CANNARAY LIMITED ANNOUNCES INTERNATIONAL MERGER WITH AQUALITAS INC.

The birth of a vertically integrated, EU GMP, Clean Green® certified organic, global medical cannabis company with a unique and proprietary aquaponics growing process, vast distribution capabilities and a commitment to providing high-quality, consistent products to patients.

LONDON, March 12, 2024 /PRNewswire/ — Cannaray Limited, a leading European medical cannabis company headquartered in London, is thrilled to announce it has signed a definitive agreement to merge with Aqualitas Inc., 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 is home to Canada’s top grower of the year and has developed an innovative cultivation system using living soil and aquaponic fertilisation from the nutrient dense waste of 3,000 koi carp fish, which has produced award-winning medical cannabis products.

Relying on the natural relationship between the microorganisms in the soil and the root systems of the plants, Aqualitas' sustainable aquaculture operation provides all the low-cost nutrients the plants need without the use of synthetic fertilizers or pesticides.

This landmark 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 highly regarded 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 US$51M. 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.

M. Scott Maguire, CEO of Cannaray, expresses excitement for the future, stating, “We are delighted to have found Aqualitas, a company that has developed products with the patient at the forefront and shares our commitment to excellence. We are positioned to play a leading role in Germany where the German market is expected to grow exponentially as a result of the impending declassification of cannabis from a narcotic to a non-narcotic. We will be one of the few European companies with a seed-to-shelf operation in the UK and Germany.”

Myrna L. Gillis, CEO of Aqualitas, remarks, “This international merger with Cannaray is a significant milestone, reflecting our dedication to excellence in manufacturing clean, consistent, and safe medical cannabis products. Together, we share a vision of delivering the best medication in a variety of formats to provide physicians and patients the best therapeutic options.”

About Aqualitas Inc.

Aqualitas Inc. is a privately held, vertically integrated, multi-Health Canada license holder of award-winning cannabis products and in-house brands distributed in all Canadian provinces and internationally. Aqualitas was awarded the 2023’s LP brand of the year and is home to Canada’s 2020 Grower of the Year, GrowUp Cannabis Cup 1st Place Flower 2022 and Best Flower 2023 and is Canada’s first Clean Green Certified^®cannabis producer and processor, recognizing its commitment to international organic management practices, compliance, quality, and sustainability. Its unique and proprietary aquaponics growing process combines living water, powered by koi fish, and living soil to create product offerings with enhanced potency and terpene profiles. The Aqualitas^® brand promise, “Pure Wellness,” encapsulates a dedication to driving innovation through research and product development that not only enhances the well-being of consumers but also reflects a commitment to purity, quality, and environmental stewardship. Its scientific incubator, Sindica Global Institute for Cannabis Research and Innovation, is uniquely positioned to collaborate on pharmaceutical and natural health product research due to Aqualitas’ comprehensive licenses and certifications, including a research license, an FDA drug master file, a DEL, and adherence to Good Manufacturing Practices. Aqualitas^®medical products have also been distributed across Canada and exported to Germany, Australia, Portugal, Poland, Israel, USA and the UK.

https://aqualitas.ca

About Cannaray Limited, Therismos

Therismos is the company’s medical division, which imports and distributes cannabis-based products for medical use (CBPM) across Europe. Its strategy is to become the leading European full-service provider of medical cannabis through innovative product solutions, valuable partnerships with strategic allies, and collaboration with world-class scientists and medical practitioners. In May 2022, Therismos GmbH signed a transformational category growth partnership with Walgreens Boots Alliance’s subsidiary, Alliance Healthcare GmbH / GEHE, for medical cannabis supply and pharmacist education in Germany. Therismos Limited (UK) also distributes the pediatric, life-saving gene therapy Libmeldy on behalf of Orchard Therapeutics as well as other orphan and rare-disease therapies on behalf of other global biopharma companies.

https://therismos.de

https://therismospharma.com/

Aqualitas Press Contact: Adriana Magaña, Email: [email protected], Office Phone: +1(902)354-3736 EXT 109, Cell Phone: +1(902)809-9049; Cannaray/Therismos Press Contact: Joshua Roberts, Email: [email protected], Cell Phone: +4407539414529