Highlights;
- High Tide acquires 51% of Remexian for €26.4M, with a 5-year option to buy the remaining 49%.
- Transaction includes €7.65M cash, €7.65M loan, and 5.86M shares (€11.1M).
- Enterprise valuation: €53.4M (3.64x annualized adjusted EBITDA).
- The deal expands High Tide’s presence into Europe, targeting global cannabis market leadership.
[PRESS RELEASE] – CALGARY, Alberta, Sept. 2, 2025 –
High Tide Inc. (“High Tide” or the “Company”), a retail-forward enterprise dedicated to delivering significant value across the global cannabis industry, is pleased to announce that, following its press release dated Aug. 14, 2025, it has successfully completed the acquisition of a 51% interest in Remexian for an estimated purchase price of €26.4 million. The final purchase price will be confirmed within 30 days, once the closing balance sheet is finalized. Additionally, High Tide has secured a five-year option to acquire the remaining 49% of Remexian, exercisable at any point after 24 months.
“Today marks a groundbreaking milestone in High Tide’s journey as we officially establish our presence in Europe,” said Raj Grover, High Tide’s Founder and CEO. “With the closure of this majority acquisition of Remexian, High Tide is no longer solely a Canadian success story—we have evolved into a global cannabis company with a substantial foothold in Europe’s largest federally regulated market1.
“This transaction not only diversifies our revenue streams beyond Canada but also opens a clear path for expansion across Europe’s regulated cannabis markets. Leveraging our proven track record of disciplined growth and free cash flow generation, we are confident this acquisition positions High Tide for long-term global leadership.”
Transaction Details
The acquisition was completed in accordance with the terms outlined in the purchase agreement, which is available on the Company’s SEDAR+ profile at www.sedarplus.ca. The transaction implies an enterprise valuation of €53.4 million, equivalent to 3.64065 times the annualized adjusted EBITDA2 generated by Remexian during the six months ending March 31, 2025.
The estimated purchase price of €26.4 million for the 51% equity stake was satisfied as follows:
- €7.65 million in cash
- €7.65 million via a seller loan, which matures on Dec. 31, 2029, bears an annual interest rate of 7% (paid quarterly), and is prepayable by High Tide at any time without penalty.
- 5,864,373 High Tide shares, valued at €11.1 million, based on a deemed price of US$2.1912 per share. This price reflects the volume-weighted average price of High Tide shares on the Nasdaq over the 10 trading days ending Aug. 8, 2025. The shares are subject to a four-month and one-day hold period.
The transaction has received conditional approval from the TSXV and is pending final approval.
Additionally, Remexian’s owners have granted High Tide a call option to acquire the remaining 49% interest in Remexian. This option may be exercised at any time over a five-year period, with the enterprise value determined by trailing 12-month adjusted EBITDA multiplied by:
- 4, if exercised within the first 12 months of the option term, or
- 3.64065, if exercised thereafter.
Furthermore, High Tide has agreed to grant Remexian’s owners a put option to sell their remaining 49% interest in Remexian to High Tide. The put option is exercisable at an enterprise value equal to trailing 12-month adjusted EBITDA multiplied by 3.64065. Any consideration resulting from the exercise of the call or put option will be satisfied through a combination of cash and High Tide shares, at the Company’s discretion. The call option carries a minimum price of €15 million and requires a minimum cash payment of 40%, while the put option requires a minimum cash payment of 30%.
For more information, visit www.sedarplus.ca.
1 Source: Prohibition Partners | The European Cannabis Report: 10th Edition (prohibitionpartners.com)
2 Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is a non-IFRS measure and may not be directly comparable to similar measures used by other companies. It is intended to provide investors with a supplemental understanding of the Company’s operating performance.
