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Be the first with the news that moves the market- High Tide (CSE:HITI) has acquired a retail cannabis store in Tisdale, Saskatchewan
- The retail-focused company also manufactures and distributes a range of smoking accessories and cannabis lifestyle products
- High Tide paid C$200,000 and 5,000,000 common shares for the acquisition
- The company also issued a C$500,000 promissory note, payable six months from the closing date
- Shares in High Tide are currently up 2.56 per cent to C$0.20, with a market cap of C$41.48 million
Alberta-based High Tide (CSE:HITI) has acquired a retail cannabis store in Tisdale, Saskatchewan.
With a core focus on expanding its network of stores, High Tide also manufactures and distributes a range of smoking accessories and cannabis lifestyle products.
The Tisdale store opened in the spring of 2019, and has since then become a hotspot for both tourists and local consumers.
It’s the second Saskatchewan location to join High Tide’s portfolio, and is licensed by the Saskatchewan Liquor and Gaming Authority (SLGA).
The company’s CEO, Raj Grover, said the greater presence “is expected to increase our ability to negotiate better wholesale prices directly with licensed producers of cannabis products.”
He also cited other advantages, including the opportunity to expand High Tide’s e-commerce business in the province.
The company paid C$200,000 in cash for the acquisition along with 5,000,000 common shares.
A promissory note for C$500,000 was also issued, payable six months from the closing date.
“We welcome the staff of the Tisdale Store to the High Tide family and look forward to growing our Canna Cabana business and further enjoying the SLGA’s industry-leading regulatory framework,” added Mr. Grover.
In addition to the acquisition, High Tide also announced the transition of Nick Kuzyk to a consulting role with the company.
Mr. Kuzyk currently acts as Chief Strategy Officer and Senior Vice President of Capital Markets, and is due to begin his new position on February 27.
Since joining the company in April 2018, he was primarily responsible for corporate development, mergers and acquisitions, capital raising and investor relations.
Mr. Grover will continue to oversee High Tide’s corporate strategies, while the rest of Mr. Kuzyk’s responsibilities will be distributed across various internal and external resources.
No details have been given regarding the reason for Mr. Kuzyk’s transition.
Shares in High Tide are currently up 2.56 per cent to C$0.20, with a market cap of C$41.48 million.
