High Tide Inc. announced that it has closed a loan agreement with a wholly owned subsidiary of Cronos Group Inc. to secure convertible debt with a principal amount of $30 million.
High Tide intends to use this working capital to fund future acquisitions and organic growth as it seeks to expand its business and grow its domestic store network beyond 300 locations in Canada.
"Given our strong and proven business model, it's incredibly validating to receive a second vote of confidence in the form of an investment from a major licensed producer in recent months," High Tide founder and CEO Raj Grover said. "Their support speaks volumes about the value High Tide brings to the legal cannabis ecosystem, not only as a growth-focused retailer but as a key industry player that's helping improve the operating environment for licensed producers, reduce illicit market share, and reinforce Canada's regulated framework overall. With this investment, which will serve entirely as growth capital, we're poised to accelerate our expansion both in Canada and internationally."
"Our investment was driven by the belief that a competitive and equitable retail environment benefits the entire industry, including producers, retailers and adult consumers," Cronos Chairman, President and CEO Mike Gorenstein said. "We remain fully committed to working with and supporting all our retail partners."
For more information:
High Tide
[email protected]
hightideinc.com
