The company opened three stores and sold another three to a market-leading cannabis retailer
BRAMPTON, Ontario, June 09, 2021 (GLOBE NEWSWIRE) — Legal cannabis retailer, High Tea Cannabis Co. (“High Tea”), announces the sale of their Niagara, Kingsville, and London all while opening three locations in St. Thomas, Windsor, and Scarborough.
The locations were sold to a market-leading retailer for consideration of $400,000, including cash and stock. All locations have received Retail Store Authorizations (RSAs) from the AGCO and will open to the public under the new retailer’s banner upon receiving approval from the AGCO.
The cash and stock proceeds from this deal will strengthen High Tea’s balance sheet and allow the company to further invest in the 3 new stores opened within this past month, its flagship Brampton store, and its advanced analytics capabilities. This is in order to achieve its goal of becoming the first retail Cannabis chain to offer dynamic pricing. Priding themselves on offering competitive pricing in their retail areas, developing these systems is key to their growth as a company.
“This deal comes at a very exciting time for High Tea, as we are working to strategically position ourselves to be at the forefront of Cannabis retailing and pricing. Investing in our team’s analytic capabilities, solidifying our brand, and fostering relationships with investors and partners is a priority for us,” says Jefferson Huang, COO and VP of Growth.
In the past month, High Tea has quickly expanded, opening three locations on back-to-back weeks. The St. Thomas, Windsor, and Scarborough stores opened in the past three weeks, and they plan on continuing to expand within the year.
“The strategic sale of these three locations allows us to focus on operationalizing our new portfolio of stores and maximizing profitability. It also gives us the capacity to invest in the key growth initiatives we’ve set out to achieve. The cannabis sector is still in its infancy and we believe there’s a massive opportunity to extract value from improving operating processes,” says Paul Joo, Founder and CEO.
High Tea has positioned themselves as a strategic brand, focusing on growth through inventory analytics, partnerships, and marketing efforts to leverage their standing in the legal cannabis market. Using the proceeds from this sale, High Tea will strengthen its current position to accelerate future growth.
For more information about the brand, locations, and investment or partnership opportunities, visit https://highteacann.com/.
ABOUT HIGH TEA CANNABIS CO.
High Tea Cannabis Co, (“High Tea”) is a legal cannabis retailer that aspires to provide a safe and uplifting experience through dedicated curation, innovative social concepts, and adaptive customer service. The Ontario retailer is inspired by cannabis culture and aims to bring that atmosphere and sense of community into the legal realm. High Tea’s flagship store was established in Brampton, Ontario in February 2021 and has opened three additional locations since.
