High Tide Temporarily Closes Ontario Retail Cannabis Stores and Provides Business Update
Article by Yahoo Finance
High Tide Inc. (“High Tide” or the “Company”) (HITI.CN) (HITIF) (2LY.F), an Alberta -based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced that, in compliance with the order issued by the Province of Ontario , the Canna Cabana locations in Hamilton , Sudbury and Toronto (the “Ontario Stores”) were closed by 11:59 PM on Saturday, April 4, 2020 for a 14-day period after all retail cannabis stores were removed from the government’s list of essential workplaces on Friday, April 3, 2020 . All retail staff at the Ontario Stores have been temporarily laid-off as the Company awaits further updates from the Province.
“To mitigate the economic headwinds being caused by the COVID-19 pandemic, we are optimizing staffing levels across the organization, working with landlords to abate or defer rent, minimizing operating expenses and delaying capital expenditures wherever possible,” said Raj Grover, President & Chief Executive Officer. “Despite the temporary forced closures in Ontario , our 27 other retail cannabis stores across Alberta and Saskatchewan remain open for the time being, while Grasscity.com has recently experienced a doubling of its average weekly sales as people around the world are increasingly shopping online from the safety of their homes for their smoking accessories and cannabis lifestyle products,” added Mr. Grover.
Following on the success of Grasscity.com and based on the current high level of demand for e-commerce websites, High Tide remains on track to launch CBDCity.com in mid-April, which will primarily serve customers in the United States and the European Union, as well as elsewhere around the world. Ultimately, the Company believes that the senior secured credit facility advanced by Windsor Capital, together with the proceeds from the eventual sale of the common shares of Halo Labs, position the Company to be well funded to satisfy its core operating expenses and capital expenditures.
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