11:53 AM EDT, 06/20/2024 (MT Newswires) -- High Tide (HITI, HITI.V), a cannabis retailer, on Thursday said it will open its 80th Canna Cabana retail cannabis store in Alberta on Friday.

The store will sell recreational cannabis products and consumption accessories for adult use.

"As our investors know, market consolidation is underway, and many cannabis retailers are choosing not to renew their existing leases, given the challenging macro environment," chief executive Raj Grover said in a release. "Opening new Canna Cabana locations in pre-existing cannabis stores at quality sites is an excellent opportunity for us to grow our retail footprint, saving our shareholders hundreds of thousands of dollars in build-out costs."

The company is maintaining its goal of adding 20 to 30 new stores this year, Grover said.

High Tide shares were last seen down $0.09 to $3.35 on the TSX Venture Exchange.

Price: 3.35, Change: -0.09, Percent Change: -2.62