Canadian retail-focused cannabis firm High Tide (CSE: HITI) (OTCMKTS:HTDEF) has announced that both of the applications for retail store authorizations submitted by its associates are now moving to the eligibility phase of the Alcohol and Gaming Commission of Ontario (AGCO) review process.
The associates are the winners of the expression of interest application lottery. High Tide was selected by the winners to assist each party in establishing and operating a cannabis retail store in Ontario.
Cannabis Lottery Winners Plans
In the next stage, the applications will be assessed for current and ongoing compliance with the Cannabis License Act 2018 and its regulation. The future stages involve operator licensing and store authorization.
The stores will be located in the lottery’s North Region in Sudbury and in the West Region in Hamilton. Each municipality has shown support for the recreational cannabis industry for adult use.
“With High Tide’s assistance, this great news enables the Winners to continue working toward opening their stores in view of the AGCO’s target date of April 1, 2019,” High Tide President and CEO Raj Grover said in a statement.
“The Hamilton Store is expected to serve a large population surrounding the west end of Lake Ontario, while the Sudbury Store is also expected to serve an expanded geographic area based on its strategic location,” Grover added.
High Tide Bullish On Cannabis Locations
Alberta-based High Tide is engaged in the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products. Its subsidiaries including RGR Canada, Famous Brandz, Kush West Distribution, Smoker’s Corner, Grasscity.com, Canna Cabana and the majority of KushBar.
In Ontario, the company has an established commercial presence as one of the few suppliers of smoking accessories to the Ontario Cannabis Store. It is currently maintaining approximately 20 conditional leases for future cannabis retail stores across the province when permitted.
In Alberta, High Tide currently has 10 operating Canna Cabana outlets and 26 more Canna Cabana and KushBar locations under various stages of development and construction. The company expects to receive the one remaining development permit required to achieve the AGCO’s effective maximum of 37 retail cannabis locations in the near term.
Further, High Tide has signed letters of intent to acquire two separate cannabis retail locations in Saskatchewan. It also expects to obtain a maximum of eight cannabis retail stores in British Columbia.