Canadian marijuana retailer High Tide gets green light for Nasdaq listing

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High Tide, a major Canadian retail marijuana chain with assets in U.S. cannabis accessories and CBD e-commerce markets, received approval to list its shares on the Nasdaq Capital Market, the company said Friday.

Calgary, Alberta-based High Tide revealed in December it was pursuing a listing on the U.S. exchange.

Shares are expected to begin trading on June 2 under the ticker symbol HITI.

The company will retain its Canadian stock exchange listing on the TSX Venture Exchange, where its shares also trade as HITI.

“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,” High Tide President and CEO Raj Grover said in a statement.

“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.”

High Tide has already undertaken several U.S. acquisitions this year, including Georgia-based online head shop and CBD retailer Smoke Cartel and Milwaukee-based CBD e-commerce marketplace FabCBD.

In April, High Tide filed a preliminary short form base shelf prospectus to raise up to 100 million Canadian dollars (roughly $83 million).

High Tide consolidated its shares earlier this month in order to meet the Nasdaq’s listing requirements.

The Nasdaq listing remains subject to regulatory requirements, according to High Tide.