High Tide's subsidiary, Famous Brandz, has just signed a royalty-based merchandising agreement with the Fabulous Furry Freak Brothers
High Tide Inc. (CSE:HITI), an Alberta-based, retail-focused cannabis corporation enhanced by the manufacturing and wholesale distribution of smoking accessories and cannabis lifestyle products, today announced that its wholly-owned subsidiary, Famous Brandz Inc., recently signed a royalty-based merchandising license agreement with FFFB Media, LLC to use The Fabulous Furry Freak Brothers trademarks and names, logos and artwork. The Freak Brothers License grants Famous Brandz the worldwide right and license to use, manufacture, have manufactured, advertise and sell certain types of smoking accessories via any distribution channels over a term of 2 years.
The Fabulous Furry Freak Brothers is an underground comic about a fictional trio of characters created in 1968. Earlier in 2019, it was announced that The Fabulous Furry Freak Brothers was being re-launched as a television series, which is currently under development.
High Tide's industry-leading position in licensed product manufacturing and wholesale distribution is further strengthened by adding the Freak Brothers License to our portfolio of celebrity brands, which includes but is not limited to Snoop Dogg Pounds, Cheech & Chong's Up in Smoke, Trailer Park Boys and Guns N' Roses. Raj Grover, President and Chief Executive Officer of High Tide
Famous Brandz has begun the process of designing and producing the smoking accessories under the Freak Brothers License.
Separately, the Company issued $2,000,000 in unsecured convertible debentures (the "Debentures") under a third and final tranche (the "Third Tranche") of the private placement previously announced on November 14, 2019. The principal amount of the Debentures is convertible at the holder's option at a conversion price of $0.252 per HITI Share and the Debentures are due 24 months from their issuance date and carry a 10% interest cost per annum, payable annually in advance in HITI Shares at a price equal to the volume-weighted average price per HITI Share for the 10-days prior to the day on which interest is due. Concurrent with the issuance of the Debentures, the Company paid the interest due up-front in the form of 1,142,857 HITI Shares. Under the Third Tranche, the Company also issued Warrants such that subscribers received one Warrant for each $0.252 of original principal amount of Debentures, resulting in 7,936,508 Warrants being issued in the Third Tranche. Each Warrant issued in the Third Tranche entitles the holder to acquire one HITI Share at an exercise price of $0.50 per share for two years from the date of issuance.
To learn more about High Tide visit their company HQ here.
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