High Tide Inc. HITI HITI 2LYAreached a definitive agreement, according to the High Tide acquires 100% of the shares in 1171882 BC Ltd.active as Jimmy’s Cannabis Shop BCand assignments of the vendors’ shareholder loans, resulting in the acquisition by High Tide two of the five cannabis retail stores currently operated by Jimmy’s in British Columbia for $5.3 mmillions. The stores are located at 1225 Cranbrook Street North, Cranbrook and 1543 Victoria Street, Prince George.
For the four months ended May 31, 2022, the stores generated annualized revenue of $5.4 million and adjusted EBITDA of $1.0 million on an annualized basis. The purchase price represents 5.25 times annualized Adjusted EBITDA for the four months ended May 31, 2022.
“I am pleased that since opening our first Canna Cabana location in BC in Fort St. John last June, we have continued to grow both organically and through increasing acquisition opportunities in Canada’s third largest province. These two geographically strategic locations in interior BC, combined with our existing retail space in Vancouver as well as our Fort St. John location giving us coverage across northern BC, position us well across the province and are poised for more success in the coming months,” he said Raj GroverPresident and CEO of High Tide.
Photo: Courtesy of CNW Group/High Tide Inc.
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