A new merger between two Canadian cannabis retailers is resulting in the formation of what the companies are calling the largest pot retail network in the country.
According to a press release, High Tide Inc is acquiring all issued and outstanding shares of Meta Growth, bringing together both brands 63 total stores with locations in Ontario, Alberta, Manitoba, and Saskatchewan.
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This is alleged to be the largest cannabis retail network in the country, as the companies also say the merger will create the “single largest Canadian cannabis retailer by revenue,” as the two entities report having an approximately $133 million annual revenue.
If that wasn’t enough, plans include nearly doubling the current amount of locations to 115 by the end of 2021, primarily by focusing on Ontario.
Once the deal is complete Raj Grover, CEO of High Tide, and his team will lead new company, though two independent directors from Meta will be appointed to serve on the board at High Tide, replacing two existing members.