High Tide signs letter of intent with second Ontario pot store lottery winner
A cannabis plant approaching maturity is photographed in Fenwick, Ont., on Tuesday, June 26, 2018. (THE CANADIAN PRESS/ Tijana Martin)
TORONTO - High Tide Inc. has signed a letter of intent to assist a second lottery winner selected to apply for one of the first 25 cannabis retail licences in Ontario.
The cannabis retailer did not disclose the lottery winner, but said High Tide has signed a letter of intent to help open a legal recreational weed store at a potential location in Hamilton.
A spokesman for the Alberta-based company says the arrangement is similar to a deal it struck with another lottery winner announced earlier this month that, subject to regulatory approval, involves the acquisition of a minority interest and a financial incentive for its assistance.
The financial terms of the agreement between the unnamed lottery winner and High Tide, which has seven Canna Cabana stores in Alberta, were not disclosed.
Last month, Ontario's Alcohol and Gaming Commission held a lottery to select 25 parties who could apply for the first five 25 retail licenses, with April 1 as the anticipated opening date.
However, one entity who had won the right to apply for a cannabis store in the Greater Toronto Area has since been disqualified.