High Tide Acquires Premium Cannabis Brand Queen of Bud

LOS ANGELES- In a strategic move High Tide Inc. has officially completed its acquisition of the esteemed Queen of Bud brand, including its intellectual property, trademarks, and other valuable assets. This acquisition, announced on March 15, 2024, marks a significant expansion of High Tide’s impressive portfolio of consumer-facing brands, such as NuLeaf Naturals, FAB CBD, and Blessed CBD, among others.

Queen of Bud, renowned for its premium cannabis products available across Canada both directly to consumers and through third-party licensed stores, is set to enhance High Tide’s offering with its unique and elegant product line. This acquisition comes at a pivotal moment, coinciding with the eve of cannabis legalization in Germany, Europe’s largest economy, signaling High Tide’s ambitious international growth plans.

Raj Grover, Founder and CEO of High Tide, expressed enthusiasm for the acquisition, highlighting the strategic timing and the potential for increased margins within Canada. “Queen of Bud provides an exciting opportunity to offer consumers an elegant and unique line of cannabis products that will generate a higher margin as our premium white-label brand,” said Grover. He anticipates that the inclusion of Queen of Bud products will yield approximately 5% in additional gross margins across High Tide’s Canadian store network.

Furthermore, the acquisition facilitates an immediate avenue for High Tide to market Queen of Bud’s ancillary cannabis products in the United States and Europe through its proprietary e-commerce channels, bypassing the need for further legislative reforms. With Germany’s impending cannabis legalization, High Tide is poised to introduce its innovative discount club model along with Queen of Bud products to the European market.

The transaction was executed under the terms of an asset purchase agreement dated March 15, 2024. The consideration for the acquisition consisted of 378,486 common shares of High Tide, valued at $900,000, based on the 10-day volume weighted average price on the TSX Venture Exchange as of March 22, 2024, along with $100,000 in cash. The completion of the transaction is subject to the final approval of the TSX Venture Exchange.

About Queen of Bud: Queen of Bud stands as a premium Canadian cannabis brand, championed for its commitment to quality, innovation, and the transformative power of cannabis. Inspired by the energy of crystals and founded by Ashley Newman, the brand has been at the forefront of the cannabis industry, advocating for the spiritual and health benefits of cannabis. With a product line that emphasizes hand-trimmed, hang-dried cultivars, Queen of Bud has solidified its reputation for delivering exceptional cannabis experiences.