- High Tide ( NASDAQ: HITI ) agrees to acquire 100% of the equity interest of 1171882 B.C. Ltd., operating as Jimmy's Cannabis Shop BC, as well as assignments of the vendors' shareholder loans, resulting in High Tide's acquisition of two of the five retail cannabis stores currently operated by Jimmy's in British Columbia for $5.3M.
- The move will bring the company's footprint in British Columbia to five stores.
- The Stores are located at 1225 Cranbrook Street North, Cranbrook and 1543 Victoria Street, Prince George.
- The consideration for the 100% of equity interest acquired will be $5M and $300K for the assignment of $300K of the vendors' shareholder loans, all paid in common shares of High Tide on the basis of a deemed price per High Tide Share equal to the 10-day volume weighted average price on the Nasdaq Stock Exchange.
- From the consideration, an amount equal to $3.7M will be subject to a contractual hold period of four months and one day from the date of closing.
- The purchase price represents 5.25x annualized Adjusted EBITDA for the trailing four months ended May 31, 2022.
For further details see:
High Tide to acquire Jimmy's Cannabis Shop BC for $5.3M