High Tide To Acquire Crossroads Cannabis, Adding Four Established Cannabis Retail Stores In Ontario
Acquiring Company
High Tide
Acquired Company
Crossroads
CalgaryRetailMobileHealth CareDescription
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 four operating retail cannabis stores in Ontario (the "Stores") under the name Crossroads Cannabis ("Crossroads"), for CAD$2.5 Million (the "Transaction"). The Stores are located in Stratford, Woodstock, Hanover and Markdale. The Stratford store is located in a retail plaza anchored by a national discount grocery chain. The Woodstock store is located in a shopping centre anchored by a large national home improvement store. The Hanover store is located in a power centre with numerous anchors including national grocery and big box retail chains. The Markdale store is well-located immediately beside the provincial liquor retailer. For the three months ended December 31, 2021, Crossroads generated annualized revenue of CAD$7.6 Million and annualized Adjusted EBITDA1 of CAD$0.7 Million. The purchase price represents 3.5x annualized Adjusted EBITDA for the three months ended December 31, 2021.
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Frequently asked
Who acquired Crossroads?
Crossroads was acquired by High Tide, based in Calgary. The deal was reported on March 3, 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 Crossroads?
High Tide's acquisition of Crossroads was reported on March 3, 2022. High Tide Inc. Fundz records the date the transaction was first publicly reported, sourced from filings and company announcements.
What does Crossroads do?
Crossroads (www.crossroadstreatmentcenters.com) exists to improve health equity in order to achieve superior healthcare outcomes. It is privately held, operating in Mobile.
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