Continuing its steady corporate growth, Calgary-based High Tide Inc. opened its 52nd Canna Cabana retail cannabis store in Ontario at the Woodhill Centre at 9025 Airport Rd. in Brampton. The 1719 square foot location is the second Canna Cabana location and is in southeast Brampton, near Mississauga, which recently approved legal cannabis stores. The unit is also High Tide’s 156th Canna Cabana location in Canada. “Our Cabana Club is rapidly growing across the country, and our innovative discount club model is exceptionally well received across Ontario,” said President, CEO Raj Grover. “I am always thrilled to see another Canna Cabana location established in Ontario, as our average store in Canada’s largest province does 3.4 times the provincial sales average.” Canna Cabana is the largest non-franchised cannabis retail chain in Canada, with locations in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in Canada. Chris Wanzel and Michael Calderone at Urban Reform Realty are handling the site selection for the Canna Cabana expansion in Ontario. The Canna Cabana locations are generally in a 1200 square foot range.
Late on Thursday, High Tide Inc. reported that for its third fiscal quarter ending in late July 2023, revenue increased to $124.4-million(Cdn) compared to $95.4-million(Cdn) during the same period in 2022, representing an increase of 30 percent year-over-year and five percent sequentially. For locations operational throughout the third fiscal quarter of 2023 and 2022, Same-store-sales for the quarter increased by 19 percent year-over-year and eight percent sequentially. During the third quarter retail store expansion continued with two new Canna Cabana locations in Alberta and Ontario and subsequent to the end of the quarter, organic retail store expansion continued with two new Canna Cabana locations opened in Ontario. “The Canna Cabana brand continues to gain popularity and is fast becoming a household name in Canada, given that our average store in the country now generates $2.8 million versus the national average of our peers, excluding Quebec, which is just $1.2 million,” said Grover. “Our core bricks-and-mortar business line is supported by our uniquely diversified cannabis ecosystem and over 4.6 million global customers in Canada, US, UK and the EU. Our ELITE customer base growth accelerated during this quarter, as we continue to focus on more in-store ELITE offerings and related inventory.”
Urban Reform Realty Inc., 141 Adelaide St West, Suite 903, Toronto, Ontario M5H 3L5 (Chris Wanzel – 416/450-2098 [email protected]) & (Michael Caldeone -416/409-7903 [email protected])
High Tide Inc., #112, 11127 15th St. NE, Calgary, Alberta T3K 2M4 (855/747-6420 www.hightideinc.com)