European medical cannabis and retail CBD company Cannaray has completed its £10m funding round.
Cannaray has seen a first-of-its-kind backing from Channel 4 Ventures, along with Three Bridges Private Capital, Alpha Blue Ocean and new and follow-on private investors joining the round.
The funds will go towards building Cannaray’s Pan-European medical cannabis business with a focus on Germany and the UK in 2022, led by its teams in Berlin and London.
Scott Maguire, Cannaray Limited CEO, commented: “I am delighted with the high participation of both existing and new investors within this funding round and thank them for putting their money and faith in us.
Read more: Alpha Blue Ocean puts more capital in cannabis
“The Channel 4 Ventures backing is one of the first of its kind in the European cannabis sector, and a sign of the credibility and growth opportunity available within the market.
“Having created one of the leading CBD brands in the UK, we are now focused on building Europe’s leading medical cannabis company and improving the lives of millions of people.”
Channel 4 Ventures states that it offers high potential brands the opportunity to accelerate their growth through TV advertising, in exchange for an equity stake in the business.
Vinay Solanki, Head of Channel 4 Ventures, stated: “We’ve been impressed with the leadership team at Cannaray and their progress in building a portfolio spanning European Medical Cannabis and the Cannaray CBD wellness brand.
“This investment fits well with our strategy to back bold categories as part of our Future4 strategy to diversify new revenue streams. We’re looking forward to supporting Cannaray’s CBD wellness brand campaign across our marketing platform and hope it drives the significant brand awareness only possible through the scale and reach of TV advertising.”
Read more: Claudia Winkleman announced as Cannaray CBD brand ambassador
In 2021, Cannaray launched the UK’s first major brand campaign for CBD on TV featuring Cannaray’s brand ambassador and TV presenter Claudia Winkleman.
In addition to a high-performing direct-to-consumer site, cannaraycbd.com, the brand is also stocked on Amazon as part of Amazon’s CBD pilot, and in over 1500 retail outlets across the UK including Tesco, Superdrug, ASDA, Waitrose and Harrods.
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