High Tide's (HITI) board adopted a temporary shareholder rights plan and an amended and restated shareholder rights plan in connection with agreements with Olympia Trust, the company said Monday.

The plans are intended to help ensure compliance with cannabis laws and maintain its cannabis licenses, while ensuring shareholders are treated fairly in connection with any offer to acquire the company's outstanding shares, the company said.

The plans were not adopted in response to, or in expectation of, any takeover bid, the company said.

The temporary shareholder rights plan, adopted as an interim measure to address the new retail operator restrictions, will lapse if shareholders approve the amended and restated shareholder rights plan on Aug. 11, the company said.

If approved, the amended and restated shareholder rights plan will remain in effect for three years, serving as the sole rights plan, the company added.