United States:
High Tide Becomes The First Major Publicly Traded Cannabis Retailer To Trade On NASDAQ
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Pryor Cashman client High Tide Inc. became the first major
publicly traded cannabis retailer to trade on NASDAQ
yesterday. According to the press release, the listing
positions the company to attract larger M&A opportunities
throughout North America and globally.
Pryor Cashman advised High Tide on U.S. compliance matters
relating to the listing. The team was led by Jeffrey Johnson, chair
of the firm’s Cannabis practice, with assistance from partners
Eric Hellige and Samson Bechhofer.
Also, according to the company’s press release:
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 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.
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