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Halo Labs Inc. (NEO: HALO) (OTC:AGEEF) said Friday it has signed an asset purchase agreement with High Tide Inc. (CSE:HITI) (OTC:HITIF) and its affiliates for the purchase of High Tide’s KushBar retail cannabis brand, stores and related assets.
Under the agreement, Halo will acquire three licensed cannabis retail stores and the rights to five locations with development permits in Alberta for a total of CA$12 million ($9 million), payable in Halo shares at CA$0.26 per share.
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Halo said it has already issued a deposit of CA$3.5 million to High Tide in the form of 13.46 million shares.
The deal is subject to approval by the Alberta, Gaming, Liquor, and Cannabis Commission and the satisfaction or waiver of other customary conditions and is expected to close within 150 days, Halo said.
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“Through the sale of KushBar under this Transaction, High Tide simplifies its retail cannabis strategy to focus on Canna Cabana while adding another client for its evolving third-party retail store management business," Raj Grover, High Tide’s president and CEO, said in a statement.
The purchase of the portfolio assets in Alberta marks Halo's strategic entry into the Canadian retail cannabis market, Kiran Sidhu, Halo's CEO and co-founder, said in a statement.
"We look forward to strengthening our relationship with High Tide and benefiting from its expertise in retail store development and operations management."
Halo shares were trading down 5.44% at 14 cents at the time of publication Friday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.