Canadian cannabis supplier High Tide enters U.K. market through acquisition of Blessed CBD
Scotland-headquartered Blessed is said to be one of the U.K.'s leading online retailers of hemp-derived CBD products.
In a move that marks its expansion into the U.K. market, Canadian cannabis supplier High Tide Inc. is acquiring 80 per cent of Enigmaa Ltd., operating as Blessed CBD, for £9.06 million (Cdn$15.49 million).
Under the deal, High Tide obtains a three-year option to acquire the remaining 20 per cent of Blessed at any time.
Scotland-headquartered Blessed was founded in 2019, and is said to be one of the leading online retailers of hemp-derived CBD products in the U.K., supplying hemp-derived CBD products that include CBD oils, creams, gummies, and capsules. The company says it has fulfilled over 120,000 orders to approximately 87 thousand customers since its founding.
“I’m very pleased to announce the addition of Blessed CBD, the U.K.’s top CBD brand as designated by several prominent publications, into the High Tide family. We continue to increase our online prowess by adding asset-light businesses to our growing global e-commerce portfolio. Blessed is a fully direct-to-consumer platform that generates industry-leading gross margins as well as EBITDA margins that will continue to add to our consolidated margin profile,” said High Tide president and CEO Raj Grover. “This acquisition marks our entry into the highly lucrative and rapidly-growing U.K. CBD space which we expect to serve as a launching pad for High Tide to further penetrate the E.U. market for hemp-derived CBD products, while also taking advantage of cross-selling opportunities related to our in-house product lines.”
Blessed’s founder and CEO, Vithurs Thiru will join the High Tide team as senior manager of search (SEO) of the company.
The transaction is expected to close during October 2021.
High Tide is one of Canada’s largest retailers of recreational cannabis as measured by revenue, with 101 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan.