- High Tide becomes the first major publicly traded cannabis
retailer to trade on the Nasdaq.
- Listing highlights High Tide's broad cannabis ecosystem,
positioning the Company to attract larger M&A opportunities in
Canada, the U.S. and
beyond.
- The Company's updated investor presentation is now available
at hightideinc.com.
CALGARY, AB, June 2, 2021 /CNW/ - High Tide Inc.
("High Tide" or the "Company") (TSXV: HITI) (NASDAQ:
HITI) (FRA: 2LYA), a retail-focused cannabis corporation enhanced
by the manufacturing and distribution of consumption accessories,
is pleased to announce that the Company's common shares (the
"Common Shares") will commence trading today on the Nasdaq
Capital Market (the "Nasdaq") under the ticker symbol
"HITI". The Company's Nasdaq listing is expected to increase access
to investment in High Tide from retail and institutional investors
around the world. Furthermore, with access to a much larger capital
market, the Company expects to improve liquidity for its Common
Shares and, in turn, optimize its cost of capital.
![High Tide Inc. - June 2, 2021 (CNW Group/High Tide Inc.) High Tide Inc. - June 2, 2021 (CNW Group/High Tide Inc.)](https://mma.prnewswire.com/media/1523702/High_Tide_Inc__High_Tide_Begins_Trading_on_Nasdaq_Today_Under_Sy.jpg)
High Tide continues to retain its listing on the TSX Venture
Exchange (the "TSXV") under the symbol "HITI". The ticker
used for the Common Shares traded on the OTC Markets quotation
system under the current symbol "HITID" has been seamlessly
transferred to the new ticker symbol "HITI".
Furthermore, as of today, High Tide is the first major publicly
traded cannabis retailer to begin trading on the Nasdaq.
"The listing of the Common Shares on the Nasdaq represents a
milestone in the retail cannabis industry and demonstrates the
realization of our efforts in turning High Tide into a first-class
cannabis retailer," said Raj Grover, President and Chief Executive
Officer of High Tide. "High Tide's listing on the Nasdaq gives us
access to one of the world's largest capital markets and is in
alignment with our long-term goals of enhancing shareholder value
by increasing liquidity, optimizing our cost of capital, while
furthering High Tide's appeal to international and institutional
investors," added Mr. Grover.
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 87 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 Tilray Inc. (TSX: TLRY)
(NASDAQ:TLRY) and Aurora Cannabis Inc. (TSX:ACB) (NASDAQ: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 regarding High Tide and its
business include, but are not limited to, statements with respect
to: the listing of High Tide's Shares on Nasdaq and the timing
thereof, and the Company's ability to increase liquidity for
its Common Shares, optimize its cost of capital and appeal to
international and institutional investors. The forward-looking
events and circumstances discussed in this press release may not
occur by certain specified dates or at all and could differ
materially as a result of known and unknown risk factors and
uncertainties affecting High Tide, including risks relating to the
listing of the Common Shares on the NASDAQ, a shutdown of the
United States government, the Nasdaq listing not providing
High Tide with broadened access to international and institutional
investors or enhancing High Tide's liquidity, the Company not
expanding globally, which could result in the Company not having a
diversified business platform for growth, the Company not being
well positioned to pursue additional opportunities for growth, or
such opportunities no longer being available to High Tide, risks
associated with the geographic markets in which High Tide operates,
risks associated with fluctuations in exchange rates (including,
without limitation, fluctuations in currencies), risks associated
with the cannabis industry and the regulation thereof, the failure
to comply with applicable laws, the failure to obtain regulatory
approvals, economic factors, market conditions, the equity and debt
markets generally, risks associated with growth and competition,
general economic and stock market conditions, risks and
uncertainties detailed from time to time in High Tide's filings
with the TSXV and Canadian Securities Administrators, 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 and many other factors beyond the control of High
Tide. Readers are cautioned that the foregoing list is not
exhaustive. Readers are further 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. Such information, although considered reasonable
by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those
anticipated.
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 applicable securities laws.
__________________________________
|
1 Adjusted EBITDA is a non-IFRS
financial measure.
|
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SOURCE High Tide Inc.