High Tide Inc. announced today that it has entered into a definitive agreement to acquire four established retail cannabis stores in Ontario from J. Supply Holdings Inc., which operates as Northern Helm, while also securing credit approval for C$40 million in new senior secured credit facilities.

The acquisition, valued at $7.74 million, would add stores in Bowmanville, Kingston, Courtice and Oshawa to High Tide’s Canna Cabana retail network. Once completed, the deal will bring High Tide to 228 Canna Cabana locations across Canada, including 103 in Ontario.

“This acquisition highlights exactly how we intend to continue creating shareholder value: acquiring strong cash-flowing assets at reasonable multiples, integrating them into our proven operating platform, and compounding earnings over time,” said Raj Grover, founder and CEO of High Tide.

Grover said surpassing 100 stores in Ontario is “a significant achievement,” while adding that the company remains focused on building a network of more than 350 stores.

The transaction is subject to approval from the TSX Venture Exchange and the Alcohol and Gaming Commission of Ontario, along with other customary closing conditions, and is expected to close in the coming weeks.

Under the agreement, High Tide will assume approximately $3.2 million in debt at a 2% interest rate. Of the remaining amount, about $1.83 million will be paid in cash and approximately $2.75 million will be paid in High Tide shares. The company said the purchase price represents 4.5 times the annualized adjusted EBITDA of the stores for the three months ending March 31, 2026.

In a separate announcement, High Tide said it has secured credit approval from Bank of Montreal for C$40 million in new senior secured credit facilities. The facilities include a C$25 million committed revolving facility with a three-year maturity and a C$15 million committed delayed draw term loan.

The revolving facility will be used to refinance the company’s existing loan with connectFirst, as well as for working capital, corporate needs, acquisitions and permitted investments. High Tide said the amount owed to connectFirst is expected to be slightly over C$6 million at closing, leaving almost C$19 million available under the revolving facility.

The C$15 million delayed draw term loan will be used to refinance the company’s existing C$15 million second-lien debentures.

“This is a defining moment for High Tide and speaks volumes about the scale, consistency, and quality of what we have built,” Grover said. “Our new senior lender’s facility translates directly into materially lower-cost capital as we enter our next phase of growth.”

The new credit facilities remain subject to customary closing conditions and are expected to close within approximately 30 days. Once completed, they will replace High Tide’s existing senior credit facility.

High Tide is the parent company of Canna Cabana, which it says is the largest cannabis retail chain in Canada. The company also operates Remexian Pharma GmbH, a German medical cannabis distribution business that High Tide says holds a 14% share of Germany’s medical cannabis market.