Ashley Newman, known as the Queen of Bud, has sold her brand and all its assets to High Tide for $1,000,000. Of this amount, $100,000 will be paid in cash and the remaining will be paid in common shares of High Tide.
Queen of Bud sells products across Canada both direct to consumer and through third-party licensed cannabis stores. Newman, founder and Chief Executive Officer of Queen of Bud, will take the role of global brand ambassador. She says, “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. 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.”
A New Addition to the High Tide Family
“I am thrilled to welcome Queen of Bud into our High Tide family,” says Raj Grover, Founder and Chief Executive Officer of High Tide. “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. This is a strategic investment which will fortify our overall ecosystem, and we expect will deliver meaningful value to shareholders while allowing us to stay nimble and not burden the Company with large capex commitments or overhead. With Ontario, Manitoba and Saskatchewan already allowing white-label brands, and with Alberta and BC considering it, this is a timely move that will allow us to continue expanding our ever-increasing in-house brand portfolio.
“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 décor and lifestyle. I could not be more excited about the possibilities.”
High Tide’s other brands include NuLeaf Naturals, FAB CBD, Blessed CBD, Cabana Cannabis Co, Famous Brandz, Vodka Glass, Puff Puff Pass, Dopezilla, Atomik, Silipipe, Evolution, and more.
High Tide News
In other High Tide news, the company reported third quarter revenue of $22,395,199, an improvement of 158%, compared to the same quarter of last year. Gross profit was $8,994,030, and the company reported a loss of $248,286.
A new Canna Cabana cannabis store will open on March 17th at 8 Wellesley Street East in Toronto. That opening will mark High Tide’s 165th Canna Cabana branded retail cannabis location in Canada, the 55th in the province of Ontario, and the 11th in Toronto.
All photos courtesy of Queen of Bud.