Cannabis retail giant High Tide Inc. HITI HITI 2LYA is expanding its international brand portfolio through the acquisition of the Queen of Bud brand.
What Happened
The Alberta-based company announced on Friday that it has entered into a definitive agreement under which it agreed to acquire all IP, including trademarks and other assets of Queen of Bud.
The deal, an arm’s length transaction, is expected to close in the coming weeks.
The consideration for the assets acquired will be $1 million. The sum includes a cash payment of $100,000 with the remainder paid in common shares of High Tide.
In addition, Queen of Bud's founder and CEO, Ashley Newman, will take the role of global brand ambassador, as part of the deal.
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Why It Matters
The premium Canadian cannabis brand is currently selling products across Canada both directly to consumers and through third-party licensed cannabis stores.
With the move, Queen of Bud is joining High Tide’s brand roster which includes NuLeaf Naturals, FAB CBD, Blessed CBD, Cabana Cannabis Co, Famous Brandz, Vodka Glass, Puff Puff Pass, Dopezilla, Atomik, Silipipe, Evolution and more.
"With well-established brand equity and an extensive customer base across Canada, especially among women, this is an exciting new addition with tremendous future opportunities," said Raj Grover, founder and CEO of High Tide on the acquisition. "This is a strategic investment that will fortify our overall ecosystem, and we expect will deliver meaningful value to shareholders while allowing us to stay nimble and not burden the Company with large capex commitments or overhead."
What's Next
"I feel confident that this arrangement will elevate the brand to even greater heights," said Queen of Bud's Newman. "Together, Raj and I envision not only elevating cannabis to new heights of sophistication but also expanding our horizons beyond borders into international markets, delving into accessories, candles, fragrances, and beyond."
Queen of Bud is already available in Canada, and its popular ancillary products can be sold in the United States and Europe without having to rely on further legislative reforms.
Now read: Canadian Weed Retail Giant Restructures Nearly $9M Of Debt, Here’s What’s Next
HITI Price Action
High Tide's shares traded 0.3012% higher at $1.665 per share at the time of writing on Friday morning.
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The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!