High Tide Inc. (“High Tide” or the “Company”) (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced today that its U.K. based subsidiary Blessed CBD has entered the German market with online sales of its full spectrum CBD oils, gummies, capsules, creams and balms via its official website at www.BlessedCBD.de. Additional CBD product categories will be introduced for sale in the German market in the coming months. Fulfillment will be facilitated through High Tide’s existing Amsterdam based warehouse.
The largest CBD market in Europe, Germany is poised to experience a significant increase in demand for CBD products in the coming years. The growth in demand for high quality CBD products is an international phenomenon, with Fortune Business Insights projecting global demand to reach US$56 billion by 2028, equating to a Compound Annual Growth Rate of 47%.
“Today’s news gives us a foothold in Germany which is poised to make up half of the E.U. cannabis market by 2024, according to Prohibition Partners. The move into Germany is part of our ongoing strategy to diversify our revenue base by identifying strategic opportunities and filling gaps in international cannabis markets through the organic expansion of our brands and products,” said Raj Grover, President and Chief Executive Officer of High Tide. “Our unique and diversified ecosystem allows High Tide to drive revenue, EBITDA growth and market share gains internationally, today, without having to rely on the potential of federal cannabis legalization in the U.S. Our CBD business lines provide us with high margin sales opportunities which allow us to further expand market share in our core business of bricks and mortar cannabis sales by enhancing our consolidated margin profile,” added Mr. Grover.
“With all of the recent cannabis-related developments in Germany, I’m thrilled about Blessed CBD’s launch in Europe’s largest cannabis market. As promised, this is the first phase of our blueprint to take Blessed CBD to emerging new international markets, and to truly create a globally recognised CBD powerhouse,” said Vithurs (V) Thiru, Founder of Blessed CBD. “As part of our 2022 expansion plans, and by leveraging High Tide’s cross-platform synergies, Blessed CBD will also be accelerating growth in additional key markets such as the USA and other European countries. This is going to be an exciting year at High Tide,” added Mr. Thiru.
