High Tide Subsidiary Blessed CBD Enters German Market
Largest CBD market in Europe, Germany is poised to experience a significant increase in demand for CBD products in the coming years. Growth in demand for high-quality CBD products is an international phenomenon, with Fortune Business Insights forecasting global demand to reach US$56 billion by 2028, which equates to a compound annual growth rate of 47%.1
“Today’s news gives us a foothold in Germany which is expected to account for half of the European 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 CEO. from the management of High Tide. diverse ecosystem enables 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 United States. United. Our CBD lines of business provide us with high-margin sales opportunities that allow us to grow further. market share in our core physical cannabis sales business by improving our consolidated margin profile,” added Mr. Grover.
“With all the recent cannabis-related developments in GermanyI am delighted with the launch of Blessed CBD in Europe largest cannabis market. As promised, this is the first phase of our plan to bring Blessed CBD to new emerging international markets and truly create a globally recognized CBD powerhouse,” said Vithurs (V) Thiru, Founder of Blessed CBD. “As part of our 2022 expansion plans, and leveraging High Tide’s cross-platform synergies, Blessed CBD will also accelerate growth in other key markets such as the United States and other European countries. It will be an exciting year for High Tide,” added Mr. Thiru.
ABOUT HIGH TIDE
High Tide is a leading retail-focused cannabis company with bricks-and-mortar and global e-commerce assets. The company is Canada’s largest recreational cannabis retailer by revenue, with 113 current locations spanning Ontario, alberta, Manitoba and Saskatchewan. High Tide featured in Report on Business magazine’s third annual ranking from Canada Top Growing Companies in 2021, and was named among the 10 Best Performing Stocks in Diversified Industries in the 2022 TSX Venture 50™. The Company is also North America first and only cannabis discount club retailer, with Canna Cabana, Meta Cannabis Co. and Meta Cannabis Supply Co. banners, with additional locations under development across the country. High Tide’s portfolio also includes retail kiosk and smart locker technology – Fastendr™. High Tide has been serving consumers for over a decade through its established e-commerce platforms including Grasscity.com, Smokecartel.com, Dailyhighclub.com and Dankstop.com and most recently in the hemp-derived CBD space through Nuleafnaturals.com, FABCBD.com and BlessedCBD.co.uk, as well as its wholesale distribution division under Valiant Distribution, including licensed entertainment product maker Famous Brandz. High Tide’s strategy as a parent company is to expand and strengthen its integrated value chain, while delivering a comprehensive customer experience and maximizing shareholder value.
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ABOUT BLESSED CBD
Enigmaa Ltd., trading as Blessed CBD, is one of the UK’s leading online retailers of hemp-derived CBD products. The company provides a hemp-derived CBD marketplace with a wide variety of high-quality products and formulas, affordable prices, fast reliability. shipping and surprisingly nice customer service. Blessed CBD has been featured as the UK’s top CBD brand in several publications including The Mirror, Reader’s Digest and Maxim Magazine.
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Certain statements contained in this press release are forward-looking information or forward-looking statements. Such information and statements, referred to herein as “forward-looking statements”, are made as of the date of this press release or the effective date of the information described in this press release, as the case may be. Forward-looking statements relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events. Any statement that expresses or involves discussions regarding predictions, expectations, beliefs, plans, projections, goals, assumptions or future events or performance (generally, forward-looking statements can be identified by the use of words such as “outlooks”, “expects”, “anticipates”, “anticipates”, “anticipates”, “plans”, “projects”, “estimates”, “considers”, “assumes”, “needs”, “strategy”, “goals”, “objectives”, or variations thereof, or indicating that certain actions, events or results “may”, “may”, “could”, “will”, “might” or “will “undertaken, will occur or be achieved, or the negative of any of these similar terms or expressions, and any other similar terminology) are not statements of historical fact and may be forward-looking statements.
These forward-looking statements are based on assumptions which may prove to be incorrect, including, but not limited to, High Tide’s ability to execute its business plan and that High Tide will receive one or more licenses from Alberta Gaming , Liquor & Cannabis, from British Columbia Liquor Distribution Branch, Liquor, Gaming and Cannabis Board of Manitobaliquor and gaming commission Ontario or the Saskatchewan Liquor and Gaming Authority permitting it to operate Canna Cabana Inc. High Tide considers these assumptions to be reasonable under the circumstances. However, there can be no assurance that one or more of the governmental, industry, commercial, operational or financial objectives set forth herein will be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied. -understood by these forward-looking statements. .
The forward-looking statements contained herein speak only as of the date of this press release. Except as required by law, High Tide has no obligation to notify anyone if it becomes aware of any inaccuracy or omission in any forward-looking statement, nor does High Tide intend or assume any obligation to update or revise these forward-looking statements. – forward-looking statements to reflect new events or circumstances. All forward-looking statements included in this press release are expressly qualified by this cautionary statement and, unless otherwise stated, are made as of the date of this press release.
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SOURCE High Tide Inc.