- High Tide becomes the first major publicly traded cannabis
retailer to announce it has been approved to trade on
Nasdaq.
- High Tide shares expected to begin trading on Nasdaq on
June 2nd, 2021
- High Tide has received approval from Nasdaq to list its
common shares for trading under the symbol "HITI"
CALGARY, AB, May 28, 2021 /CNW/ - High Tide Inc. ("High
Tide" or the "Company") (TSXV: HITI) (OTCQB: HITID)
(FRA: 2LYA), a retail-focused cannabis corporation enhanced by the
manufacturing and distribution of consumption accessories, is
pleased to announce that the Company's application to list its
common shares ("Shares") on the Nasdaq Capital Market
("Nasdaq") has been approved. The Company's Shares are
expected to begin trading on Nasdaq under the ticker symbol "HITI"
on June 2nd, 2021.
High Tide will also retain its listing on the TSX Venture
Exchange under the symbol "HITI". The ticker used for High Tide's
Shares traded on the OTC Markets quotation system under the current
symbol "HITID" will seamlessly transfer to the new ticker symbol
"HITI" on the first day of trading on Nasdaq.
"I am immensely proud that less than three years after its
inception High Tide will become the first major publicly traded
cannabis retailer to be listed on Nasdaq. This listing makes
our shares more accessible to a larger audience of both retail and
institutional investors and enhances our ability to pursue larger
M&A targets," said Raj Grover, President and Chief Executive
Officer of High Tide. "I want to thank all of our shareholders for
their patience and the confidence they have shown in our team as we
have been working through the approvals process. Listing our
shares on Nasdaq is not an end in itself, rather it marks the
beginning of a new chapter for High Tide, and I am confident that
our team will continue to keep executing and driving value for our
shareholders – now on a grander scale," added Mr. Grover.
The Company's listing on Nasdaq remains subject to satisfaction
of all applicable listing and regulatory requirements, including,
but not limited to, the declaration of effectiveness of the
Company's Form 40-F Registration Statement registering the Common
Shares with the United States Securities and Exchange Commission
(the "SEC"). The Company has already completed the process
to ensure its Shares are eligible for electronic clearing and
settlement through the Depository Trust Company (DTC).
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1 Adjusted EBITDA is a non-IFRS
financial measure.
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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 most profitable Canadian retailer of recreational
cannabis as measured by Adjusted EBIDTA,[1] with 85 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.com, Smokecartel.com, CBDcity.com, FABCBD.com and its
wholesale distribution division under Valiant Distribution,
including the licensed entertainment product manufacturer Famous
Brandz. High Tide's strategy as a parent company is to extend and
strengthen its integrated value chain, while providing a complete
customer experience and maximizing shareholder value. Key industry
investors in High Tide include Aphria Inc. (TSX:APHA) (NYSE:APHA)
and Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB).
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this news release constitutes
forward-looking statements under applicable securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as "may", "should", "anticipate", "expect", "potential",
"believe", "intend" or the negative of these terms and similar
expressions. Forward-looking statements in this news release
include statements relating to High Tide's intention and ability to
complete its NASDAQ listing and High Tide being added to other ETFs
in the future. While High Tide considers these assumptions to be
reasonable, based on information currently available, they may
prove to be incorrect. Readers are cautioned not to place undue
reliance on forward-looking statements.
Forward-looking statements also necessarily involve known and
unknown risks, including, without limitation, risks associated with
general economic conditions; adverse industry events; marketing
costs; loss of markets; future legislative and regulatory
developments involving the retail cannabis markets; inability to
access sufficient capital from internal and external sources,
and/or inability to access sufficient capital on favourable terms;
the retail cannabis industries generally; income tax and regulatory
matters; the ability of High Tide to implement its business
strategy; competition; currency and interest rate fluctuations; the
COVID-19 pandemic nationally and globally and the response of
governments to the COVID-19 pandemic in respect of the operation of
retail stores and other risks. Readers are cautioned not to
place undue reliance on forward-looking statements as there can be
no assurance that the plans, intentions or expectations upon which
they are placed will occur. Readers are further cautioned that the
assumptions used in the preparation of such forward-looking
statements, including, but not limited to, the assumption that: (i)
High Tide's financial condition and development plans do not change
as a result of unforeseen events, (ii) there will continue to be a
demand and market opportunity for High Tide's product offerings,
(iii) current and future economic conditions will neither affect
the business and operations of High Tide nor High Tide's ability to
capitalize on anticipated business opportunities, (iv) High Tide
will complete its NASDAQ listing. Although considered reasonable by
management of High Tide at the time of preparation, these
assumptions may prove to be imprecise and result in actual results
differing materially from those anticipated, and as such, undue
reliance should not be placed on forward-looking
statements.
Forward-looking statements, forward-looking financial
information and other metrics presented herein are not intended as
guidance or projections for the periods referenced herein or any
future periods, and in particular, past performance is not an
indicator of future results and the results of High Tide in this
press release may not be indicative of, and are not an estimate,
forecast or projection of High Tide's future
results. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement and
reflect our expectations as of the date hereof, and thus are
subject to change thereafter. High Tide disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law. Factors that could cause anticipated
opportunities and actual results to differ materially include, but
are not limited to, matters referred to above and elsewhere in High
Tide's public filings and material change reports, which are and
will be available on SEDAR.
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SOURCE High Tide Inc.