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High Tide Inc. has achieved a significant milestone as the first major publicly traded cannabis retailer to list on the Nasdaq under the ticker symbol HITI. This development is expected to enhance liquidity and attract a broader range of retail and institutional investors globally. The company's strategy focuses on strengthening its integrated value chain, with 87 retail locations across Canada and a portfolio of consumption accessory businesses. High Tide aims to optimize its capital costs and broaden its market appeal through this strategic listing.
High Tide Inc. announced the openings of two Canna Cabana stores in Alberta, expanding its retail cannabis footprint to 87 locations across Canada. This move aligns with High Tide's strategy to pursue organic growth in profitable areas. Despite ongoing pandemic-related construction restrictions in Ontario, the company is optimistic about future store openings there. High Tide remains the most profitable Canadian cannabis retailer by Adjusted EBITDA, supported by established banners and a robust consumption accessory business.
High Tide has achieved a significant milestone by becoming the first major publicly traded cannabis retailer approved for trading on Nasdaq. The company's shares, trading under the symbol HITI, are set to commence on June 2, 2021. This move is expected to enhance accessibility for both retail and institutional investors, as well as facilitate potential mergers and acquisitions. High Tide will continue trading on the TSX Venture Exchange and has ensured that its shares are eligible for electronic clearing through the Depository Trust Company.
High Tide Inc. announced a 15:1 share consolidation to meet Nasdaq listing requirements, effective on or about May 14, 2021. This consolidation reduces the number of outstanding shares from approximately 690.83 million to about 46.06 million. The listing on Nasdaq, under ticker symbol HITI, is expected in May 2021, contingent upon regulatory approval. This move aims to enhance share accessibility and appeal to potential investors and M&A opportunities, reinforcing High Tide's position as a leading cannabis retailer in Canada.
High Tide has completed the acquisition of Fab Nutrition, LLC (FABCBD) for US$20.64 million, acquiring 80% with the option for full control in three years. This strategic move enhances High Tide's presence in the U.S. e-commerce market for hemp-derived CBD products. The acquisition includes 15,154,09 shares valued at US$8.08 million and US$12.56 million in cash. FABCBD has strong potential with gross revenues exceeding US$13.5 million in 2021, offering High Tide a pathway to profitability without waiting for federal cannabis legalization.
High Tide has announced its acquisition of 80% of Fab Nutrition, LLC (FABCBD) for US$20.64 million, boosting its U.S. revenue run rate by approximately 60% to over C$40 million. FABCBD reported 2020 revenues of US$10.8 million and EBITDA of US$4.3 million, both more than doubling in the last two years. The acquisition supports High Tide's e-commerce strategy and is expected to create significant synergies, allowing FABCBD products to be sold across multiple platforms and expanding into Canada and the EU. The transaction is expected to close in May 2021.
High Tide has successfully completed the acquisition of the Canna Cabana retail cannabis store in Toronto, a significant contributor to its portfolio. The store, operational since June 2019, has generated over $1 million in royalties. The acquisition was finalized for approximately $4 million in cash, with High Tide assuming the loan related to the store, effectively saving over $2.3 million in dilution. High Tide continues to expand its retail presence in Ontario, aiming to solidify its position in Canada's largest cannabis market.
High Tide Inc. announced the opening of its 85th retail store, Canna Cabana, in Toronto, Ontario, enhancing its presence in Canada. This location is particularly strategic, benefiting from its proximity to popular restaurants and shopping areas. Despite pandemic-related construction restrictions impacting expansion speed, the company remains focused on growth in Ontario, which is seen as a significant opportunity for increased market share. High Tide operates retail locations across Canada, positioning itself as a leader in the cannabis market.
High Tide Inc. reported approximately (CAD) $775,000 in total retail gross revenues on April 20, 2021, marking an 80% increase from the previous week. Sales from the company's Canadian retail stores rose by 51%, while its e-commerce platforms saw a remarkable 201% surge. High Tide operates 84 retail locations across Canada and has developed a strong presence in the consumption accessories market. The company emphasizes its commitment to cannabis culture, celebrating these record-breaking sales despite ongoing pandemic-related restrictions.
High Tide Inc. has filed a final short form base shelf prospectus, allowing for a potential aggregate offering of up to C$100,000,000 in securities over the next 25 months. This strategic move is aimed at providing financial flexibility to take advantage of market opportunities. The company has not committed to any specific securities issuance at this time. The prospectus is applicable across all provinces and territories in Canada, and proceeds may be used for various corporate needs, including capital projects and acquisitions.
