Cannaray Limited, its medical cannabis subsidiary Therismos, and Canadian ‘aquaponics’ cannabis cultivator Aqualitas are set to merge to create a new international vertically integrated cannabis company.
We're announcing our international merger with Cannaray Limited, marking a crucial moment in the medical cannabis sector and emphasizing our commitment to providing high-quality, clean, consistent medical cannabis offerings worldwide.
Read more: https://t.co/tJRtJ6pVtF
— Aqualitas (@AqualitasInc) March 12, 2024
Set to officially launch at Cannabis Europa this week, the newly combined entity, which reportedly saw combined sales of £40m last year, will be rebranded as Wellford.
With a supplier of organically certified, aquaponic, non-irradiated EU GMP medicinal cannabis now part of the company, Wellford plans to capitalise on its established distribution networks across the UK and Germany in and generate an ambitious £60m in revenue this year.
Cannaray Limited’s Co-founder & Chief Business Officer Joshua Roberts told Business of Cannabis: “Now that we have vertical integration, as far as I know, we’re the only company globally that has organic products, has EU GMP, and then has the ability to get it directly to the patient and to the pharmacy in the UK and in Germany.”
The merger
In March this year, Business of Cannabis reported that Cannaray Limited had signed a ‘definitive agreement’ to merge with Aqualitas Inc., a unique cultivator that uses ‘living soil’ and nutrient-dense waste of thousands of koi carp fish.
As such, the Nova Scotia-based grower is now set to combine with Cannaray’s medical cannabis divisions, Therismos Limited in the UK, and Therismos GmbH in Germany.
In the UK, Therismos already has an established medical cannabis dispensing pharmacy and medical cannabis clinic, which are understood to have recorded 10x combined growth year-on-year in April 2024.
Thanks to a partnership with Alliance Healthcare, a subsidiary of pharmacy giant Walgreens Boots Alliance, the company also has access to over 4,000 pharmacies in the ‘Alphega’ and ‘gesund leben’ network in Germany.
