Carlsquare successfully advised the shareholders of Enigmaa Ltd. („Blessed“) on the sale to High Tide Inc.

Blessed CBD is a leading online retailer of hemp-derived CBD products in the UK. Blessed CBD has been featured as the best UK CBD Oil in the press, including The Mirror, Reader’s Digest, and Maxim Magazine. Founded in 2019 and headquartered in Scotland, Blessed has quickly grown to become one of the most popular brands for hemp-derived CBD products across the UK, including CBD oils, creams, gummies, and capsules. Blessed’s Founder and CEO, Vithurs Thiru (widely known as “V”), will join the High Tide team as Senior Manager of Search (SEO) for the Company, and will help grow High Tide’s CBD business globally.

High Tide is a retail-focused cannabis company enhanced by the manufacturing of proprietary and licensed consumption accessories. The company is listed in Canada (TSXV), the US (NASDAQ) and in Germany (FRA). High Tide is the largest Canadian retailer of recreational cannabis as measured by revenue, with over 100 locations across the country and was featured in Business Magazine’s ranking of Canada’s Top Growing Companies in 2021. High Tide Inc. will acquire 80% of UK-based Enigmaa Ltd. (“Blessed”), operating as Blessed CBD and V as well as High Tide have a three-year option to sell/ acquire the remaining 20% of Blessed at any time.

“I’m very pleased to announce the addition of Blessed CBD, the U.K.’s top CBD brand as designated by several prominent publications, into the High Tide family. We continue to increase our online prowess by adding asset-light businesses to our growing global e-commerce portfolio. Blessed is a fully direct-to-consumer platform that generates industry-leading gross margins as well as EBITDA margins that will continue to add to our consolidated margin profile,” said Raj Grover, President and Chief Executive Officer of High Tide. “This acquisition marks our entry into the highly lucrative and rapidly-growing U.K. CBD space which we expect to serve as a launching pad for High Tide to further penetrate the E.U. market for hemp-derived CBD products, while also taking advantage of cross-selling opportunities related to our in-house product lines. I have been very impressed with the amazing business that V has been able to build within just two years and look forward to welcoming him and the rest of the Blessed team into our company,” added Mr. Grover.

“Blessed CBD has experienced rapid growth and success from inception, and our goal is to become the most sought-after CBD brand globally. Our team is super excited to be joining hands with Raj, and by leveraging High Tide’s existing resources and reach, I couldn’t be more excited about the future,” said Vithurs Thiru, CEO of Blessed. “I look forward to working with Raj to accelerate the digital presence of High Tide’s brands, and to position High Tide as one of the leading vertically-integrated cannabis companies in the industry. This acquisition provides unparalleled opportunities for growth to serve our current and future customers, expand into emerging new markets, and introduce new products unmatched in quality,” added Mr. Thiru.

Carlsquare acted as exclusive financial advisor to the shareholders of Enigmaa Ltd.

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