High Tide (HITI) has entered into a definitive agreement to acquire a 51% stake in Purecan GmbH for approximately 4.8 million euros. The agreement includes an option to purchase the remaining shares in the future. Purecan GmbH, a German-based pharmaceutical wholesaler, holds an import license for medical cannabis in Germany and is in the process of launching a telemedicine platform for medical cannabis patients, supported by comprehensive warehousing and logistics capabilities.
Raj Grover, CEO of High Tide, commented on the acquisition, noting that by taking control of 51% of Purecan, including its European wholesale and import license, ready-built warehousing, logistics infrastructure, and its developing telemedicine platform, High Tide is well-positioned to utilize its strong networks and relationships with Canadian licensed producers. Given that nearly half of Germany's medical cannabis imports stem from Canada, this acquisition positions High Tide as a potential leading supplier of Canadian medical cannabis to the German market, mirroring its success in capturing market share in Canada.
