As the global medical cannabis market is set to grow to over £60bn by 2026, British company Cannaray has announced the closing on a £7.8m Series A funding round with plans to try and dominate the European market.
In addition, CBD, the consumer cannabis category has seen significant growth with market size predicted to hit £20bn by 2024. Cannaray will be launching CBD products backed by the latest generation of science and research.
Cannaray has announced the pivotal acquisition of Therismos Limited, a UK company with the licences to import, handle, and distribute controlled drugs in the UK as well as across the EU, Norway, Switzerland, and Iceland. The closing of this deal is fundamental to Cannaray’s strategy to become a leading European medical cannabis company and makes Cannaray one of the largest revenue-generating European cannabis companies.
In addition to the Series A funding, the company plans to raise additional capital in order to fund medical cannabis production and open up markets beyond the UK, beginning with Germany and Poland this year. To date, the funding has come from private American and British investors, all direct contacts of the Cannaray team.
Commenting on the recent investment raise, CEO M. Scott Maguire stated: “The founders are thankful for the level of interest investors have demonstrated in our oversubscribed raise. We are also humbled to have such outstanding practitioners in global finance, law, research and medicine join our team. We look forward to working with our management team, board of directors and scientific advisory board to make Cannaray not only the leading European cannabis player but eventually one of the global leaders in research and development of improved cannabis therapies to make a positive impact on global human health.”