High Tide (HITI) Holds on as PRISM Cannabis Index Number One on The Day as it Makes German and Canadian Waves

The second largest cannabis retailer in North America by store count, High Tide Inc. (HITI) was making moves on the day trading up ~15% and led the PRISM Cannabis Index. While today the company publicly congratulated Germany on its start of cannabis legalization, it has also made some Canadian plays to go along with potential Canadian cannabis tax reform.

Today’s move could be attributed to the non-binding LOI that was signed by the company in January with Berlin-based health and life sciences company, Sanity Group. This LOI would leverage synergies between both parties that would take advantage of German legalization within their respective supply chain verticals. To add to this highlight made in the company’s German congratulatory announcement today, the stock was upgraded by Zacks to Strong Buy. In the past two weeks, the company has acquired the premium Canadian Cannabis brand, Queen of Bud and opened its third and fourth Canna Cabana retail store in Mississauga, Ontario.