High Tide signs letter of intent with Ontario pot store lottery winner

CALGARY – High Tide Inc. has signed a letter of intent to acquire a minority interest in one of the lottery winners selected to apply for one of the first 25 cannabis retail licences in Ontario.

Financial terms of the agreement between the unidentified winner and High Tide weren’t disclosed by the company, which has seven Canna Cabana cannabis stores in Alberta.

High Tide says the letter of intent includes the acquisition of a minority interest in the Ontario lottery winner and the option to acquire a greater interest in the future.

Alcohol and Gaming Commission of Ontario held a lottery last month to choose the 25 entities that would be eligible to apply for the first 25 retail licences to open cannabis stores in the province in April.

High Tide is an Alberta-based company focused on the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products.

“The winner was looking for a strong partner and we are grateful that High Tide was selected to help them achieve their goals,” High Tide chief executive Raj Grover said in a statement.