Mr. Raj Grover reports
HIGH TIDE FURTHER STRENGTHENS ITS BALANCE SHEET AS OVER $7 MILLION OF DEBENTURES CONVERT INTO EQUITY
During the first quarter of fiscal 2020 ended January, 2021, various holders of convertible debentures totalling $7,365,000 have converted their debt into common shares of High Tide Inc. in accordance with the terms of the various convertible debentures.
"Our balance sheet keeps getting stronger," said Raj Grover, president and chief executive officer of High Tide. "We announced on Jan. 7, 2021, that a third lender agreed to amend an existing debt facility to extend the maturity date by more than a year and simultaneously lower the applicable interest rate and that these transactions improved over $40-million in debt facilities. Today, we are pleased to announce that an additional $7.4-million of debt has converted into common shares in yet another sign that the market is beginning to better appreciate the prospects of our business and our exciting growth ahead. In addition to having a lower overall debt load, these conversions should save the company just under $900,000 in forgone interest costs," added Mr. Grover.
About High Tide
High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 69 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment features the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its numerous consumption accessory businesses, including e-commerce platforms (the Grasscity and CBD City websites), and its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. 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. and Aurora Cannabis Inc.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.