NEWS BRIEF

Cannabis retailer High Tide files CA$100 million shelf prospectus

Canadian cannabis retail chain High Tide filed a preliminary short form base shelf prospectus in order to raise up to 100 million Canadian dollars ($80 million) over a 25-month period.

After the prospectus is finalized, High Tide may issue securities including shares, warrants, units, subscription receipts, debt securities and convertible securities.

The company might use the proceeds from those securities for “general corporate purposes, capital projects, internal expansion, or for the acquisition of other businesses, assets or securities by the company or one of its subsidiaries,” according to a news release issued Friday.

High Tide currently operates 80 marijuana stores in four Canadian provinces, according to the prospectus, including:

  • 53 stores in Alberta.
  • 15 stores in Ontario.
  • 9 stores in Manitoba.
  • 3 stores in Saskatchewan.

The company also owns cannabis accessory and CBD e-commerce businesses in the United States.

High Tide posted revenue of CA$83.3 million for its 2020 fiscal year and has applied for a listing on the Nasdaq exchange in the U.S.

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

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