High Tide Inc. has acquired two retail cannabis stores operated by Jimmy’s Cannabis Shop (“Jimmy’s”) in British Columbia for $5.3 Million. The Stores are located at 1225 Cranbrook Street North, Cranbrook, and 1543 Victoria Street, Prince George.
The Cranbrook store is located near the base camp of the Kootenay Rockies and is within a short drive of award-winning golf courses and nature trails. It is also situated within a commercial complex that includes a major local grocery store as well as a multinational hotel chain. The Prince George’s store is located within the largest city in northern British Columbia, which is also close to the crossroads of provincial highways 16 and 97. The store itself is located within a commercial plaza, including a national pharmacy chain and a major discount clothing retailer.
The closing of the transaction brings High Tide’s nationwide store count to 149, including six in British Columbia. The company also anticipates the organic opening of its location in Kamloops, British Columbia, imminently.
For the trailing four months ending May 31, 2022, the stores generated annualized revenue of $5.4 million and annualized adjusted EBITDA of $1.0 million. The purchase price represents 5.25 times annualized adjusted EBITDA for the trailing four months ending May 31, 2022.