High Tide Inc., the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, is pleased to announce that it has successfully completed a restructuring (the “Debt Restructuring”) of approximately $8.9 million of the Company’s outstanding debt held by a key industry lender (“Key Lender” and together with High Tide, the “Parties”) under a senior secured convertible debenture issued on July 23, 2020, as amended, maturing on January 1, 2025 (the “Debenture”) pursuant to a debt restructuring agreement dated July 23, 2020, as amended, entered into between the parties (the “Debt Restructuring Agreement”).
Pursuant to the terms of the Debt Restructuring Agreement, the parties have agreed to settle the outstanding structured installment payments, which equals the aggregate sum of $5,024,546 (the “Outstanding Structured Payment”), in common shares in the capital of High Tide (“High Tide Shares”) at a deemed price of $2.0168 per High Tide Share, to the Key Lender (each an “Installment Share”), subject to prior approval and compliance with the policies of the TSX Venture Exchange (“TSXV”), calculated on basis of a deemed price per High Tide Share equal to the ten (10) day volume-weighted average trading price (in Canadian dollars) of the High Tide Shares on the TSXV (“VWAP”) ending on October 31, 2023. Upon the Outstanding Structured Payment being satisfied in High Tide Shares, the outstanding amount of the Debenture will be reduced proportionately.
About High Tide
High Tide, Inc. is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world’s most powerful plant. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated operations across all components of cannabis, including: Bricks & Mortar Retail: Canna Cabana™ is the largest non-franchised cannabis retail chain in Canada, with 156 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba and Ontario and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in Canada.
