High Tide To Acquire Boreal Cannabis Company, Adding Two Established Retail Cannabis Stores In Northern Alberta
Acquiring Company
High Tide
Acquired Company
Boreal
Calgary
NorwayRetailCommunity And LifestyleHealth CareFood And BeverageDescription
High Tide Inc. ("High Tide" or the "Company") (Nasdaq: HITI) (TSXV: 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 it is taking yet another step to expand its bricks-and-mortar retail cannabis operations, by entering into a definitive agreement (the "Acquisition Agreement") pursuant to which High Tide will acquire 100% of the equity interest of 2080791 Alberta Ltd. operating as Boreal Cannabis Company ("Boreal") which operates two retail cannabis stores in Alberta (the "Stores") for CAD$2.2 Million, plus the wholesale value of inventory and cash on hand at closing (the "Transaction"). The Stores are located at 1104 Main Street SW in Slave Lake, Alberta, and 4225 50 Avenue in St. Paul, Alberta. The Slave Lake store was the first to open in the municipality and is located in a commercial plaza that is a short walk or drive away from the main campus of Northern Lakes College, and the Slave Lake Inn and Conference Centre. The St. Paul store is situated on the main east-west corridor in the town, as part of a commercial district that features several national big box chains and restaurants. For the three months ended January 31, 2022, Boreal generated annualized revenue of CAD$3.9 Million and annualized Adjusted EBITDA1 of CAD$0.6 Million. The purchase price represents 3.5x annualized Adjusted EBITDA for the three months ended January 31, 2022.
Quick answer
High Tide is acquiring Boreal, announced April 1, 2022. High Tide is based in Calgary, Alberta, Canada.
- How much did High Tide pay for Boreal?
- The deal value was not disclosed.
- What does High Tide do?
- High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories.
- Where are High Tide and Boreal based?
- High Tide is based in Calgary, Alberta, Canada. Boreal is based in Norway.
- Who are the decision-makers at High Tide?
- Fundz holds 2 contacts at High Tide. Names and contact details are shown to Fundz members.
Source: Fundz verified event record.
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Related People
Frequently asked
Who acquired Boreal?
Boreal was acquired by High Tide, based in Calgary. The deal was reported on April 1, 2022. High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. High Tide is publicly traded (HITI) and operates in Retail.
When did High Tide acquire Boreal?
High Tide's acquisition of Boreal was reported on April 1, 2022. High Tide Inc. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does Boreal do?
Founded in 2019, Boreal Cannabis is built on a foundation of love, passion, and a strong belief in how cannabis can help in the lives of everyday Canadians. It is privately held, operating in Community And Lifestyle, and is based in Norway.
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