HITI action: 7 things to know as high tide begins to trade on the Nasdaq
Today, the Canadian cannabis retailer High tide (NASDAQ:HITI) began to be traded publicly on the Nasdaq Stock Exchange. The shares opened at $ 9.79 and have been falling steadily since. Currently, HITI shares can be purchased for $ 8.70.
This eagerly awaited announcement follows a long period of anticipation. The company had to undertake a consolidation of shares to meet Nasdaq listing requirements. This consolidation allowed High Tide investors to receive one share for every 15 shares previously held. With this reduction, the company was able to increase its price per share enough to meet the minimum listing requirement of $ 1 per share. The move also added a margin of safety for investors, should the stock price fall further.
Member Investor place contributor Robert Lakin noted the importance of this news in a recent article. The President and CEO of High Tide said: “Today’s news represents an important step for High Tide to become the world’s first major cannabis retailer to be listed on the Nasdaq, making our stocks more accessible to a wider audience of retail and institutional investors, and increasing our appeal to potential mergers and acquisitions targets.
Indeed, this news is great. As a result, investors may be puzzled by this name. Let’s dive into what High Tide is doing for investors interested in this cannabis game.
HITI stock appeals to growth investors in the cannabis space
- High Tide was founded in 2009 in British Columbia, Canada, with the intention of being a leading cannabis retailer.
- The company currently operates in Canada, Europe and the United States
- Additionally, High Tide has grown aggressively. The company reports it almost doubled its footprint in Canada following the acquisition of Meta Growth.
- Other acquisitions have provided excellent growth for investors in HITI shares. These include taking a 80% of the capital in Fabulous nutrition and the acquisition from a Canna Cabana store in Toronto.
- These movements resulted in a 166% increase in turnover year after year last year.
- In addition, the company reported gross margins of 37% for the last fiscal year.
- Indeed, when it comes to speculative games, this is a title that has received special attention lately. The company hopes that its listing on the Nasdaq will broaden its investor base.
As of the publication date, Chris MacDonald does not have (directly or indirectly) any position in any of the stocks mentioned in this article. The views expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.
Article printed by InvestorPlace Media, https://investorplace.com/2021/06/hiti-stock-7-things-to-know-as-high-tide-starts-trading-on-the-nasdaq/.
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