High Tide Inc. Expands Its Retail Presence with New Canna Cabana Store in Owen Sound, Ontario

May 2, 2024 – High Tide Inc., a prominent figure in the cannabis retail market, has officially opened a new Canna Cabana store in Owen Sound, Ontario, marking a significant step in the company’s expansion across Canada. This latest outlet is located at 1660 20th Avenue East, strategically placed in a bustling shopping area directly across from a power center with major retail chains.

Owen Sound, often referred to as “The Scenic City,” is nestled on an inlet of Georgian Bay on Lake Huron. Known for its picturesque waterfalls and historic significance as a major port on the Great Lakes shipping routes, the city has evolved into a popular spot for recreation and tourism, especially during the summer months.

The new store not only becomes the first Canna Cabana location in Owen Sound but also represents the brand’s 60th store in Ontario, underscoring High Tide’s aggressive retail rollout in the province. Across Canada, High Tide now boasts 169 Canna Cabana locations, making it the largest non-franchised cannabis retail chain in the country.

Raj Grover, Founder and Chief Executive Officer of High Tide, expressed his enthusiasm about the new store, highlighting Owen Sound’s strategic location as a gateway to Sauble Beach, a beloved tourist destination. Grover pointed out that the new outlet would cater to both locals and tourists, providing easy access to cannabis products and accessories as they enjoy the area’s natural beauty or head to the beach.

This expansion aligns with High Tide’s successful business model, which includes not just retail, but a holistic integration across various sectors of the cannabis market. Besides its expansive brick-and-mortar footprint, High Tide is at the forefront of retail innovation with initiatives like Fastendr™, a technology that merges retail kiosks with smart lockers for an enhanced consumer experience. The company’s e-commerce platforms, which include prominent sites like Grasscity.com and Smokecartel.com, cater to a global audience offering a variety of consumption accessories.

The opening in Owen Sound is part of a broader strategy to deepen market penetration and enhance convenience for consumers. Grover noted the consistent generation of free cash flow which fuels the company’s expansion and strengthens its market share in the competitive cannabis industry.

High Tide’s growing influence in the cannabis sector is recognized widely. It has been named one of Canada’s Top Growing Companies for three consecutive years and also appeared on the Financial Times list of America’s Fastest Growing Companies in 2023. Such accolades underline High Tide’s effective strategy and operational excellence in a burgeoning industry.

High Tide continues to broaden its horizon with plans to unveil more locations in the near future, aiming to solidify its position as a leader in North America’s cannabis market. As the legal cannabis landscape evolves, High Tide’s expanding footprint in strategic locations like Owen Sound positions it to capitalize on increasing consumer demand and changing socio-economic dynamics around cannabis use.