High Tide Secures C$25M Revolving Credit Facility

High Tide Inc. said Monday that it has secured a revolving loan with a Canadian lender for up to 25 million Canadian dollars, or around US$20.2 million.

The Canadian retail-focused cannabis company said that the credit facility is with ATB Financial and that it is comprised of an initial C$10 million limit and a C$15 million accordion facility.

The expected interest on the loan is of less than 6% a year, the company said.

"This credit facility provides us with the firepower to continue our business growth and acquisitions of quality businesses, which are synergistic with our overall ecosystem, while limiting the dilution of our existing shareholder base," President and Chief Executive Officer Raj Grover said.