High Tide Inc (TSXV: HITI) is looking towards the US big boards. The company this morning announced that it has submitted an initial application to list its equity on that of the Nasdaq Stock Market within the US. The move notably comes before the company has upgraded its main listing to that of the Canadian big board.
The decision to attempt to list on the Nasdaq comes as the company looks to “enhance its investor profile as a part of its capital markets initiative.” The move is said to enable the company to accelerate its strategy that is focused on the US in terms of both attracting institutional and retail investors as well as M&A opportunities in the US.
High Tide reportedly already earns 23% of its revenues from the US markets. As a result, the company wants to expand its focus on CBD and accessories in this market by expanding its retail footprint. As many investors know, the company is not able to touch the cannabis plant in the US if it wishes to be listed on the US big boards, or even on the TSX or Venture Exchange in Canada for that matter.
The company intends to remain listed on the TSX Venture within Canada.
High Tide Inc last traded at $0.16 on the TSX Venture.
Written by: Jay Lutz
Source: The Deep Dive