High Tide Acquires Majority Stake in German Cannabis Firm

LOS ANGELES- High Tide Inc., a Canadian cannabis enterprise, has acquired a 51% stake in Frankfurt-based pharmaceutical company Purecan for approximately €4.8 million. This strategic move marks High Tide’s entry into Germany’s medical cannabis market.

The transaction includes a combination of cash, common shares, and a promissory note. High Tide retains an option to acquire the remaining interest in Purecan over the next five years.

This acquisition aligns with High Tide’s strategy to expand its international footprint, particularly in Europe. Germany, recognized as Europe’s largest medical cannabis market, has recently implemented reforms to decriminalize cannabis possession and cultivation for personal use.

High Tide’s CEO, Raj Grover, expressed optimism about the German market, highlighting the company’s readiness to introduce its cannabis discount club model, Canna Cabana, to German consumers as regulations permit.

The acquisition of Purecan is expected to enhance High Tide’s operational capabilities in Germany, enabling the company to effectively serve the growing demand for medical cannabis products. The company plans to leverage Purecan’s established distribution network and local market expertise to facilitate its expansion.

This development is part of a broader trend of North American cannabis companies seeking opportunities in Germany, as they face market saturation and regulatory challenges in their domestic markets. Germany’s evolving cannabis policies present a promising avenue for growth and diversification for these firms.