Halo Labs Inc. agreed to acquire Calgary, Alberta-based High Tide Inc.'s KushBar cannabis brand, retail cannabis stores and related assets for C$12 million in an all-stock deal.
Under the agreement, Toronto-based Halo Labs, which manufactures cannabis oils and concentrates, will acquire three licensed cannabis retail stores and rights to five locations across Alberta.
Halo Labs has issued 13,461,538 common shares worth C$3.5 million to High Tide as a deposit for the deal.
Halo Labs expects to close the transaction within 150 days, subject to the review and approval of the Alberta Gaming Liquor and Cannabis Commission.
High Tide designs and manufactures cannabis accessories in addition to operating cannabis retail stores.