High Tide Closes The First Tranche In Its Acquisition Of Choom, Adding Two Established Cannabis Retail Stores In British Columbia And Six In Alberta
High Tide Closes The First Tranche In Its Acquisition Of Choom, Adding Two Established Cannabis Retail Stores In British Columbia And Six In Alberta
08/04/22, 10:06 AM
Location
calgaryHigh Tide Inc. ("High Tide" or the "Company") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, is pleased to announce that further to its press release dated July 7, 2022, the Company has completed its acquisition (the "Acquisition") through Companies' Creditors Arrangement Act ("CCAA") Proceedings, of eight operating retail cannabis stores in British Columbia and Alberta (the "Stores") for CAD$4.2 Million (the "Transaction"). The Company intends to complete the acquisition of the ninth store in Niagara, Ontario, pending regulatory approvals.
Company Info
Location
unit 112, 11127 - 15th street n.e.
Calgary, Alberta, Canada
Company info
High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the most profitable Canadian retailer of recreational cannabis as measured by Adjusted EBITDA,2 with 89 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide’s retail segment features the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its established e-commerce platforms including Grasscity.com, Smokecartel.com and Dailyhighclub.com, and more recently in the hemp-derived CBD space through CBDcity.com and FABCBD.com as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide’s strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Tilray Inc. (TSX: TLRY) (Nasdaq: TLRY) and Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB).
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.