Cannaray, a European medical cannabis and consumer CBD companies, has announced E. Stanton McLean, a managing director with JPMorgan, will be joining Cannaray as Executive Advisor.
McLean will focus on strategic growth, capital markets initiatives and business development, as the company pursues a listing on the public markets later this year.
McLean joins Cannaray following a distinguished 25-year career at JPMorgan, where he was instrumental in building JPMorgan’s European loan distribution platform into a perennial powerhouse by developing some of the most unique and distinctive institutional investor relationships in Europe.
Cannaray CEO, Scott Maguire, said: “We are pleased to welcome Stanton to the team at Cannaray. Stanton is a leader who brings a wealth of unique experiences, partnerships and relationships in the global capital markets that will benefit our continued strategic growth and vision; particularly as we look to list Cannaray on the public markets in the next 12 months. Cannaray strives to bring the best and brightest to the company along with outstanding characters to build a European-leading cannabis company and Stanton brings these characteristics and then some.”
Stanton McLean says: “Joining the team at Cannaray represents a whole new set of opportunities and challenges as we embark on our journey to become Europe’s leading cannabis company. The European market is at pioneer stage; in 2020 European CBD sales totalled just £390 million but are projected to grow to £6.9 billion by 2028. Similarly, medical cannabis is expected to reach £17 billion in 2028, up from £215 million in 2020. If you compare these numbers to the U.S. and Canadian markets, which saw £11.7 billion in sales for CBD and £13 billion for medical cannabis last year, Europe is clearly poised for significant growth. As consumers become more educated with regards to the health benefits of cannabis wellness products, it was clear to me that this was an ideal time to embark on a new challenge with enormous potential. I couldn’t be more excited.”