Form 6-K High Tide Inc. To: October 18
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SECURITY AND EXCHANGE COMMISSION
Washington, DC 20549
FOREIGN PRIVATE ISSUER REPORT
IN ACCORDANCE WITH RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGES ACT OF 1934
For the month of October 2021
Commission file number: 001-40258
HIGH TIDE INC.
11127 – 15 rue NE, unit 112
Canada T3K 2M4
(Address of the main executive offices)
Indicate with a check mark whether the Holder is filing or will file annual reports under Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
Indicate with a check mark whether the declarant is submitting Form 6-K on paper, as permitted by rule 101 (b) (1) of the ST Regulation: ☐
Indicate with a check mark whether the declarant is submitting Form 6-K on paper, as permitted by rule 101 (b) (7) of the ST Regulation: ☐
In accordance with the requirements of the Securities Exchange Act of 1934, the declarant has duly caused this report to be signed on his behalf by the undersigned, being duly authorized for this purpose.
HIGH TIDE INC.
Date: October 18, 2021
President and CEO
High Tide secures non-dilutive credit facility with ATB Financial
CALGARY, AB, Oct. 18, 2021 / CNW / – High Tide Inc. (“High tide“or the”Society“) (TSXV: HITI) (Nasdaq: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks and mortar as well as global e-commerce assets, announced today hui that it has entered into a credit agreement to establish a revolving credit facility with ATB Financial (“ATB“) up to $ 25 million (consisting of an initial limit of $ 10 million and $ 15 million accordion, the”Establishment“), with an expected interest rate of less than 6% per annum.
High Tide Inc. October 18, 2021 (CNW Group / High Tide Inc.)
“We are extremely happy to finalize this facility today. We know our shareholders have been anxiously awaiting us to secure non-dilutive funding from a major Canadian bank, and this is also something that we have been working on for some time, as we believe. that it provides validation of our enhanced financial profile, ”said Raj Grover, President and CEO of High Tide. “This is excellent news for our shareholders because this credit facility gives us the firepower to continue our business growth and the acquisitions of quality companies, which are in synergy with our global ecosystem, while limiting the dilution of our existing shareholder base. We also expect the installation amount to increase in the future as our EBITDA increases, allowing us to realize arbitrage opportunities through accretive acquisitions while limiting the dilution required to fuel expansion. I remain excited about High Tide’s growth prospects for the remainder of 2021 and through 2022, and look forward to sharing the continued positive developments of our business with our shareholders, ”added Mr. Grover.
The facility, which will become effective by the end of operations today, will consist of senior secured prime loans, US base rate loans, LIBOR loans, letters of credit, bankers’ acceptances. and a corporate MasterCard.
The Facility has an initial term of three years and provides High Tide, upon customary conditions, access to initial capital of $ 10 million which may be drawn at the discretion of High Tide (the “”Initial amount of the facility“), and subject to the satisfaction of certain conditions, will provide High Tide access to additional capital of $ 15 million. The Company expects to have satisfied the usual conditions for the first draw by the end for its fiscal year ending October 31, 2021. The proceeds of the Facility are expected to be used to finance acquisitions as well as working capital and for general business purposes. produce an effective interest rate of less than 6% per year.
In addition, the Company also announced that an additional debt of $ 1.0 million has been converted to equity, bringing the Company’s total outstanding debt balance to $ 27.4 million to date. . Of that amount, only $ 1.6 million matures over the next 12 months.
About High Tide Inc.
High Tide is a leading retail focused cannabis company with bricks and mortar as well as global e-commerce assets. The company is Canada’s largest recreational cannabis retailer by revenue, with 101 current locations in Ontario, Alberta, Manitoba, and Saskatchewan, and was named in Report on Business magazine’s third annual ranking of companies. fastest growing in Canada in 2021. High Tide’s Retail segment includes Canna Cabana, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations being developed across the country. High Tide has served consumers for over a decade through its established e-commerce platforms including Grasscity.com, Smokecartel.com, Dailyhighclub.com and Dankstop.com and most recently in the hemp-derived CBD space via CBDcity.com and FABCBD.com as well as its wholesale distribution division under Valiant Distribution, including licensed entertainment product maker Famous Brandz. High Tide’s strategy as a parent company is to expand and strengthen its integrated value chain, while delivering a complete customer experience and maximizing shareholder value. The main sector investors in High Tide are Tilray Inc. (TSX: TLRY) (Nasdaq: TLRY) and Aurora Cannabis Inc. (TSX: ACB) (Nasdaq: ACB).
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of TSXV) accepts responsibility for the adequacy or accuracy of this release.
For more information on High Tide Inc., please visit www.hightideinc.com, its SEDAR profile page at www.sedar.com and its EDGAR profile page at www.sec.gov.
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release are forward-looking information or forward-looking statements. These information and statements, referred to herein as “forward-looking statements” are made as of the date of this press release or the date of the effective date of the information described in this press release, as the case may be. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs about future events. Any statement that expresses or involves discussions regarding predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (in general, forward-looking statements can be identified by the use of words such as “prospects”, “expects”, “intend”, “anticipate”, “anticipate”, “plan”, “projects”, “estimates”, “consider”, “assume”, “needs”, “strategy”, “goals”, “objectives”, or variations thereof, or indicating that certain actions, events or results “may”, “may”, “could”, “would”, “could “, Or” will “be made, occur or be obtained, or the negative of any of these terms or similar expressions, and any other similar terminology) are not statements of historical fact and may be forward-looking statements.
These forward-looking statements are based on assumptions which may prove to be incorrect, including, but not limited to, the ability of High Tide to execute its business plan and that High Tide will receive one or more licenses from Alberta Gaming. , Liquor & Cannabis, The Liquor Distribution Branch of British Columbia, the Liquor, Gaming and Cannabis Authority of Manitoba, the Alcohol and Gaming Commission of Ontario or the Saskatchewan Liquor and Gaming Authority allowing it to operate Canna Cabana Inc. and KushBar Inc. High Tide considers these assumptions to be reasonable in the circumstances. However, there can be no assurance that one or more of the governmental, industrial, commercial, operational or financial objectives set forth herein will be achieved. Inherent in 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 all results, performances. or accomplishments expressed or implied by these forward-looking statements. .
The forward-looking statements contained in this document are current as of the date of this press release. Except as required by law, High Tide has no obligation to notify any person if it becomes aware of any inaccuracy or omission in any forward-looking statement, and does not intend or assume no obligation to update or revise these forward-looking statements. – forward-looking statements to reflect new events or circumstances. All forward-looking statements included in this press release are expressly qualified by this cautionary statement and, unless otherwise indicated, are made as of the date of this press release.
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SOURCE Marée Haute Inc.
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% CIK: 0001847409
For more information: Media inquiries, Omar Khan, Senior Vice President – Public and Corporate Affairs, [email protected]; Investor Information, Vahan Ajamian, Capital Markets Advisor, [email protected]
CO: High Tide Inc.
CNW 06: 00th 18-OCT-21