Top cannabis retailer High Tide has acquired an 80% interest in NuLeaf Naturals LLC.
According to BusinessWire.com, High Tide, which boasts both bricks-and-mortar and global e-commerce operations, also will have a three-year option to acquire the remaining 20% of NuLeaf over the next 36 months.
The transaction marks the company's sixth in the global e-commerce space and third in the cannabidiol (CBD) space over the last 12 months. With the deals now finalized, High Tide had increased its annual run-rate international revenue seven times over to nearly $80 million by the end of November 2021, a news release said.
Founded in 2014, NuLeaf now ranks on the Inc. 5000 list as one the fastest-growing private companies in the country, with a three-year growth rate of 11,495%. The market leading retailer focused on the production and distribution of premium cannabinoid wellness products is one of only a handful of U.S. manufacturers capable of producing vegan soft gel.
In recent times, the company has received upwards of 25,000 verified 5-star customer reviews through its e-commerce platform. NuLeaf also drew more than 5.1 million site visits and an average order value of $120 in the last year, according to BusinessWire.
High Tide also rates as the largest Canadian retailer of recreational cannabis based on revenue, with 105 locations spanning Ontario, Alberta, Manitoba and Saskatchewan. The company was recently highlighted in the third annual Report on Business magazine’s ranking of Canada’s Top Growing Companies in 2021.