07:13 AM EST, 01/13/2025 (MT Newswires) -- High Tide (HITI.V), up 5.5% in U.S. pre-market trading, on Monday said it will acquire 51% of Purecan, a German pharmaceutical wholesaler, for 4.8 million euros in cash and shares.

Purecan holds a license to import medical cannabis into Germany and is preparing to launch a telemedicine portal for medical cannabis patients in Germany, along with complete warehousing and logistics infrastructure, a statement noted.

High Tide, which has an option to acquire the rest of Purecan, said this transaction provides a gateway to expand into other European medical cannabis markets.

"By acquiring a 51% stake in Purecan, including its European wholesale and import license, its fully built warehousing and logistics infrastructure, and in-development telemedicine platform, we are strategically positioned to leverage our robust networks and relationships with Canadian licensed producers," said said Raj Grover, founder and chief executive of High Tide. "With almost half of all German medical cannabis imports coming from Canada, this acquisition paves the way for us to emerge as a leading supplier of medical cannabis from Canada into Germany, potentially replicating our market share success in Canada."

High Tide was last seen up US$0.17, to US$3.26 in U.S. premarket trading.