01:54 PM EDT, 03/15/2024 (MT Newswires) -- High Tide Inc. ( HITI ) , a cannabis retailer, said Friday that it has agreed to buy all IP, including trademarks and other assets, of the Queen of Bud brand for $1 million.

Its founder, Ashley Newman, will assume the position of global brand ambassador.

Queen of Bud is currently selling products across Canada directly to consumers and through third-party licensed cannabis stores.

Out of the deal consideration, $100,000 will be paid in cash and the remaining will be paid in common shares of High Tide based on a deemed price per High Tide share equal to the 10-day volume weighted average price on the TSXV ending on the trading day that is three business days before the closing date.

The company's shares rose 8.4% on last look on Friday.

Price: 2.44, Change: +0.19, Percent Change: +8.44