Toronto, ON — December 17, 2018 — /D.M.O. Newswire/ — Common shares of High Tide Inc. (CSE:HITI), formerly known as High Tide Ventures Inc.., are scheduled to commence trading publicly on the CSE today, December 17th, 2018, under the ticker symbol HITI. Founded in 2009, High Tide has grown from one retail store in Calgary, Alberta to currently being a major player in the smoking accessories and cannabis lifestyle products industry.
Over the past year or so, High Tide and its portfolio of integrated companies – RGR Canada, Famous Brandz, Smoker’s Corner, Canna Cabana and the majority of KushBar – was reorganized and strengthened to capitalize on the legalization of recreational cannabis in Canada.
High Tide has successfully achieved many milestones during this short period of time including a the build-out of a team comprised of exceptional employees, completing a brokered private placement of special warrants, setting internal sales records for wholesale accessories, completing a split of its common shares, opening its first four retail cannabis stores in Alberta while currently also having more than 20 under construction, securing nearly 20 retail locations in Ontario, obtaining receipt for its final prospectus from the Alberta Securities Commission and, most recently, announcing a brokered private placement of convertible debentures, in which Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB) agreed to participate to the tune of $10 million CAD.
Raj Grover, Founder, President & CEO of High Tide, commented, “December 17, 2018 marks one of the most important days in our company’s history. Becoming a publicly-traded company is a dream come true for our employees, shareholders and stakeholders.” Mr. Grover added, “we look forward to the ongoing support of our investors as we strive to achieve the Company’s vision of becoming an increasingly valuable enterprise with global operations, through a retail-focused and vertically-integrated strategy.”
High Tide also recently issued a total of 6,100,000 special warrants for acquisition purposes, with the vesting of the special warrants conditional upon the closing of multiple transactions. Any transactions not closed will result in the expiry of the applicable amount of the Acquisition Special Warrants without any common shares of High Tide being issued. The terms of certain Acquisition Special Warrants vary from those of the Brokered Special Warrants.
High Tide also announced that President and CEO Raj Grover has been replaced in his role as Secretary-Treasurer for the company and that the Board of Directors has appointed Shimmy Posen as Secretary-Treasurer. Mr. Posen is a Partner at Garfinkle Biderman LLP in Toronto where he practices in the firm’s corporate commercial and securities groups, with an emphasis on corporate finance and mergers and acquisitions.
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