$20 million for CBD retail platform

Canadian cannabis company High Tide Inc. said it will acquire 80% of Fab Nutrition LLC, Wisconsin, USA for $20 million. High Tide, Calgary, Alberta, is to pay $12.56 million in cash and $8.08 million in shares for the Milwaukee-based online retailer, the companies said in a press release. Fab Nutrition, which sells CBD oils, creams, gummies and dog treats under the trade name FabCBD, had revenues of $10.8 million last year, fulfilling roughly 124,000 orders. High Tide said it has a three-year option to acquire the remaining 20% of Fab Nutrition LLC at any time. High Tide, a penny stock traded on the Canadian TSX Venture Exchange, said it has plans to enter the EU market with FabCBD products through existing distribution infrastructure based in Amsterdam.