- Second Largest Cannabis Retailer in North America by Store Count Well Positioned to Enter German Market Once Regional Pilot Programs Commence
CALGARY, Canada – High Tide Inc., (“High Tide” or the “Company“) (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, welcomes the start of cannabis legalization in Germany.
Effective today, German adults will be allowed to possess up to 25 grams of cannabis and grow up to three plants for personal use. Then, beginning July 1, German adults will be able to join not for profit social clubs where they will be able to purchase up to 25 grams of cannabis, with a cap of 50 grams per month.
That cap is 30 grams for members under 21 years old. These reforms represent the first pillar of Germany’s cannabis legalization strategy. The German government has made it clear that it also intends to move forward with the second pillar of its plan, that would establish pilot programs for commercial sales through cannabis specialty shops in cities throughout the country. That legislation is expected to be unveiled after it is submitted to the European Commission for review later this year.
High Tide has been closely following legislative developments in Germany for some time and in January 2023, signed a non-binding letter of intent (the LOI) with the Berlin-based health and life science company, Sanity Group. The LOI is designed to leverage synergies between both complementary companies and position each to take advantage of German legalization within their respective supply chain verticals.
“Today marks a historic moment as Germany becomes the second G7, and largest European country to legalize cannabis. Although this is just the first pillar of Germany’s cannabis reform strategy, we applaud the government’s commitment to move forward with the second pillar which will enable commercial sales through cannabis specialty shops in select cities and regions pending EU approval. Later this month I will join our chief communications and public affairs officer in Berlin, as we look to expand relationships with an eye to facilitating our entry into this lucrative market as soon as possible,” said Raj Grover, founder and chief executive officer of High Tide.
“Our experience as the second largest cannabis retailer in North America, combined with our strategic relationship with Berlin-based Sanity Group, positions High Tide well to bring our first-of-its-kind cannabis discount club model, powered by the Cabana Club, which now exceeds 1.33 million Canadians, to German consumers as soon as legislation allows,” added Grover.
