High Tide Enters U.K. Market Through Acquisition of Blessed CBD

CANNANNEW REPORT

High Tide Inc. (“High Tide” or the “Company“) (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA), a retail-focused cannabis company enhanced by the manufacturing of proprietary and licensed consumption accessories, is pleased to announce that it is taking another step towards solidifying itself as a major player within the global e-commerce marketplace for hemp-derived CBD products, by entering into a definitive agreement (the “Acquisition Agreement“), pursuant to which High Tide will acquire 80% of Enigmaa Ltd., operating as Blessed CBD, (“Blessed“) for £9.06 Million (the “Transaction“), and will have a three-year option to acquire the remaining 20% of Blessed at any time. High Tide Inc. October 7, 2021 (CNW Group/High Tide Inc.) Founded in 2019 with its headquarters in Scotland, Blessed has quickly grown to become one of the most popular brands for hemp-derived CBD products across the U.K., including CBD oils, creams, gummies, and capsules. In 2020 Blessed had almost 5 million site visits and an average order value of approximately £75. Blessed’s founder and Chief Executive Officer, Vithurs Thiru (known more commonly as “V“), will join the High Tide team as Senior Manager of Search (SEO) of the Company, and will help grow High Tide’s CBD business globally. “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 Raj Grover, President and Chief Executive Officer of High Tide. “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…

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Source : High Tide Enters U.K. Market Through Acquisition of Blessed CBD

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