High Tide Inc. (“High Tide” or the “Company”) (TSXV: HITI) (NASDAQ: HITI) (FSE: 2LYA), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is pleased to announce, that further to its press release dated July 13, 2021, the Company has completed its acquisition (the “Acquisition”) of 102105699 Saskatchewan Ltd. (“102 Saskatchewan”), which owns five retail cannabis locations in Regina, Saskatchewan, out of which one is operational and four are in various stages of construction and development. All five locations are expected to be operational by the end of 2021. 102 Saskatchewan is working on finalizing a sixth location that will be included in the Acquisition if secured.
The Acquisition was completed pursuant to the terms of a share purchase agreement, as amended on August 5, 2021, (the “Acquisition Agreement”), copies of which are available on the Company’s SEDAR profile. High Tide acquired all of the issued and outstanding shares of 102 Saskatchewan (“102 Shares”) from 102 Saskatchewan’s shareholders in consideration for: (i) 254,520 common shares of High Tide (each a “High Tide Share”) valued at C$2,002,000 (the “Share Consideration”), on the basis of a deemed price of $7.8658 per High Tide Share, being equal to the volume weighted average price per High Tide Share on the TSX Venture Exchange (“TSXV”) for the ten consecutive trading days preceding the closing of the Acquisition; and (ii) C$698,000 in cash (collectively with the Share Consideration, the “Consideration”).
The High Tide Shares issued pursuant to the Share Consideration are subject to a statutory hold period of four months and one day.
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