High Tide, a high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, secured credit approval for a loan agreement with Bank of Montreal (BMO) in respect of new senior secured credit facilities in the principal amount of C$40 million. Closing of the new credit facilities remains subject to the satisfaction of customary closing conditions. Upon closing, the new credit facilities will replace the company’s existing senior credit facility.
“This is a defining moment for High Tide and speaks volumes about the scale, consistency and quality of what we have built. Our new senior lender’s facility translates directly into materially lower-cost capital as we enter our next phase of growth,” Raj Grover, founder and CEO of High Tide, said.
The loan agreement provides for two committed facilities, on terms consistent with those announced by the company on May 5, 2026:
- A $25 million committed revolving facility with a three-year maturity, to be used to refinance the company’s loan with connectFirst at closing, for general working capital and corporate requirements, and for permitted acquisitions and permitted investments. The balance owing to connectFirst is expected to be slightly over $6 million at closing, resulting in almost $19 million of available room on the revolving facility.
- A $15 million committed delayed draw term loan to be used to refinance the company’s existing $15 million second-lien debentures.
Funds under the new credit facilities will become available to the company following the satisfaction of customary closing conditions, at which time the company’s existing senior credit facility will be repaid. The company will provide a further update upon closing expected within approximately 30 days.
