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Cannaray Limited Announces International Merger With Aqualitas

Cannaray Limited, a leading European medical cannabis company headquartered in London, is thrilled to announce it has signed a definitive agreement to merge with Aqualitas Inc., a Nova Scotia-licenced, medical cannabis cultivator and processor and drug establishment license (DEL) holder with EU GMP, cGMP, GAP & Clean Green(R) organic certifications. Aqualitas is home to Canada’s top grower of the year and has developed an innovative cultivation system using living soil and aquaponic fertilisation from the nutrient dense waste of 3,000 koi carp fish, which has produced award-winning medical cannabis products.

This landmark merger marks a pivotal moment in the European medical cannabis sector, emphasizing the commitment of both Cannaray and Aqualitas to providing high quality and consistent medical cannabis products for patients in need.

Aqualitas is joining forces with Cannaray’s highly regarded medical cannabis divisions, Therismos GmbH (Germany) and Therismos Limited (UK). Therismos partners with key opinion leaders in pain, psychiatry and other indications to provide patients with the ideal cannabis therapy and dosing guidelines. In Germany, Therismos has a powerful partnership with Walgreens Boots Alliance’s German subsidiary Alliance Healthcare/GEHE which has 4,000 cooperation partner pharmacies in the ‘Alphega’ and ‘gesund leben’ network. In the UK Therismos has an established medical cannabis dispensing pharmacy and medical cannabis clinic.

With the recent cannabis legalisation changes in Germany, this merger positions the combined entity uniquely in the market, creating a global, vertically integrated business to bring consistent, high-quality and cost-effective medication to the patient.

Last year the combined companies generated sales of US$51M. This merger delivers the promise of even greater growth through vertical integration, a vast distribution network, and unique, high-quality, Clean Green(R) certified organic medical cannabis products.

M. Scott Maguire, CEO of Cannaray, expresses excitement for the future, stating, “We are delighted to have found Aqualitas, a company that has developed products with the patient at the forefront and shares our commitment to excellence. We are positioned to play a leading role in Germany where the German market is expected to grow exponentially as a result of the impending declassification of cannabis from a narcotic to a non-narcotic. We will be one of the few European companies with a seed-to-shelf operation in the UK and Germany.”

Myrna L. Gillis, CEO of Aqualitas, remarks, “This international merger with Cannaray is a significant milestone, reflecting our dedication to excellence in manufacturing clean, consistent, and safe medical cannabis products. Together, we share a vision of delivering the best medication in a variety of formats to provide physicians and patients the best therapeutic options.”

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