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High Tide Inc. ("High Tide" or the "Company") (NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, is pleased to announce that it is taking yet another step to expand its international brand portfolio by entering into a definitive agreement pursuant to which High Tide will acquire all IP, including trademarks and other assets of the Queen of Bud brand (the "Transaction"). Its founder, Ashley Newman, will take the role of global brand ambassador. This well-known, selectively curated cannabis product portfolio is already available in Canada, and its popular ancillary products can be sold right now in the United States and Europe without having to rely on further legislative reforms.
TRANSACTION DETAILS
The Transaction, which is an arm's length transaction, is subject to, among other things, receipt of the required approvals from the TSX Venture Exchange ("TSXV") and the satisfaction of other customary conditions of closing. The transaction is expected to close in the coming weeks. The consideration (the "Consideration") for the assets acquired will be $1,000,000. Of this amount, $100,000 will be paid in cash and the remaining will be paid in common shares of High Tide ("High Tide Shares") on the basis of a deemed price per High Tide Share equal to the 10-day volume weighted average price on the TSXV ending on the trading day that is three business days prior to the closing date, subject to a floor price equal to the Discounted Market Price (as defined by the TSXV) as of the date this news release.
