High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a retail-focused cannabis enterprise, announced it has secured credit approval for a loan agreement with Bank of Montreal (BMO) for new senior secured credit facilities totaling C$40 million. The closing remains subject to customary conditions and will replace the company's existing senior credit facility.
CEO Comments
Raj Grover, Founder and CEO of High Tide, stated: "This is a defining moment for High Tide and speaks volumes about the scale, consistency, and quality of what we have built. Our new senior lender's facility translates directly into materially lower-cost capital as we enter our next phase of growth."
Transaction Details
The Loan Agreement provides for two committed facilities:
- Revolving Facility: C$25 million committed revolving facility with a three-year maturity, to refinance the company's loan with connectFirst (expected balance slightly over C$6 million at closing), general working capital, corporate requirements, permitted acquisitions, and permitted investments. This leaves approximately C$19 million of available room.
- Delayed Draw Term Loan: C$15 million committed delayed draw term loan to refinance the company's existing C$15 million second-lien debentures.
Funds will become available after customary closing conditions are satisfied, at which time the existing senior credit facility will be repaid. The closing is expected within approximately 30 days.
About High Tide
High Tide Inc. is a leading cannabis enterprise with wholly owned subsidiary Canna Cabana, the second-largest cannabis retail brand globally. The company operates across all cannabis components:
- Retail: Canna Cabana is the largest cannabis retail chain in Canada with 228 domestic and 1 international location, spanning British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario, holding a 12% market share. In 2021, it became the first cannabis discount club retailer globally. The company also operates multiple global e-commerce platforms for accessories and hemp-derived CBD products. In 2025, it became the first North American cannabis operator to launch a bricks-and-mortar presence in Germany.
