High Tide Closes Saskatchewan Cannabis Firm Acquisition For Reduced $2.7 Million
High Tide Inc. (TSXV: HITI) announced this morning that it has recently completed the acquisition of cannabis firm 102105699 Saskatchewan Ltd. The transaction is reported to be for consideration of $2.7 million, a slight dip from its previously announced $2.9 million deal.
According to the amended purchase agreement, the company acquired 100% equity of the Saskatchewan-based firm in exchange for 254,520 High Tide common shares at $7.8658 per share for total consideration of $2.0 million, and $0.7 million in cash. In its previous statement, the company pegged the acquisition price at $2,150,000 worth of common shares and $750,000 in cash.
The Canadian retailer’s network now has nine locations in Saskatchewan, with the addition of five new cannabis retail locations – with one in operation and four under development. 102105699 Saskatchewan is currently working on its 6th location which will also be a part of the recently closed acquisition.
The Saskatchewan acquisition follows just less than a month from when the company signed a definitive agreement to purchase online retailer DankStop for US$385 million.
High Tide last traded at $7.93 on the TSX Venture.
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