High Tide Inc. can now call itself the first cannabis brand in Canada to surpass 100 non-franchised retail stores. The publicly traded cannabis company reported that as its two new stores—one in Windsor, Ontario and the other in Cornwall, Ontario—have begun selling cannabis, the brand now counts 101 stores in its retail portfolio.
Exponential Growth
The two new Canna Cabana stores mark 30 stores in Ontario and the seventh and eighth organically-built stores in the month of September alone.
“Being the first non-franchised Canadian cannabis retailer to reach the 100-store milestone is a proud moment for our company,” said Raj Grover, President and CEO of High Tide. “This major accomplishment is a direct result of the tireless efforts of our retail and support teams.”
Grover and his ambitious team have been hard at work this year making and executing their lofty plans and goals.
“I am a big believer in setting and achieving targets,” he went on to say. “For some time now, I have said that we were committed to reaching the 30-store milestone in Ontario by the end of September. We met that goal today, despite ongoing pandemic-related challenges that have slowed the process of securing building permits. Despite these challenges, we are rapidly advancing our footprint across Ontario and remain excited about our trajectory to hit the new 75-store cap.”
On top of that, Grover says that by the end of 2022, he hopes to hit 200 branded stores and be an even bigger name on the market.
“Our objective is to solidify our leadership position with respect to Canadian market share, which will set us up for long-term success by enhancing same-store sales and allowing for the cross-selling of our in-house brands and products across all of our platforms.”
Corporate Responsibility
In honour of reaching its 100-store milestone, High Tide has committed to continuing its partnership with World Vision. In 2006, the then accessory-only brand initially sponsored three children through the organization, but this year it counts over 200 sponsorships and has committed to sponsoring an additional two children for every new store opened in Canada.
“I have long believed that corporate social responsibility must be at the core of High Tide’s business operations,” said Grover. “That is why, many years ago, I made our support of World Vision a priority. I’m pleased by how much it has grown over time and look forward to executing on today’s commitment to expanding it further as we continue to grow.”
According to Grover, the best is yet to come for High Tide. While the success of anyone in the industry should be celebrated, we can’t help but wonder: what will happen in the cannabis retail market, particularly in incredibly saturated regions? Can boutique or mom-and-pop shops compete with corporate stores (and coffers)?