High Tide Inc., the high-impact, retail-forward enterprise built to deliver real-world value across every component of cannabis, welcomed today’s vote in the German parliament to approve a bill making Germany the second G7 country to allow the consumption and private cultivation of cannabis for recreational purposes by adults. Today’s vote sets the stage for Germany to begin implementing “pillar 1” of its legalization plan, which will see possession and cultivation for personal use permitted by April 1, 2024, and not-for-profit social clubs begin operation as of July 1st, 2024. The German government has indicated that it will now begin work on a draft law related to “pillar 2” of its legalization plan, focusing on regional adult use pilot projects supported by commercial supply chains and for-profit cannabis specialty stores.
“We are very excited about the potential to bring our first-of-its-kind innovative discount club model to Germany, which is the world’s third-largest economy and a country with a population of over 83 million. That’s why our team has been closely monitoring legislative developments in Germany ever since the ruling coalition government indicated its desire to move towards adult-use legalization in December 2021,” said Raj Grover, Founder and Chief Executive Officer of High Tide.
“The passage of this bill is a historic moment as it makes Germany the second G7 country to legalize the consumption and private cultivation of cannabis for recreational purposes by adults, and sets the stage for the government to move forward with the second pillar of its plan which aims to set up regional adult use pilot projects focused on cannabis specialty shops. Our intention is to capitalize on this opportunity, given our deep experience and success through our unique and differentiated retail model, that we will seek to replicate in Germany as soon as legislation allows,” added Mr. Grover.
About High Tide
High Tide, Inc. is the leading community-grown, retail-forward cannabis enterprise engineered to unleash the full value of the world’s most powerful plant and is the second-largest cannabis retailer in North America by store count1. High Tide (HITI) is uniquely-built around the cannabis consumer, with wholly-diversified and fully-integrated operations across all components of cannabis, including: Bricks & Mortar Retail: Canna Cabana™ is the largest non-franchised cannabis retail chain in Canada, with 163 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba and Ontario and growing. In 2021, Canna Cabana became the first cannabis discount club retailer in North America.