High Tide Inc., a leading Canadian cannabis retailer, announced its acquisition of the upscale brand Queen of Bud, adding it to their ever-growing portfolio. The deal involved all intellectual property, trademarks, and other assets, signaling High Tide’s focus on strengthening its overall ecosystem and delivering increased value to shareholders.
Details of the Acquisition
The price tag for acquiring Queen of Bud was set at 1 million Canadian dollars. Of the total amount, CA$100,000 will be paid in cash, while the remaining balance will be settled through High Tide shares. According to the company’s CEO, Raj Grover, folding Queen of Bud into the High Tide family is a strategic investment aimed at expanding their in-house brand catalog and bolstering market presence.
CEO Raj Grover Comments on the Deal
In an official statement, Raj Grover expressed enthusiasm about welcoming Queen of Bud into the fold. He explained that the move represents a significant milestone for the company, allowing it to grow even further by building an interconnected ecosystem with strong brands such as Queen of Bud.
Grover stated, “We are thrilled to announce that we have entered into this binding letter agreement (LOI) to expand our vast brand catalogue further.” This message underscores the CEO’s commitment to increasing shareholder value and enhancing the portfolio of products available to consumers in Canada and beyond.
Founder Newman Looks Forward to New Horizons
As one of the first female founders in the Canadian cannabis industry, Queen of Bud’s founder Newman has broken ground since its inception. As part of her vision for the future, she aims to take cannabis to new heights in terms of sophistication, leaving behind preconceived notions and stereotypes while simultaneously expanding into international markets.
Beyond this global expansion, Newman also plans on broadening product offerings by entering adjacent verticals like accessories, candles, and fragrances, further establishing Queen of Bud as a top-tier, distinguishing player amongst competitors.
When Will the Deal Be Finalized?
Both High Tide and Queen of Bud are eager to move forward with their newfound alliance, hoping to close the deal fully within the coming weeks. The final stages include sealing the agreement after obtaining all necessary regulatory permits and fulfilling typical closing conditions. As soon as these prerequisites are met, the two companies can commence merging and working together toward their shared goal of empowering the future of Canadian cannabis retail.
A Bright Future for High Tide and Queen of Bud
This strategic acquisition will undoubtedly play an essential role in both parties’ growth strategies moving forward. High Tide’s ever-evolving ecosystem benefits from the inclusion of such an ambitious and classy brand, complementing the retailer’s diverse offering and providing customers with even more choice.
At the same time, Queen of Bud has access to a broader customer base, allowing them to potentially achieve globalization and firmly establish their name within the industry for years to come. Ultimately, this partnership is expected to reshape the cannabis landscape in Canada and beyond by redefining expectations and pushing the boundaries of what can be achieved.
Rita Ferreira
Rita is a seasoned writer with over five years of experience, having worked with globally renowned platforms, including Forbes and Miister CBD. Her deep knowledge of hemp-related businesses and passion for delivering accurate and concise information distinguish her in the industry. Rita's contributions empower individuals and companies to navigate the complexities of the cannabis world, and her work remains a valuable resource for those seeking a deeper understanding of its potential.
