High Tide to Acquire Northern Helm, Adding Four Established Retail Cannabis Stores in Ontario

Rhea-AI Summary

High Tide (Nasdaq:HITI) agreed to acquire 100% of J. Supply Holdings, operator of Northern Helm, adding four Ontario cannabis stores for $7.74 million. Locations are in Bowmanville, Kingston, Courtice, and Oshawa.

The deal lifts High Tide's footprint to 228 Canna Cabana stores in Canada and 103 in Ontario. Consideration includes approximately $3.2M of assumed debt at 2% interest, about $1.83M in cash, and roughly $2.75M in shares. Closing, expected in the coming weeks, is subject to TSXV and AGCO approvals. The purchase price equals 4.5x annualized Adjusted EBITDA for the three months ended March 31, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Positive

• Adds four operating Ontario cannabis stores for total consideration of $7.74M
• Increases Canna Cabana network to 228 Canadian stores and 103 in Ontario
• Purchase price set at 4.5x annualized Adjusted EBITDA for the acquired stores
• Consideration structure limits cash outlay to approximately $1.83M
• Assumed debt of about $3.2M carries a relatively low 2% interest rate

Negative

• Transaction includes assumption of approximately $3.2M in additional debt obligations
• Roughly $2.75M of equity consideration will increase High Tide's share count
• Closing remains subject to TSXV and AGCO approvals and other customary conditions

News Market Reaction – HITI

-2.60% 2.1x vol

12 alerts

-2.60% News Effect

+11.8% Peak in 12 hr

-$5M Valuation Impact

$197.77M Market Cap

2.1x Rel. Volume

On the day this news was published, HITI declined 2.60%, reflecting a moderate negative market reaction. Argus tracked a peak move of +11.8% during that session. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $5M from the company's valuation, bringing the market cap to $197.77M at that time. Trading volume was elevated at 2.1x the daily average, suggesting increased selling activity.

Data tracked by StockTitan Argus on the day of publication.

What This Means

This announcement outlines a tuck-in acquisition of four Northern Helm stores in Ontario for $7.74 m...

Analysis

This announcement outlines a tuck-in acquisition of four Northern Helm stores in Ontario for $7.74 million, priced at 4.5x annualized Adjusted EBITDA and funded through assumed debt, cash, and equity. The deal lifts Canna Cabana to 228 locations in Canada and 103 in Ontario, reinforcing High Tide’s roll-up strategy. Investors may track regulatory approvals, integration progress, upcoming quarterly results, and how added stores contribute to EBITDA and cash flow over time.

Key Figures

Purchase price: $7.74 million Assumed debt: approximately $3.2M Cash portion: approximately $1.83M +5 more

8 metrics

Purchase price $7.74 million Total consideration for four Northern Helm stores

Assumed debt approximately $3.2M Debt assumed in transaction at 2% interest rate

Cash portion approximately $1.83M 40% of non-debt consideration paid in cash at closing

Share portion approximately $2.75M 60% of non-debt consideration paid in High Tide shares

EBITDA multiple 4.5x Multiple of annualized Adjusted EBITDA for acquired stores

Total stores Canada 228 locations Canna Cabana footprint post-acquisition

Ontario stores 103 locations Canna Cabana locations in Ontario post-acquisition

German market share 14% Remexian share of German medical cannabis market

Previous Acquisition Reports

5 past events · Latest: Sep 02 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Sep 02	Acquisition closing	Positive	-7.4%	Closed 51% Remexian stake at 3.64x annualized Adjusted EBITDA.
Aug 14	Acquisition agreement	Positive	+3.7%	Signed deal to buy 51% of Remexian, adding significant German revenues.
Feb 25	Acquisition pause	Negative	-0.8%	Paused planned Purecan acquisition, exploring alternate German market routes.
Jan 13	New acquisition plan	Positive	-0.7%	Announced 51% Purecan acquisition at 3.0x annualized Adjusted EBITDA.
Jun 26	Retail store buyout	Positive	-0.5%	Agreed to buy Mississauga store at 1.5x annualized Adjusted EBITDA.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Acquisition headlines often see muted or negative next-day moves, even when transactions are strategically positive.

Recent Company History

Over the past two years, High Tide has repeatedly used acquisitions to expand both retail and medical cannabis platforms. Deals for German operators Purecan and Remexian and prior Ontario store buyouts carried attractive EBITDA multiples but often saw flat to negative next-day stock reactions. Today’s plan to acquire four Northern Helm stores for $7.74 million and lift the network to 228 Canadian locations and 103 in Ontario continues this roll-up strategy in Canadian retail alongside its German medical growth.

Historical Comparison

-1.1% avg move · Past acquisition headlines for HITI produced an average next-day move of -1.12%, suggesting markets ...

acquisition

-1.1%

Average Historical Move acquisition

Past acquisition headlines for HITI produced an average next-day move of -1.12%, suggesting markets often react cautiously to its deal-making.

Acquisition activity shows a pattern of using M&A to expand Canadian retail locations and secure German medical distributors, combining domestic store roll-ups with European market entry.

Regulatory & Risk Context

Short Interest: 0.58%

Short Interest

0.58% of shares outstanding

as of 2026-05-29 Days to cover: 1.29

Key Terms

adjusted EBITDA, arm's length transaction, volume weighted average price, discounted market price, +1 more

5 terms

adjusted EBITDA financial

"The purchase price represents 4.5x the annualized Adjusted EBITDA of the Stores..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

arm's length transaction financial

"The Transaction, which is an arm's length transaction, is subject to..."

An arm's length transaction is a deal made between independent parties who each act in their own interest, ensuring the price and terms reflect fair market value rather than favoritism. Investors care because these transactions reduce conflicts of interest and give a clearer picture of a company’s worth and performance — like buying a car from a stranger rather than from a close friend or family member, which is more likely to show true market price.

volume weighted average price technical

"on the basis of a deemed price per High Tide Share equal to the 10-day volume weighted average price..."

The volume weighted average price (VWAP) is a way to measure the average price of a security, such as a stock, over a specific period, taking into account how many units were traded at each price. It’s similar to calculating the average cost of items bought when some are more frequently purchased than others. Investors use VWAP to assess whether a security is being bought or sold at a fair price during trading.

discounted market price financial

"subject to a floor price equal to the Discounted Market Price (as defined by the TSXV)..."

A discounted market price is the current trading price of a security or asset that is lower than a commonly used reference value—such as its perceived fair value, net asset value, or recent trading levels. For investors it signals a potential bargain or a warning: like finding an item on sale, it can indicate opportunity for profit if the market corrects, but it can also reflect underlying problems or negative sentiment that may persist.

statutory hold period regulatory

"The High Tide Shares will be subject to a statutory and contractual hold period of four months..."

A statutory hold period is a legally required time window during which newly issued securities or shares received by insiders cannot be sold. It matters to investors because it affects when those shares can enter the market, influencing supply, short-term liquidity and potential price pressure—think of it like a temporary “no-sell” tag that prevents an immediate flood of items onto a store shelf after a big restock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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CALGARY, AB, June 15, 2026 /PRNewswire/ - High Tide Inc. ("High Tide" or the "Company") (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, announced today that it is taking yet another step to expand its bricks-and-mortar retail cannabis operations, by entering into a definitive agreement (the "Acquisition Agreement") pursuant to which High Tide will acquire 100% of the equity interest of J. Supply Holdings Inc., operating as Northern Helm ("Northern Helm"), resulting in High Tide's acquisition of four of the six retail cannabis stores currently operated by Northern Helm in Ontario (the "Stores") for $7.74 Million (the "Transaction"). The Stores are located at 2377 Highway 2 in Bowmanville, 225 Gore Road in Kingston, 1414 King St. E in Courtice, and 199 Wentworth St W in Oshawa. These acquisitions will bring High Tide's total store count to 228 Canna Cabana locations across Canada and 103 in the province of Ontario.

"This acquisition highlights exactly how we intend to continue creating shareholder value: acquiring strong cash-flowing assets at reasonable multiples, integrating them into our proven operating platform, and compounding earnings over time. Surpassing 100 stores in Ontario will be a significant achievement, but we view it as another step toward our long-term objective of building a 350-plus store network that remains unmatched in scale, efficiency, and customer loyalty," said Raj Grover, Founder and Chief Executive Officer of High Tide.

"At the same time, the success of our medical cannabis division demonstrates that High Tide is evolving into much more than a retail company. As our retail business continues to outperform and gain market share, our medical cannabis platform is rapidly emerging as a second engine of growth. With strong momentum across both segments, multiple avenues for expansion, and a proven ability to execute, I believe we are exceptionally well-positioned to continue widening our competitive moat, compounding shareholder value, and delivering sustainable growth for years to come. I look forward to sharing our progress with the release of financial and operational results for the second fiscal quarter at the close of markets today," added Mr. Grover.

Transaction Details

The Transaction, which is an arm's length transaction, is subject to, among other things, receipt of the required approvals from the TSX Venture Exchange ("TSXV") and the Alcohol and Gaming Commission of Ontario ("AGCO"), and the satisfaction of other customary conditions of closing, and is expected to close in the coming weeks. The consideration (the "Consideration") for the 100% of equity interests acquired will be approximately $3.2M in assumed debt with a 2% interest rate, with 40% of the remaining amount paid in cash, (approximately $1.83M), and the remaining 60% (approximately $2.75M) paid in common shares of High Tide ("High Tide Shares") on closing (the "Closing") on the basis of a deemed price per High Tide Share equal to the 10-day volume weighted average price of the High Tide Shares on the TSXV ending on the trading day that is three business days prior to the Closing date, subject to a floor price equal to the Discounted Market Price (as defined by the TSXV) as of the day prior to this news release. The High Tide Shares will be subject to a statutory and contractual hold period of four months and one day from the date of Closing. The purchase price represents 4.5x the annualized Adjusted EBITDA of the Stores for the three months ended March 31, 2026.

ABOUT HIGH TIDE

High Tide, Inc. is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world's most powerful plant. Its wholly owned subsidiary, Canna Cabana, is the second-largest cannabis retail brand globally. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated operations across all components of cannabis, including:

Retail: Canna Cabana™ is the largest cannabis retail chain in Canada, with 228 domestic and 1 international location. The Company's Canadian bricks-and-mortar operations span British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario, holding a growing 12% share of the market. In 2021, Canna Cabana became the first cannabis discount club retailer in the world. The Company also owns and operates multiple global e-commerce platforms offering accessories and hemp-derived CBD products. In 2025, the Company became the first North American cannabis operator to launch a bricks-and-mortar presence in Germany.

Medical Cannabis Distribution: Remexian Pharma GmbH is a leading German pharmaceutical company, with a 14% share of the German medical cannabis market, built for the purpose of importation and wholesale of medical cannabis products at affordable prices. Among all German medical cannabis procurers, Remexian has one of the most diverse reaches across the globe and is licensed to import from 19 countries including Canada.

High Tide consistently moves ahead of the currents, having been named one of Canada's Top Growing Companies by the Globe and Mail's Report on Business in 2025 for the fifth consecutive year and was recognized as a top 50 company by the TSX Venture Exchange (the "TSXV") in 2022, 2024 and 2025. High Tide was also ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023. To discover the full impact of High Tide, visit www.hightideinc.com. For investment performance, don't miss the High Tide profile pages on SEDAR+ and EDGAR.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION

Media Inquiries
Omar Khan
Chief Communications and Public Affairs Officer
High Tide Inc.
omar@hightideinc.com
403-770-3080

Investor Inquiries
Vahan Ajamian
Capital Markets Advisor
High Tide Inc.
vahan@hightideinc.com 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking statements"). Forward-looking statements are often, but not always, identified by words such as "expect", "intend", "plan", "believe", "anticipate", "estimate", "may", "will", "could", "should" and similar expressions. Forward-looking statements in this news release include, without limitation, statements relating to: the expected final purchase price of the Transaction; whether all approvals will be received and conditions precedent will be satisfied; whether the Transaction will close on the timeline indicated herein.

Forward-looking statements are based on management's current expectations and assumptions as of the date of this news release, including assumptions regarding: the receipt of all required consents, regulatory approvals, authorizations, and satisfaction of customary conditions for the closing of the Transaction; the final purchase price for the Transaction after adjustments; he accuracy and continued applicability of third-party and internal market, demographic and competitive data relied upon by management; the ability of the Company to surpass its goal of 350 stores; the ability of the Company to continue delivering growth and shareholder value; and the Company's ability to execute its retail expansion plans and operate the new stores as anticipated.

Forward‑looking statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially, including, without limitation: delays or inability to obtain required regulatory approvals or authorizations; changes in competitive, market or consumer conditions; operational risks associated with opening and operating new stores; and the other risk factors discussed under the heading "Non-Exhaustive List of Risk Factors" in Schedule A to our current annual information form, and elsewhere in this press release, as such factors may be further updated from time to time in our periodic filings, available at www.sedarplus.ca and www.sec.gov, which factors are incorporated herein by reference. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results, or otherwise, or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/high-tide-to-acquire-northern-helm-adding-four-established-retail-cannabis-stores-in-ontario-302799861.html

SOURCE High Tide Inc.

FAQ

What did High Tide (HITI) announce about acquiring Northern Helm on June 15, 2026?

High Tide announced a definitive agreement to acquire 100% of J. Supply Holdings, operator of Northern Helm, adding four Ontario cannabis retail stores. According to High Tide, the transaction expands its Canna Cabana network to 228 Canadian locations and 103 stores in Ontario.

How much is High Tide paying to acquire Northern Helm stores and what is the deal structure?

High Tide values the Northern Helm acquisition at $7.74 million. According to High Tide, consideration includes about $3.2M of assumed debt at 2% interest, roughly $1.83M in cash, and approximately $2.75M in High Tide shares issued at a VWAP-based price.

How will the Northern Helm acquisition impact High Tide's store count in Ontario and Canada (HITI)?

The Northern Helm deal will increase High Tide’s Canna Cabana footprint to 228 stores in Canada and 103 in Ontario. According to High Tide, the four acquired locations in Bowmanville, Kingston, Courtice, and Oshawa support its long-term multi-hundred-store growth strategy.

What valuation multiple is High Tide paying for the Northern Helm cannabis stores?

High Tide is paying a purchase price equal to 4.5x annualized Adjusted EBITDA for the acquired stores. According to High Tide, this multiple is based on the stores’ performance for the three months ended March 31, 2026, annualized for valuation purposes.

When is the High Tide (HITI) and Northern Helm acquisition expected to close?

The Northern Helm acquisition is expected to close in the coming weeks. According to High Tide, completion remains subject to approvals from the TSX Venture Exchange and the Alcohol and Gaming Commission of Ontario, as well as satisfaction of other customary closing conditions.

What are the regulatory approvals required for High Tide’s Northern Helm acquisition?

The transaction requires approvals from the TSX Venture Exchange and the Alcohol and Gaming Commission of Ontario. According to High Tide, the deal is an arm’s length transaction and closing also depends on meeting other customary conditions before the anticipated completion in the coming weeks.

How is High Tide funding the Northern Helm acquisition and what does it mean for shareholders?

High Tide will fund the deal through assumed low-interest debt, cash, and new shares. According to High Tide, approximately $3.2M in 2% debt, $1.83M in cash, and $2.75M in equity balance liquidity needs with modest leverage and an increased share base.