High Tide Inc. to acquire Bud Room Inc.
by CM Staff
It will also acquire all rights to the customized Fastendr retail kiosk and smart locker technology as well as Bud Room's retail cannabis store in Ottawa.
High Tide Inc. January 5, 2022 (CNW Group/High Tide Inc.)
CALGARY — High Tide Inc. has announced that it will acquire 100 per cent of the equity interest of Bud Room Inc., according to a company statement.
The company stated that it will also acquire assignments of the vendors’ shareholder loans for $3.6 million. It will also acquire all rights to the customized Fastendr retail kiosk and smart locker technology as well as Bud Room’s retail cannabis store in Ottawa.
“This deal is one of the most exciting acquisitions for High Tide to date, as it greatly enhances the customer experience in our stores while materially reducing overhead and labor costs in our ever-expanding retail portfolio. This technology will also allow us to generate third-party revenue, provide data collection and monetization opportunities, while supporting an unparalleled retail shopping experience for our customers, said Raj Grover, President and Chief Executive Office of High Tide in a statement.
Bud Room CEO Michael Di Luca stated that his company already had several interested parties when they were initially approached by High Tide; however, Di Luca and his team felt Bud Room’s technology should “be in the hands of the best Cannabis company in Canada.”
