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Canadian cannabis retailer High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA) entered into a joint venture with Positive Intent Events (PIE) to position itself in Canada’s nascent cannabis hospitality sector. The announcement follows Alberta’s decision to allow licensed cannabis pop-up stores at adults-only festivals and events.
The biggest marijuana retail chain in Canada aims to expand its offerings to events and while working with PIE to create additional opportunities for cannabis pop-ups across the country.
“As Canada’s largest retail cannabis chain, we intend to bring the power of our innovative and disruptive discount club model that has helped us achieve almost 11% market share in the Canadian provinces where we operate, into the nascent world of cannabis sales at adults-only events, such as music festivals, comedy shows, and business conferences," stated Raj Grover, founder and chief executive officer of High Tide. "The opportunities keep getting bigger and better for High Tide.”
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The joint-venture comes on the heels of the company's relaunch of the website for its flagship Canadian brick-and-mortar retail brand, Canna Cabana. The new website features the latest tech, resulting in an enhanced user interface and overall improved customer experience.
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“Our success has always been grounded in bringing an unbeatable selection of the highest quality products to our customers at the lowest price in the most convenient way possible," Grover said. "That’s why I am thrilled to announce that we are bringing the Cabana experience directly to events where our customers are already socializing. In PIE we have found an event partner that has the regulatory and event planning expertise to support us in executing this vision."
Daffyd Roderick, managing partner, Positive Intent Events, added, "Partnering with High Tide allows us to seamlessly grow across Canada as regulations make space for cannabis to be included as part of hospitality and tourism. The positive reception we received at the Edmonton International Fringe Theatre Festival confirmed that the public is very ready to embrace cannabis and make it a responsible part of their entertainment experiences."
High Tide shares closed Tuesday's market session 3.30% higher at $2.19 per share.
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