Business
High Tide Closes the Second Tranche in Its Acquisition of Choom, Adding Established Retail Store in Niagara Falls, Ontario
High Tide Closes the Second Tranche in Its Acquisition of Choom, Adding Established Retai...
About this update from High Tide, Inc.
[{"type":"text","content":"\n \n \n \n High Tide Closes the Second Tranche in Its Acquisition of Choom, Adding Established Retail Store in Niagara Falls, Ontario\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 \n Closing Completes High Tide's Nine Store Acquisition of Choom\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 \n CALGARY, AB\n \n \n ,\n \n \n Sept. 1, 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 releases dated\n \n July 7, 2022\n \n and\n \n August 4, 2022\n \n , the Company has completed its acquisition (the \"\n \n Acquisition\n \n \"), through Companies' Creditors Arrangement Act (\"CCAA\") Proceedings, of the final retail cannabis location (the \"\n \n Store\n \n \") out of the nine store portfolio for\n \n CAD$1.1 Million\n \n (the \"\n \n Transaction\n \n \"). The Store is located at 7555 Montrose Road in\n \n Niagara Falls, Ontario\n \n , and is situated in Niagara Square, an outlet mall anchored by numerous national big box and discount retailers.\n \n \n \n \n \n \n \n \n \n For the three months ended\n \n April 30, 2022\n \n , collectively, the Store, along with the eight Choom locations that were previously acquired by High Tide, generated annualized revenue of\n \n CAD$10.2 million\n \n and annualized Adjusted EBITDA of\n \n CAD$1.3 million\n \n . The purchase price (inclusive of all nine Choom locations) represents 3.8x annualized Adjusted EBITDA for the three months ended\n \n April 30, 2022\n \n .\n \n \n \n TRANSACTION DETAILS\n \n \n \n The Acquisition was completed pursuant to the terms of a binding agreement dated\n \n June 28, 2022\n \n (\"\n \n Acquis...