CALGARY – Cannabis company High Tide Inc. has signed a deal to buy an 80 per cent stake in U.S. company Fab Nutrition LLC, which is focused on hemp-derived CBD products.<\/p>\n<\/p>\n
The Calgary-based company says it will pay US$20.64 million in shares and cash for the controlling stake and will have a three-year option to acquire the remaining 20 per cent.<\/p>\n<\/p>\n
The deal boosts High Tide’s presence in the U.S., where it launched its CBDCity subsidiary in May 2020.<\/p>\n<\/p>\n
Fab Nutrition, which operates as FABCBD, was founded in 2017 and is based in Milwaukee. <\/p>\n<\/p>\n
Its CBD products include oils, creams, gummies and dog treats.<\/p>\n<\/p>\n
Under the deal, Josh Delaney, FABCBD’s founder and sole shareholder, will join the High Tide team, as general manager of FABCBD.<\/p>\n<\/p>\n
This report by The Canadian Press was first published May 3, 2021.<\/p>\n<\/p>\n
Companies in this story: (TSX:HITI)<\/p>\n<\/p>\n
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