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CALGARY, Dec. 19, 2018 /CNW/ - High Tide Inc. ("High Tide" or the "Company") (CSE:HITI) is pleased to announce that today it successfully closed the acquisition of all of the issued and outstanding shares of two entities, SJV B.V. and SJV2 B.V. (collectively, "Grasscity"), that together operate under the name "Grasscity" (the "Transaction"). Pursuant to the previously announced terms of the Transaction, and excluding loan repayment amounts, shareholders of Grasscity received a total purchase price of approximately $6,730,000, of which a portion was paid through the issuance of 8,410,470 special warrants at a deemed price of $0.50 per special warrant that were automatically converted into an equivalent number of common shares of High Tide at no additional cost to the vendors upon closing of the Transaction. SONAR Corporate Finance B.V. was the primary advisor to the shareholders of Grasscity for the Transaction.
Based in Amsterdam, Grasscity.com is the world's premier online store for smoking accessories and cannabis lifestyle products and one of the most searched and visited smoking accessories e-retailers, with approximately 5.8 million site visits annually. The site has in excess of 550,000 customers in its database, generates over 90% of its revenues from customers located in the United States and fulfills approximately 65,000 orders per year. Grasscity has approximately 1.1 million recipients in its e-mail database, with over 375,000 current subscribers including approximately 80,000 dedicated readers of its weekly newsletter. The online store has more than 34,000 certified customer reviews and there are approximately 260,000 total followers of Grasscity on Instagram, Facebook and YouTube. The Grasscity Forums have over 34 million unique users that generate 75 million annual page views. Its database contains over 640,000 members who are cannabis enthusiasts that interact passionately about the topic.
About High Tide Inc.
High Tide is an Alberta-based, retail-focused cannabis corporation. It is among the most vertically-integrated companies in the Canadian cannabis market, with portfolio subsidiaries including RGR Canada Inc., Smoker's Corner Ltd., Famous Brandz Inc., Canna Cabana Inc., the majority of KushBar Inc. and the recent acquisition of Grasscity.com. High Tide's strategy as a parent company is to extend and strengthen its retail-focused integrated value chain, while providing a complete customer experience and maximizing shareholder value.
Representing the core of High Tide's business, RGR Canada Inc. is a high-quality and innovative designer, manufacturer and distributor of cannabis accessories. Founded in 2009 and approved by the Canadian Franchise Association, Smoker's Corner Ltd. is Canada's largest counter-culture chain with 19 current locations. Famous Brandz Inc. is a dominant manufacturer of licensed lifestyle accessories, through partnerships with celebrities and entertainment companies including Snoop Dogg and Paramount Pictures. Famous Brandz' products are sold to wholesalers and retailers around the world. With the deregulation of recreational cannabis for adult use across Canada, Canna Cabana Inc. is in the process of becoming a sizeable retail brand through a modern concept with a sophisticated yet playful customer experience, while KushBar Inc. is a retail concept that will also be focused on the valued Canadian cannabis consumer. Based in Amsterdam since 2000, Grasscity.com is the world's preeminent and one of the most searched and visited online e-retailers of smoking accessories and cannabis lifestyle products with approximately 5.8 million site visits annually.
For more information about High Tide Inc., visit www.hightideinc.com
Certain statements in this news release are forward-looking information or forward-looking statements. Such information and statements, referred to herein as "forward-looking statements" are made as of the date of this news release or as of the date of the effective date of information described in this news release, as applicable. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (generally, forward-looking statements can be identified by use of words such as "outlook", "expects", "intend", "forecasts", "anticipates", "plans", "projects", "estimates", "envisages, "assumes", "needs", "strategy", "goals", "objectives", or variations thereof, or stating that certain actions, events or results "may", "can", "could", "would", "might", or "will" be taken, occur or be achieved, or the negative of any of these terms or similar expressions, and other similar terminology) are not statements of historical fact and may be forward-looking statements.
SOURCE High Tide Inc.
For further information: please contact Nick Kuzyk, Chief Strategy Officer & SVP Capital Markets at High Tide Inc.; Tel: (403) 265-4207; Email: [email protected]; Web: www.HighTideInc.com.