High Tide To Acquire Bud Heaven, Adding Two Established Retail Cannabis Stores In Ontario
Acquiring Company
High Tide
Acquired Company
Bud Heaven
CalgaryRetailHealth 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 Livonit Foods Inc. operating as Bud Heaven ("Bud Heaven") which operates two retail cannabis stores in Ontario (the "Stores") for CAD$2.8 Million (the "Transaction"). The Stores are located at 77 Manitoba Street, and 125 Muskoka Road Highway 118 West, in Bracebridge. The Manitoba Street store is located in the heart of Downtown Bracebridge, which has been voted among the "10 most historic downtowns in Ontario"1, offering a wide variety of shops and restaurants, serving as a hub for tourist traffic. The Muskoka Road Highway 118 West store is in a retail plaza anchored by national discount grocery, as well as a provincial liquor chain. The Stores are the only retail cannabis stores that are currently operational in the Town of Bracebridge. For the three months ended October 31, 2021, Bud Heaven generated annualized revenue of CAD$4.7 Million and annualized Adjusted EBITDA2 of CAD$0.8 Million. The purchase price represents 3.5x annualized Adjusted EBITDA for the three months ended October 31, 2021.
Quick answer
High Tide is acquiring Bud Heaven, announced March 30, 2022. High Tide is based in Calgary, Alberta, Canada.
- How much did High Tide pay for Bud Heaven?
- 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 Bud Heaven based?
- High Tide is based in Calgary, Alberta, Canada.
- 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 Bud Heaven?
Bud Heaven was acquired by High Tide, based in Calgary. The deal was reported on March 30, 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 Bud Heaven?
High Tide's acquisition of Bud Heaven was reported on March 30, 2022. High Tide Inc. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does Bud Heaven do?
Bud Heaven was the first legal cannabis retailer to operate in the Muskoka Region and has been privileged to serve the local cannabis community since their first store opened in 2020. It is privately held, operating in Health Care.
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