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.