High Tide Inc (OTCMKTS:HITIF) Takes Over Canna Cabana Retail Cannabis Store In Ontario
High Tide Inc (OTCMKTS:HITIF) took over a Canna Cabana retail cannabis store situated at 435(B) Yonge Street in Toronto. It is one of the best 25 original Cannabis retail stores with a solid operating history in Toronto, Ontario. The deal includes Alcohol and Gaming Commission (AGC) authorization to operate the Toronto store.
Cost savings of $2.3 million
High Tide realized royalties of over $1 million from the Toronto store. As per the terms of the agreement, the company paid $4 million and assuming the loan to build and inaugurate the Toronto store. It achieved more than $2.3 million by negotiating with the owner to lower the original purchase price.
High Tide’s CEO, Raj Grover, said the Toronto store is conducting business successfully since its inauguration in June 2019. The company is excited to acquire this store with its existing customer base and proven track record. Raj further said the company focuses on improving its presence in the largest cannabis market in Canada, Ontario.
Canna Cabana commences the sale of adult-use cannabis
High Tide is pleased to report that its Toronto store began the retail sale of adult-use cannabis products in Toronto, Ontario. It is the 18th retail store in Ontario and the 85th retail location in Canada under the High Tide Brand.
Toronto store expects to generate significant revenues considering its location in a densely populated neighbourhood close to well-known shopping destinations and restaurants.
Raj further said the company expects to enjoy exceptional organic growth in the future because of the location of the Toronto store. The company is committed to expanding its stores despite the restrictions imposed on the constructions because of ongoing coronavirus.
Signs a pact to clinch 80% stake in Fab Nutrition, LLC
High Tide is pleased to enter a deal to acquire an 80% stake in Fab Nutrition LLC for $20.64 million and increase its presence in the US. The company has an option to purchase balance a 20% stake in three years.
Fab Nutrition LLC is doing its business as FABCBD. Its headquarters are located in Milwaukee, Wisconsin.
It is a well-reputed brand in the US selling products like dog treats, gummies, creams, and CBD oils. The company holds an average order value of $91.90 and commands online impressions of more than 1.3 million.