CALGARY, AB, Sept. 14, 2020 /CNW/ – High Tide Inc. (“High Tide” or the “Company“) (CSE: HITI) (OTCQB: HITIF) (Frankfurt: 2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of cannabis lifestyle accessories, is pleased to announce that it has extended the term of a $2,000,000 loan (the “Loan“) which the Company borrowed from an arm’s length third party (the “Lender“) bearing an interest rate of 12% pursuant to a loan agreement dated September 4, 2019 (the “Loan Agreement“).
Under the terms of the loan amending agreement (the “Loan Amending Agreement“), the maturity of the Loan was extended until September 30, 2021. The parties also entered into a warrant exchange agreement wherein the 1,600,000 warrants the Lender originally received as consideration for the Loan under the Loan Agreement, having an exercise price of $0.85 per common share of High Tide (“Common Share“) and exercisable for a period of 2 years from the effective date of the Loan (the “Original Warrants“), were terminated and 1,600,000 new warrants having an exercise price of $0.30 per Common Share and expiring on September 30, 2021 (the “New Warrants“) were issued.
The Loan Amending Agreement provides High Tide with greater financial flexibility and allows the Company to defer debt obligations which were otherwise due immediately.
About High Tide Inc.
High Tide is a retail-focused cannabis corporation enhanced by the manufacturing and distribution of cannabis lifestyle accessories. Its premier Canadian retail brand Canna Cabana spans 34 locations in Ontario, Alberta and Saskatchewan, with additional locations under development across Canada. High Tide has been serving cannabis consumers for over a decade through its numerous lifestyle accessory enterprises including eCommerce platforms Grasscity.com and CBDcity.com, lifestyle and licensed entertainment brand manufacturer Famous Brandz, and its wholesale distribution divisions RGR Canada Inc. and Valiant Distribution.
High Tide’s strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. Key industry investors in High Tide include Aphria Inc. (TSX:APHA) (NYSE:APHA) and Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB).
SOURCE High Tide Inc.
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