Hide Tide stock is rallying following notable developments in recent times.
Hide Tide, Inc. (HITIF) is an enterprise that builds brands that connect with cannabis consumers. HITIF shares have been rising with quite a bullish run over some period now. On Feb. 7, Hide Tide stock soared over 25% to close at $0.77.
The cannabis industry is developing into a billion-dollar market and with marijuana legalization happening in the late end of 2020, the cannabis stocks are rolling high. Similarly, Hide Tide is growing with the enhancement of the cannabis industry.
HITIF shares have jumped from $0.15 to as high as $0.88 in a gap of one year. The penny stock is aiming towards being the $1 stock. Let’s have a look at possible developments that can push the stock price further.
What’s happening?
Hide Tide, Inc. (HITIF) has been busy in the past few months. The growth of the cannabis sector has opened new ways for companies to invest and diversify their portfolio. The company has over a decade of experience in the cannabis industry and has positioned itself as a leading firm operating across the US, Europe, and Canada.
Recently, the company announced that it has upsized its previously “bought deal” short-form prospectus offering of 41,666,666 Unitsfor$0.48 per Unit. Hide Tide has amended the letter agreement with Echelon Wealth Partners and ATB Capital Markets to upgrade the offerings. The gross proceeds from the offerings are around $20 million.
The company intends to use the net proceeds for opening new retail cannabis stores and complete the strategic acquisitions. While the remaining proceeds would be used for general corporate and working capital purposes.
On Jan. 29, the Canadian cannabis firm also reported its strategic move to enter the cannabis e-commerce market. Hide Tide has signed an acquisition agreement with Smoke Cartel. This would be Hide Tide’s third cannabis US-based e-commerce site, after CBDcity.com and Grasscity.com. The deal is estimated to be around $8 million. This acquisition would give access to a wide range of new markets across Australia, Germany, and Mexico.
The company understands the significance ofthe e-commerce market. So, it’s good to jump into the online market to assure competitive authority.
Hide Tide is well-positioned and its strategic developments have helped the company to convert its debt into common stock holdings. In the Q1 fiscal 2021, various holders of convertible debentures, worth $7.365 million have converted their debt into common shares.
Conclusion
Hide Tide, Inc. (HITIF) is growing in confidence with all these developments. The continuous diversification of its cannabis network will give a great edge to the company—in the future. The company is also lowering its debt—over time—that is helping in strengthening its balance sheet. So, Hide Tide could do wonders, with a high bullish sentiment around the cannabis market.
