High Tide enters Saskatchewan!
CALGARY, May 24, 2019 /CNW/ – High Tide Inc. (“High Tide” or the “Company”) (CSE:HITI) (OTCQB:HITIF) (FRA:2LY), 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 Dreamweavers Cannabis Products Inc. (“Dreamweavers”), a retail cannabis store and e-commerce business currently operating in Swift Current, Saskatchewan as licensed by the Saskatchewan Liquor and Gaming Authority. The consideration paid to close the acquisition of Dreamweavers was $1,550,000 in cash and 3,100,000 of the special warrants previously authorized for issuance on December 14, 2018, consisting in aggregate of 3,100,000 common shares of High Tide and 1,550,000 purchase warrants exercisable at $0.75 per common share of High Tide.
Operating since January of 2019 at 106 Central Avenue North in Swift Current, Dreamweavers has quickly established itself as one of the leading retailers of cannabis in the province of Saskatchewan. “Our purchase of Dreamweavers is a significant milestone for High Tide as it marks our entry into Saskatchewan, instantly establishes Canna Cabana as an online retailer of cannabis for the first time and adds a fantastic location as our 16th Canna Cabana-branded store to our growing network across Canada,” said Raj Grover, President and Chief Executive Officer of High Tide. “We welcome the exceptional Dreamweavers staff to the High Tide family and look forward to bringing the Canna Cabana experience to customers in and around Swift Current,” added Mr. Grover. Swift Current is the fifth largest city in Saskatchewan with a population in excess of 16,000 people.
Separately, the Company has authorized the issuance of 96,000 common shares to a group of executive search vendors for the performance of recruitment services as well as 318,878 common shares to a vendor as consideration for a development permit for a retail cannabis store in Alberta.