Business
High Tide Closes Acquisition of Blessed CBD and Enters U.K. Market
High Tide Closes Acquisition of Blessed CBD and Enters U.K. Market PR Newswire ...
About this update from High Tide, Inc.
[{"type":"text","content":"\n \n \n \n High Tide Closes Acquisition of Blessed CBD and Enters U.K. Market\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:black 0pt; PADDING-LEFT:0.50em; BORDER-LEFT:black 0pt; PADDING-RIGHT:0.50em\n}\n.prnsbt0{\nBORDER-TOP:0pt\n}\n.prnsbr0{\nBORDER-RIGHT:0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnsbl0{\nBORDER-LEFT:0pt\n}\n.prnsbb0{\nBORDER-BOTTOM:0pt\n}\n \n \n \n \n \n \n PR Newswire\n \n \n \n \n \n \n \n \n \n \n \n This closing represents High Tide's 5th global e-commerce related acquisition in 2021, taking e-commerce revenue run-rate from approximately\n \n $10.6 million\n \n on\n \n October 31, 2020\n \n to just under\n \n $60 million\n \n today.\n \n \n \n \n \n \n With almost 5 million site visits in 2020, Blessed CBD is one of the most popular direct-to-consumer CBD brands in the U.K.\n \n \n \n 1\n \n \n \n \n \n \n \n \n \n Blessed has a strong financial profile which generated 81% gross margins and 54% EBITDA margins for the 12 months ended\n \n August 2021\n \n .\n \n \n \n 2\n \n \n \n \n \n \n \n \n \n Highly accretive transaction for shareholders, as Blessed generated revenue of £5.1 Million and £2.8 Million in EBITDA for the 12 months ended\n \n August 2021\n \n .\n \n \n \n 3\n \n \n \n \n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Oct. 19, 2021\n \n /PRNewswire/ - High Tide Inc. (\"\n \n High Tide\n \n \" or the \"\n \n Company\n \n \") (TSXV: HITI) (NASDAQ: 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 further to its press release dated\n \n October 7, 2021\n \n , the Company has completed its acquisition (the \"\n \n Acquisition\n \n \") of an 80% interest in Enigmaa Ltd., operating as Blessed CBD, (\"\n \n Blessed\n \n \") for £9,064,000 (the \"\n \n Transaction\n \n \"), and will have a three-year option to acquire the remaining 20% of Blessed at any time.\n \n \n \n \n \n \n \n \n \n Founded in 2019 with its headquarters i...