High Tide (HITI) said Monday it signed a deal to acquire 51% of Purecan for roughly 4.8 million euros ($4.9 million), with the option to buy the remaining interest in the medical cannabis supplier in Germany.

The purchase price comprises 2.4 million euros in common shares, 1.2 million euros in cash and 1.2 million euros in a promissory note, the company said.

The transaction includes High Tide's European wholesale and import license, warehousing and logistics infrastructure, and in-development telemedicine platform, High Tide Chief Executive Raj Grover said in a statement.

High Tide said the acquisition in Germany positions it for potential expansion into other European medical cannabis markets.

The deal is expected to close in the coming weeks, subject to TSX Venture Exchange approval and other closing conditions, the company added.

Shares of the company fell 2.6% in recent trading.

Price: 3.01, Change: -0.08, Percent Change: -2.59