High Tide Closes Acquisition of Blessed CBD and Enters U.K. Market
Summary
CALGARY, Alberta--(BUSINESS WIRE)--High Tide Inc. (“High Tide” or the “Company”) (TSXV: HITI) (NASDAQ: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks and mortar as well as global e-commerce assets, is pleased to announce, that further to its press release dated October 7, 2021, the Company has completed its acquisition (the “Acquisition”) of an 80% interest in Enigmaa Ltd., operating as Blessed CBD, (“Blessed”) for £9,064,000 (the “Transaction”), and will have a three-year option to acquire the remaining 20% of Blessed at any time. Under this provision, the parties will adjust the purchase price to offset any increase or decrease of the net working capital as of the closing date. The company provides a marketplace with a wide variety of high-quality products and formulas, affordable pricing, rapid dependable shipping, and surprisingly personable customer service. The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding: the creation of synergies and cross-selling across High-Tide’s e-commerce platforms; High Tide’s ability to become a global leader in the e-commerce marketplace for hemp-derived CBD products; the ability of V to grow High Tide’s CBD business globally; the ability of the Acquisition to serve as an entry point into the EU marketplace for the Company; V joining the Company as General Manager of Digital Marketing and SEO; the growth-rate of the global CBD market; High Tide’s e-commerce revenue increasing to an annual run-rate of just under $60,000,000; and the expected working capital of Blessed on Closing. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.