High Tide (NASDAQ:HITI) to acquire 100% of the equity interest of Livonit Foods, operating as Bud Heaven, for C$2.8M (to be paid in shares) representing 3.5x annualized adj. EBITDA for the quarter ended Oct.31,2021.
Bud Heaven generated annualized revenue of C$4.7M and annualized adj. EBITDA of C$0.8M.
Bud Heaven operates two retail cannabis stores in Ontario which are the only retail cannabis stores that are currently operational in the Town of Bracebridge.
On Bud Heaven, as well as the Crossroads transaction closure, High Tide will have at least 40 stores in Ontario and 119 stores nationwide.