Sichenzia Ross Ference LLP Represents High Tide Inc. in the $8.0 million acquisition of Smoke Cartel, Inc.
Press Release – New York, NY – January 25, 2021 – Sichenzia Ross Ference LLP announced today that its mergers and acquisitions team has represented High Tide Inc. (OTCQB:HITIF) in its acquisition of Smoke Cartel, Inc. (OTCQB:SMKC), one of the leading online retailers of consumption accessories, including glass water pipes and vaporizers, as well as hemp derived CBD products.
High Tide has entered into a definitive agreement pursuant to which they will acquire all of the issued and outstanding shares of Smoke Cartel for $8.0 million. The consideration for the merger was comprised of $2.0 million in cash and $6.0 million in common shares of High Tide on the basis of a deemed price share equal to the volume weighted average price per share on the TSX Venture Exchange for the 10 consecutive trading days preceding closing.
High Tide Inc. is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The Company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 69 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan.
The Sichenzia Ross Ference LLP team was led by partner Arthur Marcus, associate Jacob Tabman and law clerk Zachary Weiss.
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