Canadian Manufacturing

Aurora Cannabis investing $10M in marijuana retailer High Tide

The deal will facilitate High Tide's plans to open more stores in Alberta as well as expand into Ontario and B.C.


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EDMONTON – Aurora Cannabis Inc. has signed a deal to invest $10 million in High Tide Inc., a privately held company with cannabis and cannabis accessory retail stores.

Under the agreement, Aurora will hold debentures that will bear an annual interest rate of 8.5 per cent.


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The debentures will also be convertible into shares of High Tide at a price of 75 cents per share.

High Tide has four cannabis retail stores in Alberta under the Canna Cabana banner, and a majority stake in KushBar Inc.

It also has plans to open more stores in Alberta as well as expand into Ontario and B.C.

In addition to the retail side, High Tide has two wholesale businesses – Famous Brandz and RGR Canada – and 19 Smoker’s Corner retail locations.

 

News from © Canadian Press Enterprises Inc. 2016

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