High Tide Inc. (HITI) announced on Thursday that its Canna Cabana retail cannabis stores in British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario will start selling exclusive Queen of Bud branded 12 oz candles. These candles come in three unique scents: Black Obsidian, Rose Quartz, and Clear Quartz Crystal. The move comes on the heels of High Tide’s acquisition of the Queen of Bud Brand, intellectual property, trademarks, and other assets in March 2024. It also coincides with Alberta’s decision to allow the sale of white-label cannabis products in May.
“Our announcement today follows Alberta’s decision to allow white label sales and underscores how timely our strategic acquisition of the Queen of Bud brand was,” said High Tide CEO and founder Raj Grover. “The thoughtfulness and diligence of our team have brought these highly differentiated and unique products to market for our ELITE and Cabana Club members, starting tomorrow.”
High Tide is expanding its offerings beyond just candles. The company plans to introduce a range of new and innovative cannabis products, including raspberry chocolate diamond-infused rose petal blunts, mango honey live rosin chamomile petal blunts, and a variety of pre-rolls. These products will be rolled out across the Canna Cabana store network as they are accepted by provincial wholesalers.
This expansion is part of High Tide’s strategy to capitalize on the growing demand for cannabis products in Canada. The company is also entering the cannabis hospitality sector through a joint venture with Positive Intent Events (PIE). This partnership will allow High Tide to host cannabis-related events at adults-only festivals and events in Alberta.
High Tide’s shares traded 1.79% lower at $2.1801 per share at the time of writing on Thursday morning. The company’s focus on expanding its product offerings and entering new markets suggests a commitment to growth and innovation within the Canadian cannabis industry.
