Sichenzia Ross Ference LLP Represents High Tide Inc. in the $20.64 million acquisition of Fab Nutrition, LLC
Press Release – New York, NY – May 10, 2021 – Sichenzia Ross Ference LLP announced today that its mergers and acquisitions team has represented High Tide Inc. (OTCQB:HITIF) in its acquisition of Fab Nutrition, LLC, (FABCBD), one of the leading online retailers of hemp-derived CBD products.
High Tide has entered into a definitive agreement pursuant to which they have acquired 80% of FABCBD for US$20.64 Million and has been granted a three-year option to acquire the remaining 20% of FABCBD at any time. The consideration for the merger was comprised of: (i) 12,469,135 common shares of High Tide valued at US$8.08 Million on the basis of a deemed price per High Tide Share of $0.648, being equal to the volume weighted average price per High Tide Share on the TSXV for the 10 consecutive trading days preceding the closing of the Transaction; and (ii) US$12.56 Million in cash.
High Tide Inc. is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the most profitable Canadian retailer of recreational cannabis as measured by Adjusted EBIDTA, with 85 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan.
The Sichenzia Ross Ference LLP team was led by partner Arthur Marcus and associate Mayank Pradhan. This is the second U.S. acquisition that SRF has acted as counsel for High Tide in 2021.
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