High Tide buys Alberta-based Boreal Cannabis
April 25, 2022 By Grow Opportunity staff
In a move that expands its store footprint in Northern Alberta, cannabis retailer High Tide Inc. has acquired Boreal Cannabis Co. for $2.2 million plus the wholesale value of inventory and cash on hand when the transaction finishes.
Under the terms of the deal, Calgary-based High Tide will acquire two locations in Alberta: one location at Slave Lake and another one in St. Paul. The Slave Lake store was the first one to open in the municipality.
For the three months ended Jan. 31, 2022, High Tide said the two Boreal shops generated annualized revenue of $3.9 million and annualized adjusted earnings before interest, taxes, depreciation, and amortization of $600,000.
“This announcement is yet another example of how we continue to strategically advance our retail store footprint across Canada through organic growth and accretive acquisitions with a focus on regions where we are currently lighter on exposure, such as northern Alberta which has a dynamic economy that supports working families, a key consumer demographic for Canna Cabana,” High tide CEO Raj Grover said in a statement.
High Tide is said to be the largest non-franchised Canadian retailer of recreational cannabis as measured by revenue, with 117 current locations spanning Ontario, Alberta, Manitoba, and Saskatchewan. The company is also North America’s first cannabis discount club retailer, featuring Canna Cabana, Meta Cannabis Co., and Meta Cannabis Supply Co. banners, with additional locations under development across the country.
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