High Tide Inc. says it has signed a deal to acquire premium cannabis brand Queen of Bud's intellectual property.

Calgary-based pot retailer High Tide says it will pay $1 million for the IP, trademarks and other assets owned by Queen of Bud.

Some $100,000 of the $1 million will be paid in cash with the remaining amount paid in High Tide common shares that are the 10-day volume weighted average price they traded for three business days before the deal closes. 

Canna Cabana owner High Tide says the shares will come with a contractual hold period of four months and one day from the closing date.

The deal is set to close in the coming weeks but is subject to approval from the TSX Venture Exchange.