Medical marijuana and CBD company Cannaray announced the closing Monday of a 7.8-million pounds sterling ($9.64 million) Series A funding round.
Cannaray is “perfectly poised” to take advantage of the current market and has the infrastructure to become one to Europe’s leading medical cannabis and CBD brands, the company said.
Cannaray said it expects the global medical cannabis market set to grow to over 60 billion pounds by 2026.
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Brexit-Proof With Ireland Setup
Cannaray’s strategy has been made "Brexit-proof" with the setup of a subsidiary in the Republic of Ireland, and the company said it is progressing with plans to establish distribution and manufacturing capabilities within the U.K.
Cannaray also has an alliance with Newey Limited, the largest horticultural company in the U.K. with 4 million square feet of greenhouse space.
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