06:59 AM EDT, 06/26/2024 (MT Newswires) -- High Tide (HITI.V) on Wednesday said it agreed to acquire a retail cannabis store in Mississauga, Ontario for $600,000.

The store, currently operating as Cantopia, is situated in a retail plaza surrounded by small businesses and other stores. The store generated annualized revenue of $2.3 million and annualized adjusted EBITDA of $0.4 million for the three months ended May 31. The purchase price represents 1.5x annualized adjusted EBITDA for that period.

"As the Canadian retail cannabis market is going through heightened consolidation, many operators are assessing the current macro conditions and the limited options available to them," said Raj Grover, High Tide's founder and CEO. "Joining the High Tide family allows these retailers to weather the storm while providing us with fully operational sites with strong revenues for reasonable multiples."

High Tide's share price fell 2.9% to $3.02 on Tuesday.