High Tide Closes C$40 Million Credit Facility With BMO to Lower Financing Costs

High Tide (NASDAQ: HITI) has closed C$40 million in senior secured credit facilities with Bank of Montreal (BMO), providing the cannabis retailer with additional financial flexibility while reducing its cost of capital.

The financing package includes a C$25 million revolving credit facility with a three-year maturity and a C$15 million delayed-draw term loan.

Approximately C$6 million from the revolving facility was used to repay the company’s existing loan with ConnectFirst Credit Union, while the remaining funds will support working capital, acquisitions and other corporate initiatives.

The term loan is intended to refinance High Tide’s existing C$15 million second-lien debentures.

The facilities are secured by substantially all of the company’s assets and represent another step in High Tide’s strategy to strengthen its balance sheet as it continues expanding its cannabis retail operations in Canada and internationally.

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