High Tide Inc. (NASDAQ: HITI) announced it secured credit approval for C$40 million in senior secured credit facilities from Bank of Montreal. The cannabis retailer said closing remains subject to customary conditions.

The loan agreement includes two facilities. A C$25 million revolving facility with three-year maturity will refinance the company's existing connectFirst loan and provide working capital. High Tide expects the connectFirst balance to be slightly over C$6 million at closing, leaving approximately C$19 million available on the revolving facility.

A C$15 million delayed draw term loan will refinance the company's existing C$15 million second-lien debentures. The new facilities will replace High Tide's current senior credit facility upon closing, expected within 30 days.

"This is a defining moment for High Tide and speaks volumes about the scale, consistency, and quality of what we have built. Our new senior lender's facility translates directly into materially lower-cost capital as we enter our next phase of growth," said Raj Grover, founder and chief executive officer.

High Tide operates cannabis retail stores under the Canna Cabana brand, with 228 domestic locations and one international location. The company also operates in Germany through its Remexian Pharma subsidiary, which holds a 14% share of the German medical cannabis market.

The information is based on a company press release statement.