After commencing the trading of common shares on the Canadian Securities Exchange last month, High Tide Inc. (CSE:HITI) has now opened a fifth retail store for the company’s Canna Cabana brand.
The new Alberta location is now open for business after receiving a license from the city of Edmonton and can be visited by customers at 111th Avenue Northwest.
Between the Kush Bar and Canna Cabana brands, High Tide currently holds more than 30 development permits for retail sites to be opened in Alberta in the coming year, with construction at varying phases of completion for those sites.
Currently, the Alberta Gaming, Liquor and Cannabis (AGLC) department only allows a single entity to have up to 37 retail locations across the province, with High Tide expecting to hit that maximum when development of all sites is complete.
The AGLC has also suspended incremental cannabis licensing at this time, restricting the new Canna Cabana store in Edmonton to temporarily selling lifestyle products and dried flower smoking accessories.
Employees at the new location will also work to educate the local community on different methods of cannabis consumption.
This latest Canna Cabana retail store opening follows two major deal from High Tide in recent weeks that have increased the company’s profile.
Early in December, High Tide raised $10 million through a brokered private placement investment from Aurora Cannabis Inc. (NYSE: ACB; TSX: ACB).
After former Chief Executive Officer Kevin Cornish stepped down from his role leading High Tide, company founder Raj Grover took over the position and issued this comment on the Aurora fundraising effort:
Last month, the Calgary-based High Tide additionally acquired Dutch cannabis accessories retailer Grasscity in a $5 million deal.
Besides Grasscity, Canna Cabana, and KushBar, High Tide also owns the brands Smoker’s Corner, RGR Canada, and Famous Brandz.
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