Cannabis
High Tide Closes Acquisition of Crossroads Cannabis, Adding Three Established Retail Cannabis Stores in Ontario
High 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 March 3, 2022, the Company has completed its acquisition (the “Acquisition“) of three operating cannabis stores in Ontario (the “Stores“) operating under the name Crossroads Cannabis (“Crossroads“), for CAD$1.9 Million (the “Transaction“). The Stores are located in Stratford, Hanover, and Markdale. The Stratford store is located in a retail plaza anchored by a national discount grocery chain. The Hanover store is located in a power centre with numerous anchors including national grocery and big box retail chains. The Markdale store is well-located immediately beside the provincial liquor retailer. For the three months ended December 31, 2021, the three Crossroads locations generated annualized revenue of CAD$6.0 Million and annualized Adjusted EBITDA[1] of CAD$0.6 Million.
The Company intends to complete the acquisition of the fourth Crossroads store in Woodstock, Ontario, per its press release dated March 3, 2022, pending regulatory approvals. Once completed, the total purchase price for all four stores in the transaction will represent 3.5x annualized Adjusted EBITDA for the three months ended December 31, 2021.
The Acquisition was completed pursuant to the terms of an asset purchase agreement (“Acquisition Agreement“). High Tide acquired the Stores for common shares of High Tide (each a “High Tide Share“) valued at CAD$1.9 Million (the “Share Consideration“), on the basis of a deemed price of CAD$5.0313 per High Tide Share, being equal to the volume weighted average price per High Tide Share on the TSX Venture Exchange (“TSXV“) for the 10 consecutive trading days preceding closing of the Acquisition. The closing of the Transaction remains subject to final approval from the TSXV.
Cannabis
Cannabis Capsule Global Analysis Report 2024: Market to Reach $79.2 Billion in 2028 – Forecast to 2033 Featuring GW Pharmaceuticals, Trulieve Cannabis, Green Thumb Industries, Tilray, Columbia Care
Cannabis
Sannabis, Inc. (OTC: USPS) Unveils Innovative NO LICK! Terpene Spray for Cannabis Products to Enhance CBD and THC to Achieve the Entourage Effect
Cannabis
Cannabis Concentrate Market to Cross US$2.4 Billion by 2030 amid Rising Medical and Recreational Demand
-
Cannabis2 weeks ago
Hemp, Inc. Welcomes USDA Approval of GMO Hemp Strain – A Step Forward in Cannabis Biotechnology
-
Cannabis2 weeks ago
IM Cannabis and Flora Growth Partner to Bring Vessel Cannabis Accessories to the Israeli Market
-
Cannabis2 weeks ago
Right On Brands, Inc. Continues Rollout, Announces 13th Store Opening
-
Cannabis2 weeks ago
Avicanna Announces Completion of Topical Gel Observational Real-World Evidence Study
-
Cannabis2 weeks ago
Geopulse Exploration, Inc. Acquires 50% of ATC Services
-
Cannabis2 weeks ago
Tilray Brands, Inc. Reports Q3 Fiscal 2024 Financial Results
-
transfer1 week ago
IMC to transfer its Oranim Pharmacy shares back to the seller
-
Cannabis1 week ago
Right on Brands Announces Major Product Line Expansion via HONEY® Brands