High Tide Inc., a cannabis retail giant, is set to wrap up 2024 with the opening of two new Canna Cabana stores. The company announced that its 190th and 191st retail locations would open in Alberta and Ontario, solidifying its presence as one of Canada’s leading cannabis retailers.
Expanding in Alberta: Hinton Store Launch
Hinton, a small Alberta town on the edge of Jasper National Park, will soon host a Canna Cabana store. Located at 900 Carmichael Lane, the store is situated in the Parks West Mall, a prominent shopping destination with national grocery chains and popular restaurants as anchor tenants. This strategic location ensures a steady flow of foot traffic from both locals and visitors heading to Jasper, a world-renowned tourist destination.
High Tide’s move into Hinton marks its 84th store in Alberta. The province remains a stronghold for the company, with Raj Grover, High Tide’s CEO, highlighting Alberta’s potential for further growth.
“Our expansion in Alberta reflects the strength of the market and our ability to identify prime locations that serve both residents and visitors,” said Grover.
Ontario’s New Addition: Pembroke Store to Open
Pembroke, a picturesque town located northwest of Ottawa, will also welcome a new Canna Cabana store. Positioned along the town’s main road at 1036 Pembroke Street East, the store is strategically placed near Pembroke Mall and shares its building with a well-known fast-food franchise.
This location offers an advantage with minimal local competition, making it an attractive spot for cannabis consumers. While the store will initially sell consumption accessories starting December 22, recreational cannabis sales will follow shortly after.
With the Pembroke opening, High Tide surpasses 75 stores in Ontario, Canada’s largest cannabis market. The company has set its sights on doubling this number, aiming for the provincial cap of 150 locations.
Milestones in 2024: Hitting Expansion Goals
The openings in Hinton and Pembroke cap off a year of rapid growth for High Tide, with 29 new stores added in 2024. This aligns with the company’s public goal of opening 20-30 locations within the year. The company’s expansion strategy relies on strong free cash flow, allowing for growth without depleting reserves.
“We are on track to hit 300 locations across Canada in the next few years,” said Grover. “This year’s success is a testament to our team’s dedication and our ability to operate efficiently in a competitive market.”
High Tide’s Store Count by Province
| Province | Total Stores |
|---|---|
| Alberta | 84 |
| Ontario | 76 |
| British Columbia | Growing |
| Saskatchewan | Growing |
| Manitoba | Growing |
Driving Innovation in Cannabis Retail
High Tide’s achievements are not just about numbers. The company is focused on redefining cannabis retail with innovations like Fastendr, an automated retail kiosk system that enhances the buying experience. This technology allows customers to browse products, place orders, and pick them up seamlessly, setting High Tide apart in the crowded cannabis market.
In addition to brick-and-mortar stores, High Tide operates e-commerce platforms like Grasscity.com and Smokecartel.com, further expanding its consumer reach. The company’s diverse portfolio also includes accessory brands and CBD products, catering to a broad spectrum of cannabis consumers.
High Tide’s Vision for Global Growth
While Canada remains a key market, High Tide is increasingly eyeing international opportunities. The company recently launched global initiatives that aim to establish a footprint beyond North America. Raj Grover expressed confidence in High Tide’s ability to adapt and thrive in new markets, bolstered by its strong performance in Canada.
“Canada is a dynamic market, and we’re proud of our growth here. At the same time, we are energized by our international efforts, which will propel us into new territories,” said Grover.
Recognitions and Industry Leadership
High Tide’s achievements have not gone unnoticed. For the fourth consecutive year, the company was named one of Canada’s Top Growing Companies by The Globe and Mail’s Report on Business. It also ranked among the top-performing diversified industry stocks in the TSX Venture 50 for 2024. These accolades underscore High Tide’s resilience and leadership in the cannabis sector.
As the company closes out 2024, its focus remains on steady growth, innovation, and delivering value to consumers and investors alike. With 191 stores and ambitious plans for the future, High Tide continues to solidify its position as a global cannabis leader.
Maria Garcia is an award-winning author who excels in creating engaging cannabis-centric articles that captivate audiences. Her versatile writing style allows her to cover a wide range of topics within the cannabis space, from advocacy and social justice to product reviews and lifestyle features. Maria’s dedication to promoting education and awareness about cannabis shines through in her thoughtfully curated content that resonates with both seasoned enthusiasts and newcomers alike.
