High Tide Scores Big in Germany Through Remexian Distribution

CALGARY-BERLIN – High Tide Inc. reported that its majority-owned German subsidiary, Remexian Pharma GmbH, distributed 7.6 tons of medical Cannabis flower into the German market during the second fiscal quarter ended April 30, 2026 – the highest quarterly volume in the company’s history since its founding in 2018. Volume increased 21% on a sequential basis and 49% year-over-year.

To understand what 7.6 tons means in practice, consider where Remexian was standing just months ago. During the fiscal first quarter of 2026, Remexian generated €25 million in revenue, averaging over €8 million per month, while February 2026 saw 2.6 tons distributed and €12 million in revenue. A full quarter at 7.6 tons implies the company sustained and extended that February pace.

The broader market context gives further scale. Germany imported 201.1 tons of medical Cannabis across all of 2025 [more than double the prior year’s 72.9 tons] with Canada supplying over 93 tons, or nearly half of the country’s total. Remexian’s 7.6-ton quarter against that national backdrop suggests the company is compounding its share of a market that itself keeps growing.

The record distribution comes against the backdrop of a supply disruption that shadowed Remexian through much of the prior two quarters. Following the acquisition’s close in September 2025, Remexian experienced a temporary operational slowdown tied to biomass held in Portugal that predated the transaction. As recently as March 2026, management noted that roughly 7-8 tons of biomass remained awaiting release in Portugal, down from 17 tons at closing, and that import permit delays had made the preceding month softer than anticipated.

A 7.6-tons quarter strongly implies those constraints have eased considerably. High Tide had also begun routing Canadian-sourced biomass to Remexian at what management described as best-in-class procurement terms; supply that was expected to arrive and improve both volume and margin through the spring. The record tonnage figure is consistent with both pipelines opening up simultaneously.

High Tide Founder and CEO Raj Grover framed the result as structural validation. “Distributing 7.6 tons in a single quarter is not just a record for Remexian; it is clear evidence that our model is scaling in the largest medical Cannabis market in Europe,” Grover said, adding that the company is “building a repeatable, capital-efficient distribution engine that can be expanded across Europe.”

What Remains to Be Watched

First, gross margin. Prior quarters were compressed by the discounted liquidation of Portugal biomass approaching expiry, and management had projected improvement once Canadian supply began flowing. The June financial release will show whether volume growth is translating into better economics, or simply higher top-line revenue at thin margins.

Second, German regulatory risk has not disappeared. A new law governing medical Cannabis access, including potential restrictions around telemedicine prescribing and mail-order delivery, was under parliamentary debate earlier this year. Changes there could reshape patient access patterns, with downstream effects on wholesale demand. High Tide has expressed cautious optimism that the final legislation will be less restrictive than feared, but that remains an open variable.

Third, the competitive environment in Germany is consolidating fast. Scale, licensing breadth, and supply chain efficiency have become the dominant factors separating the larger distributors from smaller peers, and margins across the supply chain are compressing as price competition intensifies among a growing patient base of nearly 900,000.

Taken together, Remexian’s record Q2 2026 distribution is the clearest evidence yet that High Tide’s European bet is paying off operationally. The acquisition, struck at a lean 3.6x EBITDA multiple, is beginning to generate the volume that justified the deal thesis. Whether this pace holds will depend on sustained import flows, competitive dynamics, and any shifts in reimbursement or licensing policies. High Tide’s Canadian roots give it leverage on cost and supply. However, its continued profitability in Europe will ultimately rest on execution at the local level.