High Tide opens four new Canna Cabana stores in Alberta and Ontario
High Tide Inc. announced that it is opening four new locations of its Canna Cabana retail cannabis stores in Alberta and Ontario.
The locations of the stores are at 20 Douglas Woods Dr SE Calgary, Alberta, 3630 Brentwood Road NW Calgary, Alberta ,1729 Walkley Rd, Ottawa, Ontario, and 94 Highway 8, Stoney Creek, Ontario.
With the opening of these new locations, the number of High Tide's Canna Cabana branded retail locations in Canada now comes to 180, including 65 stores in the province of Ontario.
Douglasdale is a well-established and mature neighbourhood in southeast Calgary, Alberta. This new Canna Cabana will open in a previous retail cannabis store with an established customer base. Co-tenants include a pharmacy, a liquor store and a gas station, amongst other businesses. This location is highly visible from a major roadway through the community and is steps away from walking paths along the Bow River while boasting over 40,000 residents within a three-kilometer radius.
READ: High Tide opens Canna Cabana Store in former Fire & Flower location
Situated in the northwest end of Calgary, Brentwood is a community featuring a mix of high-density multi-family units and single-family homes. Located in a major retail shopping plaza beside the University of Calgary, this new Canna Cabana opens in a retail unit previously leased by FOUR20 Cannabis, which has filed a notice of intention to make a proposal to their creditors. Anchor tenants include a major discount retailer, a Canadian grocery chain, and several quick-service restaurants. This new store also features excellent street visibility and a population density of over 56,000 in a three-kilometer radius.
The Walkley store opening brings the total number of Canna Cabana locations in Ottawa to five. Situated in a large shopping plaza along a major roadway, this brand-new Canna Cabana is anchored by a discount grocery chain, a national pharmacy retail chain, and a major Canadian discount retailer. It is also located in the densely populated southeast end of Ottawa, with minimal competition and over 180,000 residents within a five-kilometer radius.
Located in the Hamilton, Ontario suburb of Stoney Creek, this new Canna Cabana opens in a major power centre surrounded by discount retailers, a large provincial grocery store chain, as well as a national pharmacy chain and the provincial liquor retailer, amongst many other anchor tenants. It is the first Canna Cabana in Stoney Creek and is situated along a significant thoroughfare connecting it to the surrounding suburban communities, with over 100,000 residents within a five-kilometer radius.
"I can't think of a better way to end our third fiscal quarter than by announcing the opening of four new Canna Cabanas, bringing our ever-expanding store count to 180 across Canada and 65 in Ontario. Many of these new stores are part of our organic expansion strategy, which includes onboarding proven locations previously run by competitors through lease takeovers, resulting in minimal store buildout costs. Since January 1, we have already added 18 new Cabanas to our retail portfolio and are confident that we will meet or exceed our previously communicated goal of adding 20 to 30 new locations this year," says Raj Grover, founder and chief executive officer of High Tide.
"Furthermore, I am thrilled that the majority of this growth has been funded through our strong free cash flow generation from current operations. This approach will propel our future organic growth which should help us continue an upward trajectory both in terms of our store count, but also with respect to overall Canadian retail market share.”
