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Canada-based cannabis retailer High Tide has concluded the acquisition of Dreamweavers Cannabis Products, a retail cannabis store and e-commerce business.

The total consideration for the transaction was $1.55m in cash and 3.1 million of the special warrants authorised for issuance in December last year.

High Tide president and CEO Raj Grover said: “Our purchase of Dreamweavers is a significant milestone for High Tide as it marks our entry into Saskatchewan, instantly establishes Canna Cabana as an online retailer of cannabis for the first time and adds a fantastic location as our 16th Canna Cabana-branded store to our growing network across Canada.

“Our purchase of Dreamweavers is a significant milestone for High Tide.”

“We welcome the exceptional Dreamweavers staff to the High Tide family and look forward to bringing the Canna Cabana experience to customers in and around Swift Current.”

High Tide has also authorised the issuance of 96,000 common shares to a group of executive search vendors and 318,878 common shares to a vendor for securing a development permit for a retail cannabis store in Alberta.

Earlier this month, High Tide received license to open its next two Canna Cabana retail stores. One store will be located at Unit A, 10310 100 Avenue in Fort Saskatchewan, Alberta and the other at 5022 50 Street in Lacombe, Alberta.

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By GlobalData