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Wednesday, Jun 29, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

High Tide completes Bud Heaven acquisition

The shops were the first legal cannabis retailers to operate in the Muskoka Region

High Tide closes Bud Heaven acquisition
Photo via Bud Heaven

Leading pot retailer High Tide Inc. (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA) has officially acquired the only two retail locations from one of the most historic downtowns in Ontario.

On Wednesday, the Calgary-based firm announced it has finished the $2.8 million acquisition of Livonit Foods Inc. which operates as Bud Heaven the only two retail cannabis stores in Bracebridge, Ontario.

Bud Heaven operates the only two cannabis stores in Bracebridge, a popular tourist town in the heart of the province’s cottage country. One of the stores is in the downtown core, and the other is in a retail plaza near grocery and liquor stores. Bud Heaven was the first legal cannabis retailer to operate in the Muskoka Region.

High Tide said that for the three months ended Oct. 31, 2021,  the two-store operation generated annualized revenue of $4.7 million and annualized adjusted earnings before interest, taxes, depreciation and amortization of $800,000.

Under the $2.8 million acquisition, High Tide issued 564,092 common shares and will pay $1 million upon settlement of the post-closing working capital adjustment.

High Tide stock went down by 3.41 per cent on Wednesday to $3.40 on the Canadian Ventures Exchange.

The company started North America’s first cannabis discount club retailer that includes the store banners Canna Cabana, Meta Cannabis Co. and Meta Cannabis Supply Co.

At some of its locations, customers are able to find the retail kiosk and smart locker technology Fastendr.

Read more: High Tide buys Muskoka retailer for $2.8M

Read more: High Tide buys family-owned Crossroads Cannabis stores for $2.5M

 

 

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