High Tide Inc. (“High Tide” or the “Company“) (TSXV: HITI) (OTCQB: HITIF) (FRA: 2LY), a retail-focused cannabis corporation enhanced by the manufacturing and distribution of consumption accessories, is pleased to announce that it will be consolidating all of its issued and outstanding common shares (“Common Shares“) on the basis of one (1) post-consolidation Common Share for each fifteen (15) pre-consolidation Common Shares (the “Share Consolidation“). The Share Consolidation represents another major step towards the listing of the Common Shares on The Nasdaq Stock Market LLC (“Nasdaq“) by meeting the minimum share price requirement set by Nasdaq.
“Today’s news represents a significant milestone towards High Tide becoming the first major cannabis retailer anywhere in the world to be listed on Nasdaq, making our shares more accessible to a larger audience of both retail and institutional investors, and increasing our appeal to potential M&A targets,” said Raj Grover, President and Chief Executive Officer of High Tide. “The announced share consolidation, coupled with other recent progress in our application, gives us confidence that we remain on course to meet the listing standards and begin trading on Nasdaq by the end of this month,” added Mr. Grover.
The listing of High Tide’s Common Shares on Nasdaq remains subject to the approval of Nasdaq and the satisfaction of all applicable listing and regulatory requirements, including the effectiveness and clearing comments of the Form 40-F. Following receipt of all required approvals, the Company will issue a press release announcing its first trading date on Nasdaq.