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UK: British firm planning to grow MMJ in the UK

A British company which has assembled a heavyweight board and is planning to grow marijuana in England is plotting a £100 million float that would make it the largest cannabis business on the London Stock Exchange.

Cannaray will become the only London-listed UK grower of cannabis next summer if it secures its licence to cultivate the plant on the south coast of England and floats on the stock market as planned.

The company, which has City big hitters on the board including a former Royal Bank of Scotland executive, has just raised £7.8 million and is now in the process of rounding up another £3.5 million of investment.

The cannabis grown by Cannaray will be prescribed by doctors to treat patients suffering from chronic pain, vomiting and nausea caused by chemotherapy, epilepsy and multiple sclerosis. It is also in talks to launch its cannabis oils on supermarket shelves by February.


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