Canada-based hashish retailer Excessive Tide is stepping again from its cope with Purecan GmbH to enter Germany’s medical marijuana market.
The Calgary, Alberta-headquartered firm deliberate to accumulate a 51% curiosity in Purecan in a cash-and-stock deal for 4.8 million euros ($4.9 million) however, after conducting its due diligence, is now reconsidering what the perfect deal construction is.
Though Excessive Tide mentioned it’s exploring different preparations with Purecan, there isn’t any assure {that a} deal between the 2 corporations will transfer ahead, in response to a Tuesday information launch.
Excessive Tide’s proposed acquisition, introduced Jan. 13, would have included Purecan’s:
European wholesale and import license.
Warehousing and logistics infrastructure.
Telemedicine platform.
Frankfurt-based Purecan is a worthwhile hashish importer in Germany.
Excessive Tide mentioned it’ll additionally search for different alternatives to enter the German hashish market.
Germany is likely one of the world’s largest hashish importers, with almost half of imports coming from Canada.
Germany eliminated marijuana from its narcotics record and legalized an adult-use market, efficient final April.
The latest election victory by conservative chief Friedrich Merz might lead to a slowdown or reversal of Germany’s latest hashish reform as his get together has beforehand opposed legalization efforts.
Shares of Excessive Tide commerce as HITI on the Nasdaq and TSX Enterprise Trade.
