High Tide is to acquire Blessed CBD for £9.06m in a move to enter the UK CBD market in a step towards solidifying itself as a major player within the global e-commerce marketplace for hemp-derived CBD products.
Canada-based retail cannabis company High Tide Inc., will acquire 80% of Scotland-based Enigmaa Ltd., operating as Blessed CBD with a three-year option to acquire the remaining 20%. The acquisition is expected to close this month.
As part of the acquisition, Blessed’s founder and CEO, Vithurs Thiru will join the High Tide team as senior manager of search, and will help grow High Tide’s CBD business globally.
Raj Grover, president and CEO of High Tide, commented: “I’m very pleased to announce the addition of Blessed CBD, the UK’s top CBD brand as designated by several prominent publications, into the High Tide family.
“We continue to increase our online prowess by adding asset-light businesses to our growing global e-commerce portfolio. Blessed is a fully direct-to-consumer platform that generates industry-leading gross margins as well as EBITDA margins that will continue to add to our consolidated margin profile.
“This acquisition marks our entry into the highly lucrative and rapidly-growing U.K. CBD space which we expect to serve as a launching pad for High Tide to further penetrate the E.U. market for hemp-derived CBD products, while also taking advantage of cross-selling opportunities related to our in-house product lines.
“I have been very impressed with the amazing business that V has been able to build within just two years, and look forward to welcoming him and the rest of the Blessed team into our company,” added Grover.
“Blessed CBD has experienced rapid growth and success from inception, and our goal is to become the most sought-after CBD brand globally. Our team is super excited to be joining hands with Raj, and by leveraging High Tide’s existing resources and reach, I couldn’t be more excited about the future,” added Vithurs Thiru, CEO of Blessed.
“I look forward to working with Raj and his team to accelerate the digital presence of High Tide’s brands, and to position High Tide as one of the leading vertically-integrated cannabis companies in the industry. This acquisition provides unparalleled opportunities for growth to serve our current and future customers, expand into emerging new markets, and introduce new products unmatched in quality.”
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