Mr. Raj Grover reports
HIGH TIDE ANNOUNCES APPLICATION TO LIST ON NASDAQ
High Tide Inc. has submitted an initial application to list on the Nasdaq Stock Market and has retained Pryor Cashman LLP as legal counsel. The company is pursuing a Nasdaq listing to enhance its investor profile as a part of its capital markets initiative with the goal of enhancing shareholder value. This initiative allows the company to accelerate its business strategy focused on the United States, both in attracting institutional and retail investors and M&A (merger and acquisition) opportunities within the U.S. The company already earns approximately 23 per cent of its revenue in the U.S., and is seeking to expand its footprint in the U.S. in businesses that complement the company's business divisions that focus on CBD (cannabidiol) and accessories, while ensuring that it remains in compliance with all applicable laws and regulations in the U.S.
"We are very excited about the prospect of listing on Nasdaq. With our recent acquisition of Meta Growth, we are now the largest Canadian retailer as measured by revenue. Listing on Nasdaq would allow the company to expand its shareholder base, enhance shareholder value and accelerate the company's M&A initiatives in pursuing strategic opportunities in the U.S.," said Raj Grover, president and chief executive officer.
In advance of an anticipated listing on Nasdaq, High Tide will file a registration statement with the U.S. Securities and Exchange Commission. The listing of the company's common shares on Nasdaq remains subject to the review and approval of the listing application and the satisfaction of all applicable listing and regulatory requirements, as well as effectiveness of the registration statement. The company will continue to maintain the listing of its shares on the TSX Venture Exchange under the symbol HITI.
About High Tide Inc.
High Tide is a retail-focused cannabis company enhanced by the manufacturing and distribution of consumption accessories. The company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 66 current locations spanning Ontario, Alberta, Manitoba and Saskatchewan. High Tide's retail segment features the Canna Cabana, KushBar, Meta Cannabis Co., Meta Cannabis Supply Co. and NewLeaf Cannabis banners, with additional locations under development across the country. High Tide has been serving consumers for over a decade through its numerous consumption accessory businesses, including e-commerce platforms Grasscity and CBDcity, and its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz.
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