High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA), entered into a definitive agreement pursuant to which High Tide will acquire 100% of the equity interest of 1171882 B.C. Ltd., operating as Jimmy's Cannabis Shop BC, as well as assignments of the vendors' shareholder loans, resulting in High Tide's acquisition of two of the five retail cannabis stores currently operated by Jimmy's in British Columbia for $5.3 million. The Stores are located at 1225 Cranbrook Street North, Cranbrook and 1543 Victoria Street, Prince George.
For the trailing four months ended May 31, 2022, the stores generated annualized revenue of $5.4 million and annualized adjusted EBITDA of $1.0 million. The purchase price represents 5.25x annualized adjusted EBITDA for the trailing four months ended May 31, 2022.
"I am pleased that since opening our first BC Canna Cabana location in Fort St. John this past June, we continue to grow in Canada's third largest province both organically, and through accretive acquisition opportunities. These two geographically strategic locations in the BC interior, combined with our existing Vancouver storefronts as well as our Fort St. John location that provides us coverage in Northern BC, positions us nicely across the province setting us up for more success in the coming months," stated Raj Grover, president and CEO of High Tide.
Photo: Courtesy of CNW Group/High Tide Inc.