Data from Benzinga Pro shows High Tide Inc. HITI shares experienced a significant surge, gaining over 21% in the last two trading sessions, closing at $3.47 on Monday, December 2.

This positive performance was reflected in a trading volume of 2,396,045 shares and a market capitalization of $279,947,340. The stock reached a daily high of $3.57 and a low of $3.21.

• Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. You can’t afford to miss out if you’re serious about the business.

Read Also: Cannabis Giant High Tide Taps Into $113 Billion Global E-Commerce Market With New Product Categories

Cabana Club

This substantial increase in stock price indicates strong investor confidence in the company’s prospects. While specific catalysts for this surge haven’t been explicitly identified, it could be attributed to a variety of factors, including positive reports, strategic partnerships, or overall market sentiment.

High Tide Inc. is expanding its innovative Cabana Club membership program to the U.S., EU and UK through dedicated websites.

“Innovation and market disruption are at the core of High Tide’s DNA, and today marks another milestone in our journey,” said Raj Grover, the company’s founder and CEO. 

High Tide also said it’s adding international snacks and confectionery to its e-commerce platform, alongside hemp-derived CBD and cannabis accessories.

With the move the company is tapping into the global e-commerce market for snacks and confectionery, which is, according to Statista, expected to reach over $113 billion in revenue in 2024, with an anticipated annual growth rate of 14%, resulting in a projected market volume of roughly $218 billion by 2029.

Read Next: High Tide Cannabis Co. Ranks Among Top Growing Businesses In Canada In 2024