vostok
Well-Known Member
High Tide to Acquire Grasscity – the World’s Most Popular Online Retailer of Smoking Accessories – and the Grasscity Forums
CALGARY, Dec. 12, 2018 /CNW/ – High Tide Inc. (“High Tide” or the “Company”) today announced that it, through a newly-formed Dutch subsidiary named High Tide Inc. B.V., has entered into a definitive share purchase agreement and other related agreements (the “Agreements”) to acquire all of the issued and outstanding shares of two entities, SJV B.V. and SJV2 B.V. (collectively, “Grasscity”), that together operate under the name “Grasscity” (the “Transaction”). As per the terms of the Agreements, and excluding any loan repayment amounts, a total purchase price of approximately $6,730,000 will be paid to Grasscity shareholders, of which 8,410,470 special warrants were issued at a deemed price of $0.50 per special warrant and automatically convert to common shares of High Tide at no additional cost to the vendors upon Closing of the Transaction. The Transaction has been unanimously approved by the boards of directors of both companies and is expected to close by the end of the year.
Based in Amsterdam, the Netherlands, Grasscity.com is the world’s #1 online store for smoking accessories and cannabis lifestyle products and the most searchable smoking accessories retailer, with approximately 5.8 million site visits annually. The site has in excess of 550,000 customers in its database, generates over 90% of its revenues from customers located in the United States and fulfills approximately 65,000 orders per year. Grasscity has approximately 1.1 million recipients in its e-mail database, with over 375,000 current subscribers including approximately 80,000 dedicated readers of its weekly newsletter. The online store has more than 34,000 certified customer reviews and there are approximately 260,000 total followers of Grasscity on Instagram, Facebook and YouTube. The Grasscity Forums have over 34 million unique users that generate 75 million annual page views. Its database contains over 640,000 members who are cannabis enthusiasts that interact passionately about the topic.
https://www.newcannabisventures.com/dutch-online-cannabis-accessory-retailer-and-forum-grasscity-joins-high-tide-in-6-73-million-stock-deal/
