High Tide, a Canadian retail-focused cannabis company, has acquired Grasscity.com, the world’s most popular online retailer for smoking accessories and cannabis lifestyle products.
A total purchase price of approximately $6,730,000 will be paid to Grasscity shareholders.
“Grasscity is an iconic company with nearly 20 years of invaluable brand equity in the cannabis industry,” High Tide stated. “It is a natural fit with High Tide since our revenues come from the same product categories – bubblers, grinders, hand pipes, rolling papers, vaporizers and water pipes.
The online retailer has in excess of 550,000 customers in its database, generates over 90% of its revenues from customers located in the United States and fulfills approximately 65,000 orders per year.
“With Grasscity, High Tide is now positioned to be a dominant player in both bricks-and-mortar and online retail, to go along with being a leader in the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products,” stated High Tide.