High Tide Acquires Four Ontario Cannabis Stores for $7.74M
HITI•High Tide will acquire four cannabis stores in Bowmanville, Kingston, Courtice and Oshawa for $7.74 million, funded via $3.2 million of assumed debt, $1.83 million cash and $2.75 million in shares. This transaction lifts Canna Cabana’s network to 228 locations nationwide, including 103 in Ontario, at a 4.5× annualized EBITDA multiple.
1. Acquisition Details
High Tide has entered into a definitive agreement to acquire 100% of J. Supply Holdings Inc., operating as Northern Helm, securing four of the operator’s six Ontario retail cannabis outlets for a total consideration of $7.74 million. The acquired stores are located in Bowmanville, Kingston, Courtice and Oshawa and will integrate into the Canna Cabana banner upon closing.
2. Financing and Terms
The transaction consideration includes $3.2 million in assumed 2% interest debt, $1.83 million in cash at closing and $2.75 million in common shares based on a 10-day VWAP with a TSXV floor price, subject to a four-month hold period. Closing remains subject to TSXV and Alcohol and Gaming Commission of Ontario approvals and other customary conditions, with completion expected in the coming weeks.
3. Strategic Impact
This acquisition increases Canna Cabana’s total store count to 228 locations across Canada and 103 in Ontario, advancing the company toward its 350-plus store target. At a 4.5× annualized Adjusted EBITDA multiple, the deal underscores High Tide’s focus on acquiring cash-flowing assets at reasonable valuations to compound earnings and expand its retail footprint.
