Jima Cannabis, a B.C.-based recreational cannabis retail brand with one store in Abbotsford, B.C., and four more opening soon in the province, has acquired Ontario-based retailer, High Tea Cannabis Co. (High Tea).
With AGCO approval of the deal through parent company T-CANN Retail Ltd., Jima is now a multi-location, national cannabis brand with a rapid expansion plan and a franchise and affiliate model.
As part of the agreement, Jima will add the Ontario High Tea stores located in Brampton, Scarborough, St. Thomas, York West, and Windsor into its network.
As part of the growth strategy, additional High Tea stores are set to open in the fall of 2021 in York, North York, Hamilton, Beamsville, and Petersburg.
“Jima was founded with a vision to combine technology, retail operational excellence, and customer experience together to form the foundation of a modern cannabis business,” says Jeff Prete, president and GM. “When we started this journey as a small B.C. business in October 2020, we quickly shifted to include rapid expansion to the rest of Canada. With the acquisition of High Tea, we now have an Ontario network of stores which acts as a strategic position for our expansion. This is just the beginning; Jima will partner with current and future store owners and operators who are navigating the licensed cannabis industry.”
On the horizon for 2021 are new stores for B.C. in development and under construction including two each in Victoria and Vancouver, with several more on the way.
“Our robust franchise and affiliate offerings bring best-in-class franchise programs into the cannabis industry,” said Alex Read, vice-president of brand expansion, Jima Cannabis. “We intend to remove pain points for cannabis business owners; we are looking forward to helping cannabis store owners unlock their entrepreneurial dreams.”