Cannaray, a European medical cannabis company headquartered in London, has signed a definitive agreement to merge with Aqualitas, a Nova Scotia-licenced, medical cannabis cultivator and processor and drug establishment license (DEL) holder with EU GMP, cGMP, GAP & Clean Green organic certifications. Aqualitas has developed a cultivation system using living soil and aquaponic fertilization from the nutrient dense waste of 3,000 koi carp fish, which has produced award-winning medical cannabis products.
This 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 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 $51 million. This merger delivers the promise of even greater growth through vertical integration, a vast distribution network, and unique, high-quality, Clean Green certified organic medical cannabis products.
