News – USA – Flood significantly improves balance sheet as an additional $ 20 million in debt was converted into equity and further updates are provided

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CALGARY, AB, Feb 23, 2021 / CNW / – High Tide Inc (“High Tide” or the “Company”) (TSXV: HITI) (OTCQB: HITIF) (FRA: 2LY), a retail cannabis company supported by the manufacture and distribution of consumer accessories, is pleased to announce that to be able to communicate the following developments to the market

In the period from 1 February 2021 until 19 February 2021, various holders of convertible bonds totaling 19860$ 000 of their bonds will be converted into High Tide common stock under the terms of the various convertible bonds. These conversions are based on the conversion rates disclosed in the company’s news release dated Jan. February 2021 converted debt of 7365$ 000 and should save the company an additional $ 24 million in waived interest costs

In the period from 1 January 2021 to 19 February 2021, various option and warrant holders decided to exercise their respective instruments, resulting in US $ 3.3 million in cash receipts to the company

As stated in our press release from 22 Announced February 2021, the company closed a $ 23 million purchase financing USD from (the “Offer”) In connection with the offer, the company has a total of 23958332 call warrants issued for common shares (each whole warrant a “warrant”) Each warrant entitles the holder to purchase one additional share of common stock at an exercise price of US $ 0.558 for a period of 36 months after the closing of the offering.Today, the Company announces that the warrants issued in connection with the offering are expected to be issued on or about December 25 It will be traded on the TSX Venture Exchange under the symbol “HITI” in February 2021, WR “

As stated in his press release from 25 On January 1st, 2021, the company has entered into an agreement to acquire Smoke Cartel, Inc (“Smoke Cartel”) (OTCQB: SMKC), a leading e-commerce retailer of consumables, including glass water pipes and vaporizers, and hemp-based CBD products. The Company’s acquisition of Smoke Cartel is going smoothly As part of the signing of the merger agreement, the own Shareholders more than the required percentage of the required shares (501%) have entered into voting agreements that undertake to vote on the approval of the merger, the transaction is now expected to close in the first half of March 2021

At the same time, the company is pleased to announce that it is currently in talks with multiple parties in addition to Smoke Cartel about possible transactions. While these discussions are progressing well, there can be no guarantee that any will be consummated

“After closing our $ 23 million stock offering and converting over $ 27 million in debt this fiscal year, High Tide’s financial strength has grown daily and has never been stronger, this is not Going unnoticed by a large number of companies that have turned to High Tide and consider us their potential partner of choice Given our integrated model, this includes not only other cannabis retailers in Canada, but companies in other areas of the value chain – including Accessory manufacturers and brands, other e-commerce retailers and CBD companies in the US, “said Raj Grover, President and Chief Executive Officer of High Tide.” With our existing profitable operations and strong track record, it’s a game for acquisitions at High Tide, we plan to conduct aggressive transactions immediately available to our shareholders by Vo as well as those that may further enable us to quickly take advantage of the rapidly evolving regulatory and legislative landscape in the US, “added Mr. Grover

High Tide is a retail-focused cannabis company backed by the manufacture and sale of consumer accessories. The company is Canada’s largest retailer of recreational cannabis by sales There are currently 70 locations in Ontario, Alberta, Manitoba and Saskatchewan. High Tide’s retail segment includes Canna Cabana, KushBar and Meta Cannabis Co, Meta Cannabis Supply Co and NewLeaf cannabis banners with additional locations being developed across the country.High Tide has served consumers through its numerous consumer goods businesses, including the Grasscitycom and CBDcitycom e-commerce platforms and its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer, for over a decade Famous Brandz As the parent company, High Tide’s strategy is to expand and strengthen the integrated value chain while delivering a rich customer experience and maximizing shareholder value. One of the top industry investors in High Tide is Aphria Inc (TSX: APHA) (NYSE: APHA) and Aurora Cannabis Inc (NYSE: ACB) (TSX: ACB)

This press release contains “forward-looking statements” within the meaning of applicable securities laws. Certain information in this press release may contain forward-looking statements that involve significant known and unknown risks and uncertainties, some of which are beyond High Tide’s control. Forward-looking statements are often made Words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “can”, “are” marked, “potentially”, “suggested” and other similar words or statements that certain events or conditions “occur” or “will” Forward-looking statements in this press release include, but are not limited to, statements relating to High Tide’s intention and ability to complete the acquisition of Smoke Cartel, the expectation from High Tide to complete other potential transactions or acquisitions, and these were closing Eat the acquisition of Smoke Cartel High Tide expects that other potential transactions may be entered into, which will benefit High Tide shareholders. These statements are predictions only and various assumptions have been made in order to reach the conclusion or the projections contained in the forward-looking statements in this press release Readers are cautioned that the assumptions used in making such statements, although believed reasonable at the time of making, may prove to be inaccurate and undue reliance should not be placed on forward-looking statements

Forward-looking statements are subject to known and unknown risks, uncertainties, and other factors that could cause actual results, projections or projections to differ materially from those anticipated or implied in such forward-looking statements, including, but not limited to: ( i) unexpected developments on the general economic, financial, legal, regulatory, competitive and political conditions in which High Tide operates; (ii) increased competition and market volatility, (iii) the occurrence of natural and unnatural disaster events and claims that arise from such events, and (iv) risks related to or due to the COVID-19 pandemic, including a deterioration in general economic and market conditions In addition, new factors will emerge from time to time and it is the management of high Tide not possible To predict all of these factors or to anticipate the impact of any of these factors on High Tide’s business or the extent of any factor, or the combination of factors could cause actual results to differ materially from those contained in any forward-looking statement Statements in this press release are based on information currently available and what High Tide management believes to be reasonable assumptions. The purpose of such forward-looking statements is solely to provide readers with a description of the expectations of High Tide management as of the date of this document, and such forward-looking statements may not be suitable for any other purpose

Readers are cautioned not to place undue reliance on any forward-looking information in this press release, except as required by applicable securities laws, High Tide undertakes no obligation to publicly update or revise any forward-looking information to reflect events or circumstances subsequent to the Date of this publication or to reflect the occurrence of unexpected events, whether as a result of new information, future events or results, or otherwise

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States of America The securities have not been and will not be under the United States Securities Act of 1933 (the “1933 Act”) or any state securities act and may not be offered or sold in the United States or to US Individuals (as defined in the 1933 Act), unless they are registered under or exempt from such registration under the 1933 Act and applicable state securities laws

Further information: High Tide Inc, Vahan Ajamian, Vice President, Capital Markets, [email protected], Tel 1 (403) 770-9435; Extension 116

High Tide is a retail-focused cannabis company backed by the manufacture and distribution of cannabis lifestyle accessories. Leading Canadian retail brand, Canna Cabana, has 34 locations in Ontario, Alberta and Saskatchewan, including other locations

Stock, Stock Market, Finance

News – USA – Flood improves balance sheet considerably, as further debts of 20 million USD converted into equity and provide other updates
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Source: https://www.newswire.ca/news-releases/high-tide-significantly-improves-balance-sheet-as-a-further-20-million-of-debt-has-converted-into-equity-and-provides-other-updates-898025751.html