Calgary-based cannabis retailer, High Tide Inc., has made its largest acquisition to date.
The company announced that it has acquired 80 per cent interest in NuLeaf Naturals LLC, based in Denver, Col., with a three-year option to acquire the remaining 20 per cent. The transaction is valued at US$31.24 million (CA$39.9 million).
High Tide intends to use NuLeaf’s cGMP-certified facility to produce licensed THC-infused edible and drinkable products, as U.S. federal regulations permit.
NuLeaf manufactures plant-based and vegan tinctures, softgels and topicals. Its cannabinoid wellness products can be seen most notable at Sprouts Farmers Market, as well as 235 retail stores in the United States.
NuLeaf co-founders Bo Shirley and Jaden Barnes currently retain 20 per cent ownership of NuLeaf, and have taken on consulting roles with High Tide to assist the company’s continued expansion in the United States and globally.