High Tide Closes Acquisition of Daily High Club

Cannabtimes

<![CDATA[CALGARY, Alberta, July 6, 2021 – PRESS RELEASE – High Tide Inc., a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is pleased to announce that it has completed the acquisition of DHC Supply LLC operating as Daily High Club.The acquisition was completed pursuant to the terms of the merger agreement previously announced by the company on June 25, 2021, pursuant to which High Tide USA Inc., a Nevada corporation and a wholly owned U.S. subsidiary of the company, has acquired 100% of the issued and outstanding shares of Daily High Club.Pursuant to the terms of the acquisition, the total consideration to Daily High Club shareholders for all the issued and outstanding securities of Daily High Club is: 839,820 common shares of High Tide valued at U.S.$6.75 million on the basis of a deemed price per High Tide share of CAD$9.92, being equal to the volume weighted average price per High Tide share on the TSX Venture Exchange for the 10 consecutive trading days preceding the closing of the transaction; and U.S.$3.25 million in cash (collectively with the share consideration).In connection with the closing, Daily High Club CEO Harrison Baum has joined the High Tide team as director of digital marketing to oversee all social media initiatives for High Tide globally.The High Tide shares issued pursuant to the share consideration are subject to a statutory hold period of four months and one day. In addition, the High Tide shares having a value of 25% of the consideration will be held in escrow to insure certain indemnification obligations if claims arise.Furthermore, High Tide granted 13,333 stock options to Baum, exercisable at CAD$9.39 per High Tide share for a period of three years.Below are some details of the acquisition: High Tide adds another top e-commerce platform to its…

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