High Tide Inc. HITI HITI (FWB:2LYA) has CA$19 million closed ($14.28 million) senior secured credit facility at connectFirst Credit Union Ltd.with an initial term of 5 years, at the connectFirst floor interest rate.
“I am very pleased that we successfully closed the credit facility with connectFirst today. Our business has been on an impressive upward trajectory over the last few years and we are now in a position to continue to benefit from this strong momentum with this facility in place. Our growth has accelerated since we launched our innovative Discount Club model in October 2021 and we now operate 140 Canna Cabana locations across Canada, with 36 additional stores added to our portfolio year to date through organic growth and value-added acquisitions is to continue to rapidly gain market share by increasing our store count to 150 by the end of this calendar year and to 200 by the end of 2023. This connectFirst credit facility will help us do just that and give us the opportunity to deliver even more fuel to the fire,” he said Raj GroverPresident and CEO of High Tide.
“Upon completion of customary terms, we will have access to CA$19 million that we can use to open additional stores organically, invest in working capital and capital expenditures without having to issue equity to fund these growth drivers. We anticipate this as our business continues to grow and as we implement our communicated business plan, the amount of funding we are able to receive from connectFirst will also increase, fueling our rapid expansion in the future. I would like to take this opportunity to thank connectFirst and look forward to further expanding our relationship,” continued Grover.
Sourav NeogiRelationship Manager, Corporate and Commercial Banking at connectFirst, stated, “High Tide is a clear leader in retail cannabis, not just in our home province of Alberta, but across Canada, with a foothold in other international markets. We are proud of…
