John Schroyer
Canadian-based marijuana company High Tide (Nasdaq: HITI) (TSXV: HITI) (FSE: 2LYA) has commenced online sales of cannabis seeds directly to U.S. consumers, now that the U.S. Drug Enforcement Agency clarified earlier this year that it considers seeds to be akin to hemp, which is federally legal.
The company launched sales on its two online headshops, Grasscity and Smoke Cartel, which primarily sell cannabis accessories such as pipes and flower grinders. It plans to continue ramping up seed sales to bolster its other revenue streams, High Tide announced in a news release.
“This new business venture will greatly expand our U.S. customer base, which already sits at 2.4 million,” High Tide CEO Raj Grover said in the announcement, adding that seed sales will position the company “to take advantage of federal legalization in the United States when it comes.”
The global cannabis seed market is estimated to be around $1.3 billion, the company said in its release, and is projected to reach $6.5 billion by 2031.
On Grasscity, High Tide already has 30 seed strains for sale, and Smoke Cartel carries 24 strains.
