- High Tide (TSXV:HITI) is investigating the potential manipulation of its stock price
- The company operates Canna Cabana, the largest cannabis retail chain in Canada and the second-largest globally
- High Tide stock has added 8.59 per cent year-over-year, while giving back 61.31 per cent since 2021
High Tide (TSXV:HITI), Canada’s largest cannabis retailer, announced that it’s investigating the potential manipulation of its stock price.
According to Thursday’s news release, numerous direct communications with management, as well as comments on online forums and investor communities, have noted unusual trading patterns with High Tide stock, including around the company’s earnings announcements.
Specifically, the company notes that, on the day following earnings releases, its stock has tended to trade lower than the prior day’s closing price, despite earnings beating analyst expectations and the stock showing positive after-hours sentiment.
High Tide and its market maker are monitoring trading activity to get to the bottom of the issue, with the company stating “that it has reasonable grounds to believe that certain trading activity in its shares may not reflect normal market forces, and that certain conduct may be contrary to applicable securities laws in Canada and the United States.”
To this end, High Tide intends to retain forensic investigators and securities industry specialists for the purposes of an independent review, with any findings destined for the applicable regulatory authorities in Canada and the United States.
High Tide is encouraging shareholders or market participants with information about questionable trading activity in its stock to reach out to the company directly, with all information to be treated confidentially.
About High Tide
High Tide operates Canna Cabana, the largest cannabis retail chain in Canada and the second-largest globally, with 221 domestic locations and 1 in Germany, the latter serving medical patients through Remexian Pharma GmbH.
High Tide stock (TSXV:HITI) last traded at C$3.54, adding 8.59 per cent year-over-year, while giving back 61.31 per cent since 2021.
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