High Tide Continues Rapid Expansion into United States Through Acquisition of Leading Online Retailer DankStop  

CANNANNEW REPORT

High Tide acquires another top e-commerce platform for its portfolio which already includes 3 out of the top 5 most popular e-commerce platforms for consumption accessories and totaled almost 100 million site visits across all platforms in 2020, including 2.5 million associated with DankStop.1 High Tide gains access to DankStop’s more than 200,000 email subscribers and further bolsters its online presence by gaining access to DankStop’s almost 335,000 Instagram followers. Transaction is immediately accretive as DankStop generated revenue over US$3 million during the 12 months ended April 30 2021, with an EBITDA margin in the low double digits. Pro forma for the acquisition, High Tide’s revenue run rate in the U.S. is approximately CAD$55 million. High Tide adds an asset light business that is already a supplier for its dropshipping catalogue, resulting in enhanced efficiencies and vertical integration.   CALGARY–(BUSINESS WIRE)–High Tide Inc. (“High Tide” or the “Company”) (TSXV: HITI) (Nasdaq: HITI) (FRA: 2LYA), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is pleased to announce that its pursuit to dominate the e-commerce marketplace for consumption accessories and merchandise, especially targeting the United States, has attracted another leading retailer to join the High Tide family. High Tide has entered into a definitive agreement (the “Acquisition Agreement”) pursuant to which High Tide USA Inc., a wholly-owned U.S. subsidiary of the Company will acquire 100% of the issued and outstanding shares of DS Distribution Inc. (“DankStop”), operating as DankStop.com for US$3.85 Million (the “Transaction”). “This acquisition is yet another example of how High Tide’s U.S. e-commerce infrastructure and network keep getting stronger. Rolling multiple established e-commerce platforms into our network is positioning us nicely to create numerous synergies and efficiencies across our ecosystem. Along with this transaction, our last two acquisitions have increased High Tide’s social media…

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Source : High Tide Continues Rapid Expansion into United States Through Acquisition of Leading Online Retailer DankStop
 

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