High Tide, a Canadian company, recently announced that it has acquired GrassCity, a leading online store for smoking accessories and cannabis lifestyle products. The acquisition is part of the company's strategic plan to enter the lucrative cannabis seed market in the United States.
The announcement was made by High Tide CEO, Raj Grover, who said that the acquisition provides an opportunity to expand the company's presence in the United States with the launch of cannabis seed sales. He said that the company's established e-commerce platforms, including Grasscity.com, will be used to support the launch of cannabis seed sales.
GrassCity was founded in Amsterdam, the Netherlands in 1999 and has grown to be one of the world's leading online stores for smoking accessories and cannabis lifestyle products. The company has a strong presence in Europe and has recently become more popular in the United States.
High Tide's acquisition of GrassCity is part of its plan to expand into the commercial cannabis seed market in the United States. According to Grover, GrassCity and Smoke Cartel, due to their top SEO rankings, organically built over the last twenty-two and eight years respectively, will provide the perfect platform for the launch of cannabis seed sales.
The acquisition of GrassCity will also help High Tide expand its retail segment which includes brands such as Grasscity.com, SmokeCartel.com, DailyHighClub.com as well as wholesalers Valiant Distribution and the recently launched Canadian wholesale division.
High Tide's acquisition of GrassCity is seen as a smart move by analysts, as it gives the company a foothold in the rapidly growing cannabis seed market. It is also seen as a way for High Tide to diversify its revenue streams and expand its reach in the United States.
The acquisition of GrassCity is expected to be completed within the next few months and is expected to have a positive impact on High Tide's financial performance.