CALGARY, AB, November 27, 2023 /CNW/ – High Tide Inc. (“High Tide” or the “Company”) (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, announced today that it is taking yet another step to expand its bricks-and-mortar retail cannabis operations, by acquiring certain assets of Canadian Cannabis Media Corp. related to its store located at 1208 Davie Street in Vancouver, British Columbia (the “Store”) for $1.33 Million, paid via a combination of High Tide shares and cash (the “Transaction”), pursuant to a definitive agreement (the “Acquisition Agreement”). This exceptional site includes assets of a completely outfitted store, allowing the Company to open the Store with minimal incremental costs.
The closing of the Transaction brings High Tide to a total of 8 Canna Cabana retail cannabis stores in British Columbia, which is the maximum number of stores allowed to operate by any one entity in the province.
The Davie Street location is in the vibrant neighbourhood of Davie Village in Vancouver. A few blocks from Sunset Beach Park, this store is located on a main thoroughfare for Davie Village and is nestled beside many small businesses and larger retailers, like a major national grocery chain. Stanley Park, a world-famous, 400-hectare natural West Coast rainforest, is a short drive from this prime retail storefront, in addition to being surrounded by major high-density residential towers. With over 200,000 residents within 3 kilometres and very little in the way of nearby competition, this Canna Cabana is well situated to welcome our loyal customers as well as the numerous tourists who visit this trendy locality.
“I am thrilled to announce the acquisition of this prime retail storefront in the dynamic community of Davie Village. Our team has been hard at work, completing all the necessary legal and regulatory work to bring this over the finish line, and I am excited about the grand opening of our newest Canna Cabana location in the heart of Vancouver. Residents of Davie Village may have seen our store branding on this location for a while, and I can promise that it will be worth the wait. Davie Street is the main roadway through the Village, giving the Canna Cabana brand excellent visibility from residents and tourists alike. I’m very excited for the opportunity to serve new customers and tourists in this densely populated neighbourhood, and we are confident this location can quickly become our busiest in British Columbia.” said Raj Grover, Founder and Chief Executive Officer of High Tide.
“This Canna Cabana store is an excellent example of our focus on site selection criteria, identifying the best possible opportunities in the best possible locations. This Davie Street store, with tremendous sales potential, is the perfect addition to our BC retail portfolio and brings us to the current provincial store cap of eight cannabis stores. We await British Columbia’s decision with respect to a potential increase to the cap, which, if enacted, we hope will help to reduce the illicit market share of cannabis sales and allow us to welcome and serve even more cannabis enthusiasts and the canna-curious through our innovative discount club model,” added Mr. Grover.
TRANSACTION DETAILS
High Tide acquired the Store for 658,754 common shares of High Tide (each a “High Tide Share”) valued at CAD$1.16 million (the “Share Consideration”) on the basis of a deemed price of C$1.7603 per High Tide Share and CAD$167,003.26 cash, pursuant to the Acquisition Agreement. The issuance of the Share Consideration remains subject to final approval from the TSX Venture Exchange.
Pursuant to the applicable laws, the Share Consideration issued is subject to a four-month and one-day hold.
