News

Cronos loans High Tide $30M to expand retail

Published on July 25, 2025 by Pat Bulmer

Photo: Contributed

A cannabis company from Calgary has secured a $30-million loan from a cannabis company based in Toronto.

High Tide said it will use the money obtained from Cronos Group to grow the company and expand its 300-store network.

“Given our strong and proven business model, it’s incredibly validating to receive a second vote of confidence in the form of an investment from a major licensed producer in recent months,” said Raj Grover, founder and CEO of High Tide. “Their support speaks volumes about the value High Tide brings to the legal cannabis ecosystem.

Rival SNDL owns about 5% of High Tide stock.

“Our investment was driven by the belief that a competitive and equitable retail environment benefits the entire industry, including producers, retailers and adult consumers,” said Mike Gorenstein, top dog at Cronos, in a news release. “We remain fully committed to working with and supporting all our retail partners.”
The Junior Secured Loan, as it’s called, has a 4% interest rate and five-year term. It may be repaid at any time, at High Tide’s option, with no penalty.

Cronos can also convert some of the loan into shares.

Meanwhile, another cannabis company is raising money by offering shares.

Avicanna is offering four million “units” for 25 cents. Each unit contains one share and half a warrant to buy another share later for 30 cents.

“The company intends to use the proceeds from the offering for general working capital purposes, general and administrative expenses, expenditures related to production and manufacturing, and research and clinical development,” Avicanna says in a news release.

Toronto-based Avicanna describes itself as biopharmaceutical company focused on developing “cannabinoid-based products.”