High Tide Inc., an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced that it has closed the acquisition of a retail cannabis store (the “Transaction”) currently operating in Tisdale, Saskatchewan (the “Tisdale Store”) as licensed by the Saskatchewan Liquor and Gaming Authority (the “SLGA”). The consideration paid to acquire the Tisdale Store was $200,000 in cash, $500,000 in the form of a promissory note due six months from the time of closing of the Transaction and 5,000,000 of common shares of the Company.
Operating since the spring of 2019, the Tisdale Store has become a destination in the area, drawing local residents as well as people from surrounding communities as customers. “Our purchase of the Tisdale Store marks our second location in Saskatchewan, which is expected to increase our ability to negotiate better wholesale prices directly with licensed producers of cannabis products, among other advantages including the opportunity to expand our e-commerce business in the province,” said Raj Grover, President and Chief Executive Officer of High Tide. “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.
Separately, on February 27, 2020, Nick Kuzyk, Chief Strategy Officer & SVP Capital Markets, will be transitioning to a consulting role with the Company. Since joining High Tide on April 2, 2018, Mr. Kuzyk was primarily responsible for the areas of corporate development, mergers and acquisition, raising capital and investor relations. Raj Grover, President & Chief Executive Officer, will continue to oversee the Company’s corporate strategic initiatives, while the capital markets and investor relations functions have been allocated across various internal and external resources.