High Tide signs letter of intent with second Ontario pot shop lottery winner
The Canadian Press
Published Tuesday, February 12, 2019 12:08PM EST
Last Updated Tuesday, February 12, 2019 5:39PM EST
TORONTO -- High Tide Inc. has been chosen 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 been brought in to help open a legal recreational weed store at a potential location in Hamilton.
This comes after the Alberta-based company earlier this month announced a letter of intent with another lottery winner that, subject to approval, involves an acquisition of a minority interest and a financial incentive for its assistance.
The financial terms of the agreement announced Tuesday 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.