High Tide Inc. announced today they are entering into an agreement to acquire the Queen of Bud brand.
The deal will bring all related IP and trademarks associated with Queen of Bud under High Tide’s umbrella. Queen of Bud’s founder, Ashley Newman, will take on the role of global brand ambassador.
Newman started Queen of Bud as a retail store in Calgary but sold the store in 2022 and pivoted the brand to a highly curated line of cannabis and accessories sold across Canada. High Tide, through their Canna Cabana brand, operates the largest chain of cannabis stores in Canada, with 165 current locations in British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario.
“I am thrilled to welcome Queen of Bud into our High Tide family. With well-established brand equity and an extensive customer base across Canada, especially among women, this is an exciting new addition with tremendous future opportunities.”
Raj Grover, Founder and CEO of High Tide
High Tide also owns the brands NuLeaf Naturals, FAB CBD, Blessed CBD, Cabana Cannabis Co, Famous Brandz, Vodka Glass, Puff Puff Pass, Dopezilla, Atomik, Silipipe, Evolution, and others. High Tide also operates a handful of online accessory platforms like Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com.
Raj Grover, Founder and Chief Executive Officer of High Tide, calls it a strategic investment for the company.
“I am thrilled to welcome Queen of Bud into our High Tide family. With well-established brand equity and an extensive customer base across Canada, especially among women, this is an exciting new addition with tremendous future opportunities.”
“Queen of Bud is elegant, unique, and spiritually focused. Ashley and I connected on the brand vision, and she has brought this innovative brand to life by staying true to those qualities, resulting in deep and widespread brand loyalty in Canada. Because of her leadership and vision, we are delighted that she will continue providing creative influence as the Global Brand Ambassador to further the reach and appeal of Queen of Bud products. As we look to build out our in-house cannabis brand portfolio, Ashley will also be instrumental in the innovation and development of Queen of Bud ancillary product categories like CBD, consumption accessories, as well as home decor and lifestyle. I could not be more excited about the possibilities,” added Grover.
Newman says she sees the partnership as a way to bring her brand into many new locations and expand Queen of Bud’s product line.
“As one of the first female founders in the Canadian cannabis industry, it’s been an incredible journey building this brand to where it is today,” she said.
“This is a pivotal moment for the Queen of Bud. Given High Tide’s expertise, extensive store network and capital resources, I feel confident that this arrangement will elevate the brand to even greater heights. Together, Raj and I envision not only elevating cannabis to new heights of sophistication but also expanding our horizons beyond borders into international markets, delving into accessories, candles, fragrances, and beyond. Our heartfelt commitment to customers and passion for excellence fuel this journey, inspiring positive change and innovation in the cannabis world.”
The deal is still subject to approval and will include a $1 million stock and cash deal, with $100,000 paid in cash and the rest paid in common shares of High Tide.
