Canadian cannabis retailer High Tide raises debt to open more stores

High Tide Inc. HITI, -1.37% HITI, -1.52% a cannabis store operator and e-commerce company, said Monday it closed a five year, C$19 million ($14.3 million) senior secured credit facility with Alberta-based lender connectFirst Credit Union Ltd. The Calgary-based company plans to use the proceeds to increase its Canna Cabana discount cannabis store count to 150 by the end of the year from 140 now and 200 by the end of 2023. With stores in Ontario, Alberta, British Columbia, Manitoba, and Saskatchewan, High Tide describes itself as the largest Canadian retailer of cannabis by revenue. Echelon Capital Markets was exclusive financial adviser to High Tide on the debt deal. High Tide shares are down 65.7% in 2022 compared to a drop of 61.8% by the Cannabis ETF THCX, +0.31%.