Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

High Tide Closes Acquisition of Eight Retail Cannabis Stores in Canada.

Document Cited in Related
Vincent

MANews-(C)2009-2022

Canada-based retail-focused cannabis company High Tide Inc (NASDAQ: HITI) (TSX Venture: HITI) (FSE:2LYA) has completed its acquisition through Companies' Creditors Arrangement Act Proceedings, of eight operating retail cannabis stores in British Columbia and Alberta for CDN 4.2m (USD 3.26m), the company said.

The company said it plans to complete the acquisition of a ninth store in Niagara, Ontario, pending regulatory approvals.

For the three months ended April 30, 2022, collectively, the stores, along with the ninth store in Niagara, Ontario, generated annualized revenue of CDN 10.2 m and annualized Adjusted EBITDA of CDN USD 1.3m.

The purchase price (inclusive of the Niagara store) represents 3.8x annualized Adjusted EBITDA for the three months ended April 30, 2022.

The acquisition was completed pursuant to the terms of a binding agreement dated June 28, 2022.

High Tide acquired the Stores, including inventory...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT