Canada-based cannabis retailer High Tide is getting into the German medical marijuana market with the acquisition of 51% of Purecan GmbH for 4.8 million euros ($4.9 million) in a cash-and-stock deal.
Purecan’s owners also agreed to give Calgary, Alberta-based High Tide an option to require the remaining interests in the company in the next five years after the deal closes, according to a Monday news release.
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Germany is one of the largest importers of cannabis in the world, with nearly half of imports coming from Canada.
And Frankfurt-based Purecan is a profitable cannabis importer in the European country, the release noted.
Germany removed marijuana from its narcotics list and legalized an adult-use market, effective last April.
The heralded new law stopped short
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