High Tide Inc. (TSXV:HITI) entered into an agreement to acquire 80% stake in NuLeaf Naturals, LLC for $30.2 million on November 19, 2021. Under the terms of the transaction, consideration for the 80% scquired will be $31.24 million in common shares of High Tide. NuLeaf's owners have agreed to grant High Tide a three-year option to acquire all the remaining 20% interests in NuLeaf not held by High Tide. The Closing Day 80% Consideration of $31.2 million less the Class VI Fee of $0.976 million which results in a difference of $30.2 million worth of shares of High Tide Common Stock. During the 12 months ended September 30, 2021, NuLeaf generated revenue of $19.4 million and adjusted EBITDA of $5.26 million. The transaction is subject to receipt of required TSX Venture Exchange approval, and other customary conditions of closing. The transaction is expected to close in the coming weeks. The transaction is highly accretive. Squire Patton Boggs (US) LLP acted as legal advisor and Class VI Partners, LLC acted as financial advisor to NuLeaf. Garfinkle Biderman LLP and Sichenzia Ross Ference LLP acted as legal advisors to High Tide. KPMG LLP acted as financial due diligence provider to High Tide. Class VI Partners received a Fee of $976,000.

High Tide Inc. (TSXV:HITI) completed the acquisition of 80% stake in NuLeaf Naturals, LLC for $27.1 million on November 29, 2021. High Tide acquired 80% of NuLeaf for 4,429,809 common shares of High Tide (each a "High Tide Share") valued at $31,243,000 (the "Consideration"), on the basis of a deemed price of $7.0529 per High Tide Share. As part of the acquisition, High Tide acquired cash and cash equivalents of $0.565 million.