Cannabis retailer High Tide buying two stores in Ontario’s cottage country for $2.8M

CALGARY – Cannabis retailer High Tide Inc. has signed a deal to buy Livonit Foods Inc., which operates two stores in Ontario under the Bud Heaven banner.

The company is paying $2.8 million in shares for the stores located in Bracebridge, Ont.

High Tide CEO Raj Grover says the deal helps it become a meaningful player in Ontario's cottage country, a region where it did not have a presence.

The deal, which is subject to regulatory approval and other conditions, is expected to close in the coming weeks.

High Tide has more than 100 locations across Ontario, Alberta, Manitoba and Saskatchewan.

Its banners include Canna Cabana, Meta Cannabis Co. and Meta Cannabis Supply Co.

This report by The Canadian Press was first published March 30, 2022.

Companies in this story: (TSXV:HITI)