High Tide to acquire Queen of Bud brand for $1M

High Tide announced that it is entering into a definitive agreement pursuant to which High Tide will acquire all IP, including trademarks and other assets of the Queen of Bud brand. Its founder, Ashley Newman, will take the role of global brand ambassador. This cannabis product portfolio is already available in Canada, and its ancillary products can be sold right now in the United States and Europe without having to rely on further legislative reforms. The transaction, which is an arm’s length transaction, is subject to, among other things, receipt of the required approvals from the TSX Venture Exchange and the satisfaction of other customary conditions of closing. The transaction is expected to close in the coming weeks. The consideration for the assets acquired will be $1M. Of this amount, $100,000 will be paid in cash and the remaining will be paid in common shares of High Tide on the basis of a deemed price per High Tide Share equal to the 10-day volume weighted average price on the TSXV ending on the trading day that is three business days prior to the closing date, subject to a floor price equal to the Discounted Market Price as of the date this news release. The High Tide Shares will be subject to a contractual hold period of four months and one day from the date of closing.