High Tide To Acquire 51% Of Purecan - Quick Facts

(RTTNews) - High Tide (HITI) announced signing a definitive agreement pursuant to which the company will acquire 51% of Purecan GmbH, for approximately 4.8 million euros, and will have a future option to acquire the remaining interest. Purecan is an import-oriented pharmaceutical wholesaler based in Germany, that holds a license to import medical cannabis into Germany and is preparing to launch a telemedicine portal for medical cannabis patients in Germany, along with complete warehousing and logistics infrastructure.

"By acquiring a 51% stake in Purecan, including its European wholesale and import license, its fully built warehousing and logistics infrastructure, and in-development telemedicine platform, we are strategically positioned to leverage our robust networks and relationships with Canadian licensed producers. With almost half of all German medical cannabis imports coming from Canada, this acquisition paves the way for us to emerge as a leading supplier of medical cannabis from Canada into Germany, potentially replicating our market share success in Canada," said Raj Grover, CEO of High Tide.