Blessed CBD, a subsidiary of High Tide Inc. (NASDAQ:HITI) (TSXV:HITI) (FSE: 2LYA) has entered the German market with online sales of its full spectrum CBD oils, gummies, capsules, creams and balms. 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 $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," stated Raj Grover, president and CEO 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 Grover.
High Tide Inc. capital markets advisor, Vahan Ajamian, will be one of the speakers at the Benzinga Cannabis Capital Conference in Miami. There’s still time to sign up for the event that will host many top names in the cannabis industry. Click here for more info.
