High Tide already owns Grasscity.com
Calgary, Alberta-based marijuana retailer High Tide is spending $8 million to acquire Smoke Cartel, a U.S. e-commerce website that sells cannabis accessories and CBD products.
Under terms of the deal, High Tide will pay $2 million in cash and $6 million in High Tide shares for all shares of Georgia-based Smoke Cartel.
When the deal is closed, High Tide said it “will operate both the largest and second largest e-commerce platforms for consumption accessories in the world and (believes) it will be well positioned to begin online cannabis sales should the United States move towards federal legalization.”
High Tide already owns Grasscity.com, a U.S. online cannabis accessory retailer, as well as U.S. online cannabidiol store CBDcity.com. The company also owns accessory wholesaler Valiant Distribution.
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