Home Financial Markets Penny Stocks What might explain High Tide Inc.'s (OTCQB: HITIF) plummet?

What might explain High Tide Inc.’s (OTCQB: HITIF) plummet?

High Tide Inc. (OTCQB: HITIF), the stock was down at the previous close as it posted-12.03% to $0.6860. The stock recorded Volume of 33,693,854 against the 30-day Average Volume of 18.01M. During the last 52-week period the stock value ranged from $0.0433 – $0.8862.

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HighTide’s management team has been profitably catering to the cannabis consumer for over a decade. Our stores across Canada are complemented by our unique business of manufacturing, wholesaling, and distributing accessories internationally. This combination and our track record of execution have enabled us to consistently generate superior margins and continue driving long-term value for our shareholders, Company says on its official Website.

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What’s an Update?

February 12, 2021, a retail store in Calgary’s Country Hills neighbourhood, located at Unit #130 11130 11 St. NE, operated by High Tide Inc. (OTCQB: HITIF), began selling recreational cannabis products for adults. The High Tide outlet marks the Company’s 70th retail location across Canada.

The new store is part of High Tide’s plan to build scale and grow revenue through selectively opening recent locations in neighborhoods where cannabis retail options are in short supply, says Raj Grover, President, and CEO of High Tide.

In the same way that all of High Tide’s shops offer consumers a one-stop shopping experience, this new location will follow our unique one-stop approach that allows customers to purchase all their cannabis and accessory needs out of one place. Country Hills further expands High Tide’s access to southern Alberta, an area experiencing explosive population growth.

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Finally,

If you buy cannabis stocks, you would be putting your money into a too narrow niche. The cannabis ETF is fundamentally no different than saying you can’t stop thinking about snack foods, so why don’t you invest in a snack-food-ecosystem ETF. Although you can do it, you’re taking high risk with a high uncertainty level.

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