High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA) announced approximately CA$1.37 million ($1.07 million) in total retail gross revenues across all retail platforms on 4/20, representing a 76.21% increase from the previous Wednesday. The company's Canadian retail shops reported a 63.05% increase, while sales across e-commerce platforms reported an increase of 129.41% over the previous Wednesday.
4/20 PRIZE PACKAGE WINNER
As a celebration of the growth in the company's Cabana Club loyalty program and in commemoration of 4/20, High Tide selected the winner of this exclusive prize package through a random draw on 4/20 at 4:20 local time. The prize package consisted of a hybrid car valued at approximately $42,000, or a cash equivalent, as well as an all-expenses-paid roundtrip to Calgary and dinner with Raj Grover, the company's president and CEO. The prize package was awarded to Kyle Pinington.
"These robust 4/20 sales numbers exceeded our expectations and are a reflection of our successful, rapid organic and acquisition-based growth strategy. Our Cabana Club loyalty program has also been growing impressively, standing at approximately 478,000 members as of yesterday, which is an increase of 95.1% since the launch of our discount club model six months ago on October 20, 2021. I am thrilled by the success of our Cabana Club prize package giveaway, which was the first of its kind in the North American cannabis sector, and based on all of the positive feedback from our members, I am pleased to announce that we have decided to make the contest an annual 4/20 tradition at Canna Cabana," stated Grover. "Our sales numbers and continued revenue growth, particularly from our e-commerce platforms, again validate our strategy with respect to growth in the United States which, unlike most of our competitors, is not reliant on federal cannabis legalization and is instead based on accretive acquisitions that drive revenue growth today. The future looks great for our continued momentum, and I look forward to all that is yet to come throughout the rest of 2022 and beyond."
GRANT OF OPTIONS
Separately, High Tide granted 40,000 stock options to certain employees, pricing determined by the TSX Venture Exchange close price the day before this press release, exercisable over a period of three years, that fully vest over a two year period.
Photo: Courtesy of CNW Group/High Tide Inc.
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