Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Vuk Zdinjak

High Tide Buys Boreal Cannabis Co, Blessed CBD Makes UK List Of Marijuana Products Permitted To Sell

High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE:2LYA) is expanding its brick-and-mortar retail cannabis operations, by entering into a definitive agreement through which High Tide will acquire 100% of the equity interest of 2080791 Alberta Ltd. operating as Boreal Cannabis Company that operates two retail cannabis stores in Alberta for CAD$2.2 million, plus the wholesale value of inventory and cash on hand at closing.

The stores are located at 1104 Main Street SW in Slave Lake, Alberta, and 4225 50 Avenue in St. Paul, Alberta. For the three months ended January 31, 2022, Boreal generated annualized revenue of CAD$3.9 million and annualized Adjusted EBITDA of CAD$0.6 million. The purchase price represents 3.5x annualized Adjusted EBITDA for the three months ended January 31, 2022.

"Through its online consumption accessories sales, value-added CBD activities, and retail spaces, High Tide has managed to diversify itself within the cannabis value chain. We strongly believe Boreal Cannabis is in capable hands and will continue to unlock value for not only shareholders, but our customers through competitive pricing and a customer-centric approach," stated Glenn Boisvert, CEO of Boreal.

High Tide’s UK-based subsidiary, Blessed CBD, has been included in the Food Standards Agency’s public list of CBD products permitted for sale to consumers. This is a key milestone on Blessed’s path to full authorization, expected no later than 2023. Only those products included on the list have been authorized by the FSA to stay on the market, in line with the UK’s Novel Food requirements.

“This compliance milestone solidifies Blessed’s position as a leader within the regulated UK CBD market, and comes on the heels of its recent entry into Germany, the EU’s largest cannabis market,” stated Raj Grover, president and CEO of High Tide. “Both of these milestones further validate our strategy of pursuing diversified revenue streams both from a product and geographic perspective,” added Grover.

Vahan Ajamian, CPA, CA, CFA, capital markets advisor of High Tide Inc., will be one of the speakers at the Benzinga Cannabis Capital Conference in Miami. There’s still time to sign up for the event that will host many top names in the cannabis industry. Click here for more info.

Related News

High Tide To Acquire Bud Heaven For $2.24M In Stock, Adding Two Established Retail Cannabis Stores in Ontario

Analyst Is Warming Up To This Cannabis Stock As It Reports Q1 Earnings & Successful Shift To Discount Model

High Tide Reports Q1 2022 Financial Results Featuring Record Revenue Of $72 Million, Increases 34% Sequentially

Photo: Courtesy of CNW Group/High Tide Inc.


 

 


 

 

Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.