💸 The Tape

High Tide Inc. (Nasdaq: HITI), the Canadian cannabis retail heavyweight, is diving into Europe’s hottest medical cannabis market—Germany—by acquiring 51% of Remexian Pharma GmbH for a preliminary €27.2 million. The Berlin-area company is a pharmaceutical import and wholesale specialist with one of the most globally diverse sourcing networks in the German market, holding licenses to import from 19 countries. Canada already accounts for about a third of Remexian’s imports, a figure High Tide intends to boost with its deep procurement expertise and supplier relationships.

Why This Deal Matters
Germany’s medical cannabis scene is booming. Since the Consumer Cannabis Act passed in April 2024, patient numbers have soared from 250,000 to nearly 900,000, tripling import volumes to over 134 tonnes annually—making Germany the world’s largest importer. Canada shipped roughly 36 tonnes in just the first half of 2025, and High Tide sees the opportunity to tighten that supply pipeline.

Financial Muscle
Remexian brings annualized revenue of €70 million and EBITDA of €15 million (for the six months ended March 2025). The deal is expected to add about C$100 million in annual revenue and significant EBITDA to High Tide’s books. CEO Raj Grover calls the acquisition “highly accretive” and a strategic launchpad into the rest of Europe.

Synergy in Strategy
Both companies share a focus on discount pricing and market penetration. Grover says the combination will “enhance fundamentals” and deliver “the highest quality medical cannabis at the most affordable prices,” led by High Tide’s Canadian brands and supplemented with global imports. Remexian Co-Founder Markus Wenner echoed the sentiment, touting the unmatched access to Canadian supply as a growth catalyst.

Deal Structure
The purchase price for the 51% stake will be paid in a mix of High Tide shares (42%), cash (29%), and seller loans (29%) with 7% annual interest, maturing in 2029. High Tide also gets a five-year call option to acquire the remaining 49%, while Remexian’s owners hold a matching put option.

The Road Ahead
Even if Germany tweaks its telemedicine and mail-order rules, High Tide believes growth will continue after an adjustment period. For now, the deal cements High Tide’s foothold in the largest medical cannabis market on the planet—and positions it for a European expansion roll-out.

This isn’t just a toe in the water—it’s High Tide cannonballing into Europe’s cannabis deep end.

📈 Dog Walkers

$AFCG ( ▼ 3.73% ) Switches Direction

What’s Going On Here: ($0.60/share) but positive distributable earnings of $3.4M ($0.15/share). CEO Dan Neville said the focus was on resolving non-accrual loans while staying selective in a capital-starved cannabis market.

Two major strategic pivots are underway. First, AFC expanded its investment mandate beyond cannabis real estate to include secured loans to ancillary cannabis businesses and middle-market companies outside the sector. Second, the company plans to convert from a commercial mortgage REIT to a business development company (BDC), pending shareholder approval. The BDC structure would open up lending opportunities to non-real estate cannabis operators and other industries, diversifying credit exposure and expanding its investable universe.

Management argues the shift addresses the reality that many cannabis operators don’t own real estate and allows AFC to tap its decades of direct lending experience. A regular $0.15/share dividend was paid July 15.

Bottom line: AFC is pivoting from a narrow cannabis REIT into a more flexible, diversified lender—potentially trading some specialization for broader reach and deal flow in a tight capital environment.

$AVCNF Avicanna Reports

What’s Going On Here: Avicanna’s Q2 2025 results show steady progress in its cannabinoid-based biopharma playbook, with a few notable growth spurts. Revenue came in at $6.16M for the quarter (up 1% YoY) on a 51% gross margin, boosted by higher service and licensing sales from international markets. First-half 2025 gross margin hit 54%, and adjusted EBITDA swung to a $0.18M gain for the half—marking a milestone in profitability—despite a slight quarterly EBITDA loss of $0.25M.

Canadian operations expanded to 50 SKUs and 147 listings, with Q2 unit sales climbing 21% YoY, bucking broader market softness. On the R&D front, Avicanna is sponsoring its first placebo-controlled, multi-center Phase II trial on osteoarthritis pain, led by Dr. Hance Clarke at University Health Network, using its GMP-grade CBD and THC capsules.

The company also convened a cannabinoid medicine symposium in Toronto to deepen medical engagement and secured a new U.S. patent for a topical cannabinoid gel aimed at skin conditions from acne to rosacea.

Bottom line: Avicanna is threading the needle between science, market expansion, and profitability—while keeping its R&D pipeline and IP portfolio humming.

🗞️ The News

📺 YouTube

How Rescheduling Could Spark Cannabis M&A and Lending Growth | Trade to Black

What we will cover:

✅ On the latest Trade To Black Podcast, host Shadd Dales and co-host Anthony Varrell connect with Peter Sack, Managing Director of Chicago Atlantic (NASDAQ: REFI, LIEN) to break down the company’s Q2 2025 results and what’s ahead for cannabis lending.

Chicago Atlantic just earned $0.34 per share, matched that with a $0.34 dividend, says every borrower is current, and has more than $125 million in available cash and credit. We explore what’s driving those results — and why they matter for investors.

We also dig into how cannabis rescheduling rumors could impact the lending market. An announcement from Washington could create a wave of new deal activity for Chicago Atlantic, while also fast-tracking mergers and acquisitions across the cannabis sector.

Peter walks us through the fundamentals: fully covered dividends, interest rate sensitivity, and maintaining a portfolio with zero missed payments. We discuss deal flow, including the $780 million pipeline across cannabis and non-cannabis lending, portfolio concentration risks, and how Chicago Atlantic decides when to tap its $100 million credit facility.