With new lockdown measures being put into place in certain major cities across North America, companies are beginning to fear a full on economic drought just as the first lockdown brought at the beginning of the pandemic. Certain companies, however, have adjusted their business model in order to remain competitive during future lockdowns.
High Tide Inc. (OTCQB:HITIF) announced today that it is fully and immediately compliant with the order issued by the Province of Ontario to place Toronto and Peel under lockdown category of the government’s tiered framework for COVID-19 restrictions, according to the press release.
While being compliant with a law may not seem like front-page news, the CEO of the company, Raj Grover, stated that "throughout the pandemic, we have remained agile in our operations to prioritize the needs of our customers across the country in a safe and compliant manner. Our curbside pickup services available at CannaCabana.com and MetaCannabis.com will continue to provide our Toronto -based customers with access to our full catalog of cannabis products throughout the 28-day lockdown."
Traders seemed to think that the company’s modern approach to maintain sales via curbside pickup as well as their online distribution network might actually lead to an uptick in sales/market share, as other competitors might not have planned for another lockdown as High Tide did. Shares of this micro cap traded up to $0.1575/share (+3%) in early trade following the news.
