© Reuters.
CALGARY, AB – High Tide Inc. (NASDAQ: NASDAQ:) (TSXV: HITI) (FSE: 2LYA), a prominent player in the cannabis retail market, has announced its acquisition of the intellectual property of the Queen of Bud brand. The $1,000,000 deal includes trademarks and other assets, with $100,000 in cash and the remainder in High Tide Shares, based on a 10-day volume weighted average price on the TSXV.
Queen of Bud, a premium Canadian cannabis brand, is known for its high-quality products and deep customer loyalty, particularly among women. The brand’s founder, Ashley Newman, will join High Tide as a global brand ambassador, contributing to the expansion of the brand’s product lines, including CBD, consumption accessories, and lifestyle items.
High Tide’s CEO, Raj Grover, expressed excitement about the acquisition, citing the strategic investment as a means to strengthen the company’s ecosystem without significant capital expenditure or overhead. With current regulations in Ontario, Manitoba, and Saskatchewan allowing white-label brands and Alberta and BC considering it, the timing of this acquisition is deemed strategic.
The transaction, which is arms-length, awaits approval from the TSX Venture Exchange and other customary closing conditions, with expectations to finalize in the coming weeks. The High Tide Shares issued will be held for a contractual period of four months and one day from the closing date.
High Tide, recognized as the second-largest cannabis retailer in North America by store count, operates various consumer-facing brands and retail innovations. The company has been acknowledged for its growth and performance, including being named one of Canada’s Top Growing Companies and appearing on the Financial Times list of Americas’ Fastest Growing Companies for 2023.
The acquisition of Queen of Bud is anticipated to further High Tide’s market presence and contribute to its ongoing expansion within and beyond the Canadian market. This news is based on a press release statement.
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