High Tide pumps the brakes on Purecan deal in Germany | How to buy Skittles Moonrock online

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High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) halted its planned acquisition of German cannabis company Purecan GmbH, the Canadian retailer announced Tuesday, just weeks after initially unveiling the deal.

The company is now looking at different ways to enter the German medical cannabis market after reconsidering the deal structure during its due diligence process.

“During ongoing due diligence, the Company reassessed the optimal structure for this transaction and is now exploring alternative arrangements with Purecan to allow High Tide to maintain its planned commercial exposure into the German market,” High Tide said in a news release.

The company had announced last month that it would acquire a 51% stake in Purecan for approximately €4.8 million. The original deal included €2.4 million in High Tide common shares, €1.2 million in cash, and a €1.2 million promissory note.

High Tide didn’t say exactly why it paused the acquisition but emphasized it remains committed to entering the German market.

“There is no certainty that an alternative arrangement with Purecan will proceed. High Tide will update the market as required. The Company continues to be committed to the German medical cannabis market and will explore both alternative structures with Purecan and other opportunities for entry into Germany,” according to the release.

High Tide operates 192 Canna Cabana retail stores across Canada and ranks as the second-largest cannabis retailer globally by store count, according to ATB Capital Markets data cited in the release.

CEO Raj Grover has touted in recent months the company’s disciplined expansion approach in Canada, where it opened 30 new stores during fiscal 2024, bringing its retail footprint to 191 dispensaries. The company expects to open 20-30 additional locations in 2025.

Despite posting a C$3.8 million loss for fiscal year 2024, the company’s reported six consecutive quarters of positive free cash flow and recorded C$522.3 million in annual revenue.