Business
High Tide Closes $19 Million Non-Dilutive Credit Facility with connectFirst Credit Union
High Tide Closes $19 Million Non-Dilutive Credit Facility with connectFirst Credit Union ...
About this update from High Tide, Inc.
[{"type":"text","content":"\n \n \n \n High Tide Closes $19 Million Non-Dilutive Credit Facility with connectFirst Credit Union\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n This news release constitutes a \"designated news release\" for the purposes of the Company's prospectus supplement dated\n \n December 3, 2021\n \n , to its short form base shelf prospectus dated\n \n April 22, 2021\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Sept. 19, 2022\n \n \n /CNW/ - High Tide Inc. (\"\n \n High Tide\n \n \" or the \"\n \n Company\n \n \") (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, further to its press release dated\n \n August 18, 2022\n \n , it has closed a\n \n $19 million\n \n senior secured credit facility (the \"\n \n Credit\n \n \n Facility\n \n \") with connectFirst Credit Union Ltd. (\"\n \n connectFirst\n \n \"), with an initial 5-year term, at connectFirst's floor interest rate.\n \n \n \n \n \n \n \n \n \n \"I am extremely pleased that we have successfully closed the Credit Facility with connectFirst today. Our business has been on an impressive upward trajectory for the past few years, and we are now able to further capitalize on this strong momentum with this facility in place. Our growth has been amplified since we launched our innovative discount club model in\n \n October 2021\n \n , and we are now operating 140 Canna Cabana locations across\n \n Canada\n \n with 36 additional stores having been added to our portfolio year to date through organic growth and accretive acquisitions. Our goal is to continue gaining market share rapidly by increasing our store count to 150 by the end of this calendar year and to 200 by the end of 2023. This Credit Facility from connectFirst will help us do exactly that and give us the ability to pour even more fuel on the fire,\" said Raj Grover, President and Chief Executive Officer of High Tide.\n \n \n \"We will have access to\n \n $19 million...