High Tide Closes Acquisition of Regina Retail Portfolio Bolstering Presence in Saskatchewan
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With the closing of the Acquisition, High Tide now operates 90 retail cannabis locations across Canada.
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Once fully developed, High Tide will have nine stores operating in the Province of Saskatchewan – all expected to be open by year end.
CALGARY, AB, Aug. 6, 2021 /CNW/ - High Tide Inc. ("High Tide" or the "Company") (TSXV: HITI) (NASDAQ: HITI) (FSE: 2LYA), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is pleased to announce, that further to its press release dated July 13, 2021, the Company has completed its acquisition (the "Acquisition") of 102105699 Saskatchewan Ltd. ("102 Saskatchewan"), which owns five retail cannabis locations in Regina, Saskatchewan, out of which one is operational and four are in various stages of construction and development. All five locations are expected to be operational by the end of 2021. 102 Saskatchewan is working on finalizing a sixth location that will be included in the Acquisition if secured.
The Acquisition was completed pursuant to the terms of a share purchase agreement, as amended on August 5, 2021, (the "Acquisition Agreement"), copies of which are available on the Company's SEDAR profile. High Tide acquired all of the issued and outstanding shares of 102 Saskatchewan ("102 Shares") from 102 Saskatchewan's shareholders in consideration for: (i) 254,520 common shares of High Tide (each a "High Tide Share") valued at C$2,002,000 (the "Share Consideration"), on the basis of a deemed price of $7.8658 per High Tide Share, being equal to the volume weighted average price per High Tide Share on the TSX Venture Exchange ("TSXV") for the ten consecutive trading days preceding the closing of the Acquisition; and (ii) C$698,000 in cash (collectively with the Share Consideration, the "Consideration").
The High Tide Shares issued pursuant to the Share Consideration are subject to a statutory hold period of four months and one day.
ABOUT HIGH TIDE
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 EBITDA1, with 90 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment features the Canna Cabana, 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 ecommerce 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).
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