Cannaray has completed its first UK patient prescription following a £7.8m Series A funding round in 2019, with the company eyeing expansion this year.
The Medical cannabis company, based in London, fulfilled a prescription to three-year old Jorja Emerson, who suffers severe epilepsy.
The prescription was carried out in collaboration with one of the world’s largest cannabis companies, Aphria Inc.
Cannaray will offer patients any EU Good Manufacturing Practices (GMP) approved formulation from suppliers. The type of product and formulation will be determined by specialists.
Through its acquisition of Therismos in September, Cannaray has licenses to import and distribute cannabis and is working with specialists and patients to determine what is needed from suppliers to fulfill prescriptions.
‘We have established operations in Germany and expanding our operations there to become a major player in that market,’ said Scott Maguire, chief executive officer of Cannaray. ‘Germany is currently undersupplied to the tune of 150-900 kgs per month.’
The company is in the process of buying several companies that will ‘propel’ Cannaray’s leadership in retail CBD, and a research company in cannabis innovation.
‘We are also in the process of closing on an additional fundraise since we do not need the money which as an early stage company is the ideal time to raise money,’ Maguire added. ‘We are scaling up our German operations next quarter once we have our supply relationship with EU GMP supplier completed.’
In addition, Cannaray has appointed Gregor Zorn as its new chief science officer.
In his role, Zorn will chair science advisory board meetings and be a part of the innovation team. He will also be responsible for technical due diligence on product sourcing and play a role in implementing the company’s internal growing processes.
Commenting on his appointment, Zorn said: ‘Improvements in technology and dedicated research have allowed us to start understanding the full potential of this healing plant.
‘I am honoured to be joining this amazing team of professionals and I am looking forward to adding my expertise in achieving Cannarays vision of providing patients with the best medical cannabis and cannabinoid-based products.’