C4 back cannabis company
April 4, 2022
UK’s Channel 4 has invested in medical cannabis company Cannaray through its VC unit, which invests via ad inventory. C4 was the lead investor in a funding round that raised £10m (€12m) for the UK-based cannabis group.
Vinay Solanki, head of Channel 4 Ventures, said he wanted to back “bold and disruptive categories”, adding that the European landscape for medical cannabis and CBD was “expanding rapidly”. He claimed Channel 4 Ventures was “highly profitable”, it has previously taken stakes in companies such as Pinterest and magazine aggregator Readly.
Scott Maguire, Cannaray’s chief executive, said the company was planning to use its newly acquired funds to expand its European medical cannabis business, primarily in Germany. “Our goal is to become a leading player in medical cannabis in Germany and the UK — as legislation changes, we’ll keep an eye on it and act accordingly,” he said.
The company began advertising its CBD products in the UK last year, when it hired TV personality Claudia Winkleman to become a Cannaray ambassador.…