CALGARY, May 2, 2018 /CNW/ – High Tide Ventures Inc. (“High Tide” or the “Company”) today announced that it has completed and closed a non-brokered private placement offering (the “Offering”), pursuant to which the Company issued 3,705,000 common shares at a price of $1.00 per share for gross proceeds of $3,705,000. Among the investors participating in the Offering was FV Pharma Inc., a licensed producer that is working with Cannabis Wheaton Income Corp. (TSX.V:CBW) to develop the world’s largest hydroponic indoor cannabis cultivation facility in Cobourg, Ontario.
The Offering was increased from its initial size of $3,500,000 to satisfy investor demand. Its net proceeds will predominantly be used to retrofit existing Smoker’s Corner locations to become Canna Cabana retail cannabis outlets as well as construct new Canna Cabana outlets, subject to the receipt of all necessary government approvals and permits; continue applying for retail cannabis licenses and development permits across Canada; for general corporate purposes and future working capital. First Republic Capital Corporation acted as the exclusive finder for the Offering.
“We are pleased to add an ambitious and visionary company like FV Pharma to our growing list of shareholders, both as a strategic partner and a supportive stakeholder in the business,” said Raj Grover, President & Chief Executive Officer of High Tide. Thomas Fairfull, President and CEO of FV Pharma, added, “We view High Tide as a leader in the downstream cannabis industry and look forward to exploring ways for our companies to grow together in the future.”
High Tide is well-positioned to capitalize on the imminent launch of the legal cannabis industry in Canada. The Company, through its subsidiaries, has applied for 31 retail cannabis permits in Alberta and 16 in Saskatchewan thus far, with applications in British Columbia expected to be submitted shortly.
About High Tide Ventures Inc.
High Tide is a privately-held, Alberta-based, downstream cannabis accessories corporation. It is among the most vertically-integrated players in the Canadian cannabis market, with portfolio companies including Famous Brandz, RGR Canada Inc. (“RGR”), Smoker’s Corner and Canna Cabana. High Tide’s strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing value for shareholders.
Famous Brandz is a dominant manufacturer of licensed cannabis accessories, through partnerships with celebrities and entertainment companies like Snoop Dogg and Paramount Pictures, which are distributed through wholesalers and retailers around the world. Representing the core of High Tide’s business, RGR is a high-quality and innovative designer, manufacturer and distributor of cannabis accessories. Founded in 2009 and approved by the Canadian Franchise Association, Smoker’s Corner is Canada’s largest counter-culture chain with 19 current locations. Upon legalization across Canada in mid-2018, Canna Cabana is positioned to become a sizeable retailer through a modern concept with a sophisticated yet playful customer experience. For more information about High Tide Ventures Inc., please visit www.hightideventures.com.
About FV Pharma
FV Pharma is a licensed producer under the Access to Cannabis for Medical Purposes Regulations, having received its cultivation license on October 13, 2017. Headquartered at the former Kraft plant in Cobourg, Ontario, approximately an hour’s drive from Toronto, FV Pharma management’s mission is to transform the facility into the largest hydroponic indoor cannabis facility in the world. FV Pharma intends to target all legal aspects of the cannabis industry, including cultivation, processing, manufacturing, extracts and research and development. For more information about FV Pharma, please visit www.fvpharma.com.
Certain statements in this news release are forward-looking information or forward-looking statements. Such information and statements, referred to herein as “forward-looking statements” are made as of the date of this news release or as of the date of the effective date of information described in this news release, as applicable. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (generally, forward-looking statements can be identified by use of words such as “outlook”, “expects”, “intend”, “forecasts”, “anticipates”, “plans”, “projects”, “estimates”, “envisages, “assumes”, “needs”, “strategy”, “goals”, “objectives”, or variations thereof, or stating that certain actions, events or results “may”, “can”, “could”, “would”, “might”, or “will” be taken, occur or be achieved, or the negative of any of these terms or similar expressions, and other similar terminology) are not statements of historical fact and may be forward-looking statements.
Such forward-looking statements are based on assumptions that may prove to be incorrect, including but not limited to the ability of High Tide to execute on its business plan; that Bill C-45, being the bill enacting the federal Cannabis Act, will be passed into law, or passed into law substantially in its current form; and that High Tide will receive one or multiple licenses from the Alberta Liquor and Gaming Commission, British Columbia’s Liquor Distribution Branch or the Saskatchewan Liquor and Gaming Authority permitting it to carry on its Canna Cabana business. High Tide considers these assumptions to be reasonable in the circumstances, given the time periods for such outlook. However, there can be no assurance that any one or more of the government, industry, market, operational or financial targets as set out herein will be achieved. Inherent in the forward-looking statements are known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements.
The forward‐looking statements contained herein is current as of the date of this news release. Except as required by law, High Tide does not have any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forward-looking statement, nor does it intend, or assume any obligation, to update or revise these forward-looking statements to reflect new events or circumstances. Any and all forward-looking statements included in this news release are expressly qualified by this cautionary statement, and except as otherwise indicated, are made as of the date of this news release.
SOURCE High Tide Ventures Inc.
For further information: Nick Kuzyk, Chief Strategy Officer & SVP Capital Markets at High Tide Ventures Inc., Tel: (403) 265-4207, Email: email@example.com, Web: www.hightideventures.com.