December 13, 2018 8:41 am

Aurora Cannabis invests $10M in marijuana retailer High Tide

WATCH ABOVE: Vinesh Pratap got a look inside the Aurora Sky cannabis supplier facility in Edmonton. (Oct. 9, 2018.)

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Aurora Cannabis Inc. has signed a deal to invest $10 million in High Tide Inc., a privately held company with cannabis and cannabis accessory retail stores.

Under the agreement, Aurora will hold debentures that will bear an annual interest rate of 8.5 per cent.

READ MORE: Aurora Cannabis to acquire Mexican company following partnership deal

The debentures will also be convertible into shares of High Tide at a price of 75 cents per share.

High Tide has four cannabis retail stores in Alberta under the Canna Cabana banner, and a majority stake in KushBar Inc.

READ MORE: Aurora Cannabis ramping up production but recreational pot shortages will likely linger

It also has plans to open more stores in Alberta as well as expand into Ontario and B.C.

In addition to the retail side, High Tide has two wholesale businesses — Famous Brandz and RGR Canada — and 19 Smoker’s Corner retail locations.

© 2018 The Canadian Press

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