Brit firm Cannaray gets £7.8m cash boost

British Medical Cannabis and CBD company Cannaray has secured £7.8million in funding as part of its “aggressive plans to dominate the European industry”.

Cannaray has also announced its 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.

CEO Scott Maguire said: “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.”

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Cannaray has also announced its acquisition of Therismos Limited

The business also announced it is preparing for Brexit and has already set up a subsidiary in the Republic of Ireland.

A press release states that Cannaray is the only UK-based medical cannabis and CBD business with a Scientific Advisory Board comprised of specialists covering the four approved indications for medical cannabis use in the UK (chemotherapy-induced nausea and vomiting, epilepsy, multiple sclerosis, and chronic pain).

According to Grand View Research, the global medical cannabis market is set to grow to over £60 billion by 2026.