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Benzinga

Business

Vuk Zdinjak

High Tide To Acquire Crossroads Cannabis For $1.97M In Stock

High Tide Crossroads High Tide Inc.

High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE:2LYA) will acquire four operating retail cannabis stores in Ontario under the name Crossroads Cannabis, for CAD$2.5 million ($1,97 million). The stores are located in Stratford, Woodstock, Hanover and Markdale.

For the three months ended December 31, 2021, Crossroads generated annualized revenue of CAD$7.6 million and annualized Adjusted EBITDA of CAD$700,000. The purchase price represents 3.5x annualized Adjusted EBITDA for the three months ended December 31, 2021.

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