High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA) has completed acquiring the ninth and last Choom store across Canada.
On Thursday, the leading cannabis retailer announced the last store’s acquisition located in Niagara Falls, Ontario at an outlet mall anchored by numerous national retailers. The transaction was completed through the Companies’ Creditors Arrangement Act (CCAA).
High Tide acquired the nine stores –including its inventory– for $1.1 million where around $300,00 were in cash and the rest by issuing 364,185 common shares at a price of $2.3375 each.
The stores generated an annualized revenue of $10.2 million and annualized adjusted EBITDA of $1.3 million for the three months ended April 30 this year.
High Tide has 140 locations in Ontario, Alberta, British Columbia, Manitoba and Saskatchewan.
Company stock dropped by 2.07 per cent to $1.89 on the Canadian Venture Exchange.
Read more: High Tide finishes acquiring majority of Choom stores
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