After consolidating its shares and significantly reducing the amount of outstanding common shares, Canadian cannabis retailer High Tide (OTCMKTS:HITIF) is one step closer to a Nasdaq Exchange listing.
Companies usually consolidate their shares to comply with exchange rules on share price minimums, similar to a reverse split.
Today’s news represents a significant milestone towards High Tide becoming the first major cannabis retailer anywhere in the world to be listed on Nasdaq, making our shares more accessible to a larger audience of both retail and institutional investors, and increasing our appeal to potential M&A targets. The announced share consolidation, coupled with other recent progress in our application, gives us confidence that we remain on course to meet the listing standards and begin trading on Nasdaq by the end of this monthPresident/CEO – Raj Grover
High Tide will gain high momentum via Acquisitions
HITIF stock will have some traction and tailwinds once it begins trading on the Nasdaq, thanks to recent acquisitions in both its home country and the United States.
High Tide expanded its cannabis consumption product offerings earlier this week with the purchase of an 80 percent stake in Fab Nutrition, a leading online retailer of hemp-derived CBD goods.
HITIF expanded its Canadian distribution network in late April by purchasing a Toronto Canna Cabana store, one of the province’s original 25 cannabis retail outlets. The store has paid High Tide over $1 million in royalties so far.