It is a big day today for the cannabis retail company High Tide Inc (NASDAQ:HITI) as its stock started trading on NASDAQ, but so far it has been a rough ride as the stock declined by 5%. High Tide is the first cannabis retailer to be listed on NASDAQ.
The stock is going to trade under the ticker sign ‘HITI’. Although the stock has declined this morning, investors need to note that a NASDAQ listing is significant since it is going to give the High Tide stock exposure to institutional as well as retail investors from all across the globe.
Hence, it might be a good idea for investors to keep the stock in their watch lists over the coming days. Last week the stock had actually performed well and managed to deliver gains of 15%. Yesterday, the company announced that it started selling adult recreational cannabis products at two of its stores in Alberta. That is an indication that amidst the NASDAQ listing euphoria, the organic growth of High Tide is ticking along.
At the time of writing, HITI stock is down by 5.50% to $8.93. The stock has seen a total volume of 336K shares.