Daily high club subscription box9/15/2023 subsidiary of the Company (“ Subco”), has acquired 100% of the issued and outstanding shares of Daily High Club. The Acquisition was completed pursuant to the terms of the merger agreement (the “ Acquisition Agreement”) previously announced by the Company on June 25, 2021, pursuant to which High Tide USA Inc., a Nevada corporation and a wholly-owned U.S. (“ High Tide” or the “ Company”) (TSXV: HITI) (Nasdaq: HITI) (FRA: 2LYA), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is pleased to announce that it has completed the acquisition of DHC Supply LLC (the “ Acquisition”) operating as Daily High Club (“ Daily High Club”). exceeds CAD$50 million.ĬALGARY, Alberta-( BUSINESS WIRE)-High Tide Inc. Pro forma for the acquisition, High Tide’s revenue run rate in the U.S. Transaction is immediately accretive as Daily High Club generated US$9.4 million in net revenue and US$1.2 million in EBITDA during the 12 months ended April 2021. With over one million accessories sold under the Daily High Club name, High Tide adds a company to its portfolio with proven brand equity. High Tide bolsters its online presence, by gaining access to Daily High Club’s almost 800,000 followers on Instagram and over 75,000 followers on TikTok. High Tide gains access to Daily High Club’s over 15,000 subscription box members who are ideal customers for High Tide to potentially launch cannabis subscription boxes in the event of U.S. High Tide adds another top e-commerce platform to its portfolio which will now include 3 out of the top 5 most popular e-commerce platforms for consumption accessories globally totaling 91 million site visits in 2020, including 23 million associated with Daily High Club alone. E-commerce Marketplace for Consumption Accessories “We all started with nothing, but worked nonstop for 3 years to make sure we get a head-start before big cannabis comes in.Acquisition Cements High Tide’s Position as Leader Within U.S. When federal legalization becomes a reality, big companies like Walmart could come in and “sweep everyone away,” she said. More partnerships are planned for later in the year.īhansali sees challenges ahead. These kinds of partnerships give celebrities a unique way to connect with their customers over a product that represents their lifestyle, Bhansali said. The company’s Tommy Chong partnership “was a huge turning point for the company,” said Bhansali, “It gave us the star power to grow and our box is a great platform for him to spread the word about Chong's Choice to younger audiences.” Unable to use traditional advertising channels like Facebook and Google Ads – the company has focused on social media, celebrity partnerships and influencer marketing to create buzz. One of the biggest hurdles for the company is advertising. New designs like the Dank Tank and snowman piece created by local glassblowers attract customers to expand their smoking apparatus collections beyond what they “need.” While his product line does not “touch the plant,” Baum has had multiple bank accounts shut down and has been questioned by police in his home. Along with customer surveys sent out once or twice a year, Daily High Club hosts a livestream every Friday, inviting customer feedback and ideas.įor the more expensive subscription boxes, Baum has found that his customers prefer new and creative pieces over generic bongs and pipes, even if they cost more. Items from Daily High Club's Pride Collection The Daily HighĬustomer feedback is important to the company and the mix of items in the boxes it sells.
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