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HITI to Acquire Nine Operating Retail Cannabis Stores from Choom

High Tide Inc. (Nasdaq: HITI), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, is pleased to announce that it is further expanding its bricks-and-mortar retail cannabis operations and entering the British Columbia market, through a binding agreement pursuant to which High Tide will acquire two operating retail cannabis stores in British Columbia, six operating retail cannabis stores in Alberta, and one operating retail cannabis store in Ontario (collectively, the “Stores”) from Choom Holdings Inc. (CSE: CHOO) (OTCQB: CHOOF) and its subsidiaries, for CAD$5.1 million, pending court approval on July 7, 2022.

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“I am thrilled to be announcing this deal today, which represents the third public company whose assets we have integrated into the High Tide portfolio since November 2020, following the acquisitions of Meta Growth and Smoke Cartel. Choom was one of the original and long-standing brands in cannabis retail with a presence across the country and a similar brand personality to Canna Cabana. This will make the integration of Choom into the Canna Cabana brand seamless,” said Raj Grover, President and Chief Executive Officer of High Tide.

“While Choom had 17 operational stores before entering CCAA proceedings, we are able to acquire the nine locations that we want across three provinces at an attractive price of 3.8x annualized Adjusted EBITDA(([1])). With these acquisitions, we are able to bring our innovative discount club model to Vancouver, Canada’s third-largest metropolitan area, as well as numerous new markets in Alberta where we do not yet have a presence. I look forward to giving a warm welcome to the team members from Choom as they join the High Tide family,” added Mr. Grover.

HITI to Acquire Nine Operating Retail Cannabis Stores from Choom

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