Leading Canadian cannabis retailer High Tide Inc. (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) has started selling CBD products in Germany via its United Kingdom-based subsidiary.
On Wednesday, the Calgary-based firm said it’s started to sell full-spectrum oils, gummies, creams, capsules and balms online via its subsidiary Enigmaa Ltd., which operates as Blessed CBD. Via BlessedCBD.de, the company will sell its products, sourcing them from a warehouse in Amsterdam.
High Tide CEO Raj Grover says the move gives his firm a foothold in Germany, which is poised to make up half of the European Union’s cannabis market by 2024, according to an analysis by 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,” Grover said in a statement.
He says High Tide’s diversified and unique “ecosystem” allows it to drive revenue, grow its annual earnings, while increasing market share internationally without having to rely on federal cannabis legalization in the U.S.
Analytics firm Fortune Business Insights projects the global demand for CBD products to reach up to US$56 billion by 2028.
High Tide owns Canna Cabana, Meta Cannabis Co. and Meta Cannabis Supply Co. retail banners. And it serves customers online via Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com. It also sells hemp-derived CBD products through Nuleafnaturals.com, FABCBD.com and BlessedCBD.co.uk,
High Tide launched its on-demand cannabis delivery service at some of its Canna Cabana stores in Alberta this week.