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High Tide Takes Control of Three Kushbar Locations in Alberta
High Tide Takes Control of Three Kushbar Locations in Alberta Canada NewsWire ...
About this update from High Tide, Inc.
[{"type":"text","content":"\n \n \n \n High Tide Takes Control of Three Kushbar Locations in Alberta\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n July 28, 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 it has seized the shares of Halo Kushbar Retail Inc. (\"\n \n Kushbar\n \n \"), which owns three operating cannabis retail stores in\n \n Alberta\n \n (the \"\n \n Kushbar Stores\n \n \").\n \n \n \n \n \n \n \n \n \n As previously disclosed on\n \n July 15, 2021\n \n , High Tide sold the Kushbar Stores to Halo Collective Inc. (formerly Halo Labs Inc.) (\"\n \n Halo\n \n \"), for\n \n $5.7 million\n \n , of which\n \n $3.9 million\n \n was already satisfied. Part of the consideration High Tide received from Halo was a convertible promissory note in the principal amount of\n \n $1.8 million\n \n (the \"\n \n Note\n \n \"). Due to ongoing breaches of the amended and restated asset purchase agreement between Halo and High Tide, High Tide accelerated the maturity of the Note and has seized the shares of Kushbar pursuant to a share pledge agreement between the parties. Therefore, High Tide, who previously received\n \n $3.9 million\n \n as payment for the sale of the Kushbar Stores, now has reacquired control of the Kushbar Stores. High Tide anticipates obtaining full ownership of Kushbar in early\n \n August 2022\n \n .\n \n \n \"Halo's default on the Note has given us the opportunity to capitalize on the goodwill and popularity of the Kushbar Stores, which are situated in great locations. I am pleased to welcome these three established stores back into the High Tide family. Two of the three\n \n Alberta\n \n locations are in markets where we don't currently have a presence. The Kushbar Stores are on an annual revenue run rate of\n \n $3.25 million\n \n for the three months ended\n \n June 2022\n \n . T...