Formation of a Global Leader in Organic Medical Cannabis
Cannaray Limited, a leading European medical cannabis company headquartered in London, is thrilled to announce a definitive agreement to merge with Aqualitas Inc., a prominent Nova Scotia-based medical cannabis cultivator and processor. This merger will create a vertically integrated, EU GMP, Clean Green® certified organic medical cannabis company with a unique and proprietary aquaponics growing process, extensive distribution capabilities, and a commitment to delivering high-quality, consistent products to patients globally.
A Milestone Merger in the Medical Cannabis Sector
The Cannaray and Aqualitas merger marks a pivotal advancement in the European medical cannabis industry. Aqualitas, known for its innovative cultivation system using living soil and aquaponic fertilisation from the nutrient-rich waste of 3,000 koi carp fish, has produced award-winning medical cannabis products. The company holds EU GMP, cGMP, GAP, and Clean Green® organic certifications, and is celebrated as Canada’s top grower of the year.
This landmark merger emphasizes the shared commitment of both companies to providing superior and consistent medical cannabis products. The combined entity will leverage Cannaray’s well-regarded medical cannabis divisions, Therismos GmbH (Germany) and Therismos Limited (UK). Therismos collaborates with key opinion leaders in pain management, psychiatry, and other areas to offer patients optimal cannabis therapy and dosing guidelines. In Germany, Therismos benefits from a powerful partnership with Walgreens Boots Alliance’s German subsidiary, Alliance Healthcare/GEHE, which operates a network of 4,000 pharmacies. In the UK, Therismos boasts an established medical cannabis dispensing pharmacy and clinic.
Strategic Positioning in the Evolving Market
The recent legalisation changes in Germany position the merged entity uniquely within the market. This strategic move creates a global, vertically integrated business capable of providing consistent, high-quality, and cost-effective medication to patients. Last year, the combined companies generated sales of USD 51 million. The merger promises even greater growth potential through enhanced vertical integration, a broad distribution network, and unique, high-quality Clean Green® certified organic medical cannabis products.
M. Scott Maguire, CEO of Cannaray, expressed his enthusiasm for the merger, stating, “We are excited to join forces with Aqualitas, a company that shares our commitment to patient-focused product development and excellence. This merger positions us to play a leading role in Germany, particularly with the anticipated growth as cannabis is reclassified from a narcotic to a non-narcotic. We will be among the few European companies with a comprehensive seed-to-shelf operation in both the UK and Germany.”
Myrna L. Gillis, CEO of Aqualitas, stated, This merger with Cannaray is a significant milestone that underscores our commitment to delivering clean, consistent, and high-quality medical cannabis products. Our shared vision aims to deliver the best therapeutic options to physicians and patients, ensuring we meet their diverse needs with the highest quality medication.”
The merger will also introduce Aqualitas’s unique aquaponics cultivation system to European markets, enhancing sustainability and product quality. This system, utilizing nutrient-rich waste from koi carp, represents a cutting-edge approach to organic cannabis cultivation. Furthermore, the combined expertise of both companies will facilitate accelerated R&D efforts, aiming to develop new, innovative cannabis products and therapies. This strategic partnership is set to strengthen market leadership and drive significant advancements in the medical cannabis industry.
