Cannabis firm High Tide rises on plan to acquire Purecan GmbH

High Tide

13/01/2025 11:23

** U.S.-listed shares of cannabis firm High Tide  HITI.V 
 HITI.O  up 3.9% at $3.21 premarket
    ** Co says it will enter German medical cannabis market
through acquisition of Purecan GmbH
    ** Says it will acquire 51% of Purecan GmbH, for
approximately 4.8 million euros ($4.89 million) and will have a
future option to acquire the remaining interest in the firm
    ** North American cannabis firms, facing prohibitive laws,
an overcrowded market and a deeply entrenched illicit sector at
home are ramping up investments in Germany after the country
partly legalized marijuana use
    ** Acquisition will give High Tide majority stake in
Purecan's profitable operations, German import license,
warehousing and logistics infrastructure, and in-development
telemedicine portal - High Tide
    ** The transaction is expected to close in the coming weeks


($1 = 0.9808 euros)

 (Reporting by Tanay Dhumal in Bengaluru)
 ((Tanay.Dhumal@thomsonreuters.com; 
Twitter: https://twitter.com/TanayDhumal))