $1 million currently. With one year to go until the formal maturity date of this debenture, the company’s total gross debt now sits at $29 million, representing 1.1 times the Adjusted EBITDA reported by the company over the past four quarters. During 2023, High Tide added 13 new Canadian stores, both organically and through acquisitions. Generally, in the 1200 square foot range, Chris Wanzel and Michael Calderone at Urban Reform Realty Inc. are handling the Canna Cabana site selection in Ontario.
Urban Reform Realty Inc., 141 Adelaide St West, Suite 903, Toronto, Ontario M5H 3L5 (Chris Wanzel- 416/450-2098 [email protected]) & (Michael Calderone – 416/409-7903 [email protected])
High Tide Inc., #112, 11127 15th St. NE, Calgary, Alberta T3K 2M4 (855/747-6420 www.hightideinc.com)