Canadian cannabis retailer High Tide seeks Nasdaq listing

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Canadian cannabis retail and accessory company High Tide is applying for a listing on the Nasdaq exchange in the United States, with plans to pursue mergers and acquisitions.

Calgary, Alberta-based High Tide says it is Canada’s largest recreational marijuana retailer by revenue, with 67 locations in Alberta, Manitoba, Ontario and Saskatchewan after completing its acquisition of competitor Meta Growth in November.

The company said it is seeking the Nasdaq listing “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 opportunities within the U.S.,” High Tide said in a news release issued Wednesday.

High Tide, which operates marijuana accessory and CBD e-commerce businesses in the U.S., said it already earns roughly 23% of its revenue in that country.

High Tide said it would maintain its Canadian stock listing.

The company’s shares are currently traded on the TSX Venture Exchange as HITI. It also trades on the over-the-counter markets as HITIF.