High Tide (HITI) IPO: Stock Gains On Nasdaq Listing Approval, What Next?

May 29, 2021 02:45 AM AEST | By Anuj

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High Tide (HITI) IPO: Stock Gains On Nasdaq Listing Approval, What Next? — Image source: Dmytro Tyshchenko,Shutterstock

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New York-based Nasdaq Exchange has accepted the listing application of Canadian cannabis retailer High Tide’s (TSXV:HITI), the company announced on Friday, May 28. The stock soared by 11 per cent intraday (at 11:00 AM ET) in the wake of this development.

The Canadian pot firm’s common shares are expected to commence trading on the Nasdaq stock market with the same TSXV ticker, "HITI", on Wednesday, June 2, 2021. The company’s President and CEO Raj Grover stated that they have already completed the electronic transaction and settlement process that can be executed through the Depository Trust Company (DTC).

Let us take a glance at this pot stock’s price movement:

High Tide Inc. (TSXV:HITI)

The Calgary-based company produces cannabis products and offers wholesale services in over 80 locations, such as Alberta, Ontario, Saskatchewa, and Manitoba.

After listing on the US-based exchange, the company will have access to the potential cannabis consumers across North America in line with its rivals HEXO (TSX:HEXO) and Canopy Growth (TSX:WEED).

The stock was trading at 10.30 apiece (at 10:45 AM ET), and in the first two trading hours, the volume was 482,000 shares against the 10-day volume of 288,000 shares.

The pot stock is up 168.50 per cent this year. However, it is down over 39 per cent from this year’s record high of C$ 16.95 per share (on February 8, 2021).

It has swelled almost 315 per cent in one year, driven by the green rally. Its 30-day average trading volume is 180,000 million with a market cap of around C$ 456 million.

Earlier in August 2020, the company merged with cannabis distributor Meta Growth Corp to create a pot supply chain across Canada.

Hight Tide's One-Year Price Trajectory Against Moving Average Multiple And Volume. (Source: Refinitiv)

After today’s sharp spike, the stock crossed its moving average multiples, indicating a bullish trend. The company’s volume has also improved in the last few trading sessions but still behind its mid-February rally.

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