Late in the week, Calgary-based cannabis retailer High Tide Inc. announced that it has completed the acquisition of an established retail cannabis store located at 100 Rainbow Rd. in Chestermere, a community west of Calgary, for $670,000(Cdn). The former Bud Mart Cannabis store will be rebranded under the Canna Cabana banner, bringing High Tide’s total store count to 234 locations across Canada and 93 in Alberta. “We’ve wanted to bring Canna Cabana to Chestermere for some time, but we weren’t prepared to compromise on location or economics just to enter the market,” said High Tide’s founder, CEO Raj Grover. “Today, we’re pleased to have secured an established, cash-flowing store at an attractive 2.1 times annualized Adjusted EBITDA. This is exactly how we intend to approach our growth opportunities going forward: remain opportunistic, stay disciplined on valuations, and pursue acquisitions or organic development based on what makes the most sense for our shareholders.” The highly visible inline location at the Chestermere Business Park is on one of Chestermere’s main arterial roads, giving it strong exposure to local residents as well as commuters travelling to and from Calgary. The unit is co-tenanted with a national quick-service restaurant and several specialty retail and personal service businesses and sits next to a major grocer and a liquor store. Chris Wanzel and Michael Calderone at Urban Reform Realty are responsible for the site selection in Canada.
Urban Reform Realty Inc., 121 King St West, Suite 1120, Toronto, Ontario M5H 3T9 (Chris Wanzel- 416/450-2098 chris@urbanreformrealty.com) & (Michael Calderone – 416/409-7903 michael@urbanreformrealty.com)
High Tide Inc., #112, 11127 15th St. NE, Calgary, Alberta T3K 2M4 (855/747-6420 www.hightideinc.com)