Cannabis firm High Tide to raise up to CA$40 million via at-the-market offering

Canadian cannabis retail, CBD e-commerce and accessory company High Tide announced plans to raise up to 40 million Canadian dollars ($31.3 million) over time by way of an at-the-market equity program.

The funding will be used “to fund two specific strategic initiatives (High Tide) is currently developing,” according to a Monday news release that did not specify what those initiatives might be.

The funds also will “support the growth and development of the company’s existing operations, funding future acquisitions as well as working capital and general corporate purposes.”

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The Calgary, Alberta-based company has made a series of acquisitions this year, most recently acquiring 80% of NuLeaf Naturals, a Colorado CBD company.

Shares of High Tide trade as HITI on the Nasdaq and TSX Venture Exchange.