What Cannaray does

Cannaray Limited is a UK-based consumer cannabis company that sells THC-free CBD and broader wellness products direct to consumers and through major UK retail chains. The company was founded in 2020 and is headquartered in the UK, employing between 11 and 50 people and serving more than 90,000 customers to date. Its core product line comprises CBD oil tinctures (Bright Days for daytime, Night-Time for evening), gummies, capsules, and topical balms and creams built on CBD isolate extract delivered with a coconut-oil carrier for enhanced bioavailability; the portfolio has since expanded into functional mushroom supplements (Lion's Mane, Reishi, Cordyceps, Chaga, Tremella), adaptogens, vitamins, mineral and herbal capsules and gummies, wellness powders, a functional beverage (Can O'Rays), and CBD candles. Every batch is independently third-party lab tested and the products are FSA Novel Foods validated and ESSNA approved for use by professional athletes.

Revenue is generated through a combination of one-time direct product sales and a subscription model offering 40% off the first order and 30% off subsequent orders, with free UK delivery over £35. Distribution is omnichannel: the company operates its own Shopify-based e-commerce storefront with shipping to 25+ European countries (the US market is listed but not currently served), and its products are stocked across nine major UK retailers including Waitrose (as exclusive CBD partner), Boots, Tesco, Sainsbury's, Superdrug, Holland & Barrett, Morrisons, Day Lewis Pharmacies and Chemist 4 U. Brand ambassador Claudia Winkleman anchors a celebrity-led marketing strategy, and the company runs an educational content platform (Cannaray Journal) targeting sleep, stress, brain function, energy, immunity, gut health and muscle-recovery use cases.

In March 2024 Cannaray merged with Canadian medical cannabis cultivator Aqualitas Inc. to form a vertically integrated, organic medical cannabis business targeting Germany and the UK, with combined revenue of approximately $51 million. The merger brings Aqualitas's proprietary aquaponics cultivation system and certifications into Cannaray, extending the company from the consumer CBD/wellness category into medical THC prescriptions and European medical cannabis distribution. Prior funding includes a £10 million investment from Channel 4's venture arm C4 Ventures in April 2022 and an earlier 2019 round of approximately $9.6 million.

Name

Cannaray

Legal name

Cannaray Limited

Website

https://cannaraycbd.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

UK-based consumer cannabis company selling THC-free CBD and wellness supplements (oils, gummies, capsules, topicals, functional mushroom blends) direct-to-consumer and via nine major UK retailers, serving 90,000+ customers since 2020.

Ownership category

akta.pro rank

Product category

Consumer CBD & Wellness Supplements

NAICS

Food (Health) Supplement Retailers (456191), Pharmacies and Drug Retailers (456110), Medicinal and Botanical Manufacturing (325411)

SIC

Retail-Drug Stores And Proprietary Stores (5912), Medicinal Chemicals & Botanical Products (2833), Perfumes, Cosmetics & Other Toilet Preparations (2844)

akta.pro primary industry

CBD/Hemp Specialty Stores (Tinctures, Oils, Edibles) (CRANAHAA)

akta.pro secondary industries

CBD/Hemp Topicals & Beauty Retail (CRANAHAB), CBD/Hemp Wellness & Supplements Retail (CRANAHAC), Cannabis Dispensary + Ancillary Retail (Accessories, CBD/Hemp, Merchandise) (CRANAFAH)

Keywords

• CBD oils
• CBD supplements
• Wellness gummies
• Functional mushrooms
• Topical CBD products

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Marketing or Sales, Personnel, Supply Chain, Technology or R&D, Infrastructure

Revenue model

1. Direct Product Sales: One-time purchase of CBD oils, capsules, gummies, topicals, and wellness supplements through e-commerce and retail channels.
2. Subscription Model: Recurring subscription model offering 40% off first order and 30% off all future orders, providing predictable recurring revenue.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Cannaray develops, formulates, and sells a portfolio of THC-free CBD and broader wellness supplements — including CBD oil tinctures, gummies, capsules, topical balms and creams, functional mushroom capsules, adaptogen gummies, wellness powders, and a functional beverage — sold direct-to-consumer via its Shopify e-commerce site and through major UK supermarket and pharmacy chains. The company is vertically integrated post-2024 merger with Canadian cultivator Aqualitas, covering organic medical cannabis cultivation through finished consumer products.

Product overview

Cannaray is a UK-based CBD and wellness company offering a diversified portfolio of hemp-derived supplements and topical products. The core product line centers on THC-free CBD offerings including oil tinctures (Bright Days for daytime, Night-Time for evening), edible gummies and capsules, and topical balms and creams. Beyond CBD, the portfolio has expanded to include broader wellness supplements featuring functional mushrooms (Lion's Mane, Reishi, Cordyceps, Chaga, Tremella), adaptogens (Ashwagandha), vitamins, minerals, and herbal extracts in various delivery formats (gummies, capsules, powders). The company also offers functional beverages (Can O'Rays energy drink), CBD candles, curated gift bundles, and gift cards. Products are positioned for wellness support across sleep, stress, energy, brain function, immunity, gut health, and muscle recovery categories. The brand operates an e-commerce platform (built on Shopify) and maintains retail distribution in major UK supermarkets, pharmacies, and health food stores. In 2024, Cannaray merged with Canadian cannabis company Aqualitas to form a vertically integrated medical cannabis business focused on the European market.

Differentiator

Problem solved

Functional benefit

Products and services

• Bright Days CBD Oil Drops Daytime CBD oil tincture available in Lime & Juniper and Orange zest flavors, with strengths of 500mg, 1500mg, and 3000mg; blended with coconut oil carrier for enhanced bioavailability. Targeted at adult UK consumers seeking daytime wellness support.
• Night-Time CBD Oil Drops Peppermint-flavored CBD oil tincture with added hemp seed oil for evening use, available in 600mg, 1800mg, and 3000mg strengths. Targeted at adults seeking bedtime relaxation and sleep support.
• Bright Days CBD Gummies Vegan CBD gummies in 300mg and 900mg jars with 10mg and 30mg CBD per gummy respectively. Winner of Evening Standard's Best CBD Product 2023. Targeted at adults wanting a portable daytime CBD option.
• Calm CBD Gummies With Ashwagandha & Terpenes Vegan and gluten-free CBD gummies combining 10mg CBD per gummy with ashwagandha and terpenes for daytime calm and stress relief.
• Good Night CBD Gummies With Valerian & Terpenes Mixed Berry-flavored CBD gummies with 10mg CBD per gummy plus valerian root and terpenes for nighttime relaxation and sleep support.
• Bright Days CBD Capsules High-strength CBD capsules fortified with 500% daily vitamin D3, 225% vitamin C, and 66% zinc to support immune function and reduce fatigue. 10mg CBD per capsule, 60 capsules per jar. Targeted at adults seeking immune and energy support.
• Muscle Rescue CBD Muscle Balm Topical CBD balm with 250mg CBD plus eucalyptus, aloe, arnica, and shea butter for muscle pain relief. Targeted at adults and athletes seeking topical recovery support.
• CBD Bath Melt CBD-infused bath melt with Epsom salts, chamomile, and coconut milk for muscle-soothing soaks with amber, santal, and musk aromatherapy scents.
• Lip Rescue CBD Lip Balm Peppermint CBD lip balm with 165mg CBD, hemp seed oil, and antioxidants in a portable jar format.
• Hand Rescue CBD Hand Cream Lightweight CBD hand cream with 750mg CBD plus jojoba, poppy, and hemp seed oils for nourishing dry hands.
• Power Up CBD Scented Candle Energizing citrus-scented CBD-infused candle for daytime use.
• Power Down CBD Scented Candle Calming CBD-infused candle with peace-giving fragrance for evening relaxation and stress relief.
• Lion's Mane Capsules Functional mushroom capsules with 1000mg Lion's Mane per serving, boosted by rhodiola rosea plus vitamins B3, B5, and B12 for focus, mood, and brain health support.
• Reishi Mushroom Capsules Evening wellness capsules with 1000mg Reishi mushroom per serving plus valerian root and vitamins B6, B12, C, and D3 for relaxation and psychological function support.
• Mushroom Complex Capsules Comprehensive mushroom supplement combining Reishi, Chaga, Cordyceps, Lion's Mane, and Tremella with vitamins B, C, and D to reduce tiredness and support cognitive function.
• Magnesium Glycinate Capsules Sleep support capsules with magnesium glycinate, valerian root, vitamin D3, and zinc for normal nervous system function and natural relaxation.
• Turmeric Capsules

Quantifiable outcome

• 90,991+ happy customers since 2020
• +2 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature3 records

Partnerships

Seven partnerships are on record, tiered flagship and core.

• Aqualitas Inc.flagshipStrategic or Co-development Partner · 12 March 2024Merger between Cannaray Limited (British) and Aqualitas Inc. (Canadian medical cannabis cultivator) to create a vertically integrated, organic medical cannabis company. Leverages Aqualitas' proprietary aquaponics growing system and certifications, with combined operations targeting European medical cannabis market, especially Germany and UK.
• WaitrosecoreChannel Partner/ Reseller/ DistributorExclusive CBD partnership in UK supermarkets; Waitrose stocks Cannaray CBD products in retail stores and online.
• BootscoreChannel Partner/ Reseller/ DistributorMajor UK pharmacy chain retail partner stocking Cannaray CBD products.
• TescocoreChannel Partner/ Reseller/ DistributorUK supermarket chain retail partner.
• Sainsbury'scoreChannel Partner/ Reseller/ DistributorUK supermarket chain retail partner.
• SuperdrugcoreChannel Partner/ Reseller/ DistributorUK health and beauty retailer partner.
• Holland & BarrettcoreChannel Partner/ Reseller/ DistributorUK health supplement retailer partner.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Love Hemp: UK-based CBD wellness brand selling oils, gummies, capsules and topicals through major retailers and DTC. Direct competitor in the same UK CBD retail category Cannaray leads.
• Charlotte's Web Holdings: Leading US-based hemp CBD wellness brand with broad SKUs of oils, gummies, capsules and topicals. Closest US analogue to Cannaray's premium positioning and product format mix.
• CBD Life: UK CBD specialist retailer offering oils, edibles and topicals through DTC and UK retailers. Direct competitor to Cannaray on UK grocery and pharmacy shelves.
• Endoca: European (Denmark-based) vertically integrated CBD producer with oils, capsules and topicals distributed globally. Comparable to Cannaray on EU distribution and full-spectrum CBD positioning.
• Green Roads: US CBD wellness brand with pharmacist-formulated oils, gummies and topicals sold through major retail and DTC. Similar premium positioning, third-party testing protocol and broad retail footprint to Cannaray.
• CV Sciences: US-listed CBD consumer products company selling PlusCBD Oil branded supplements. Closest publicly traded CBD peer with comparable SKU breadth and retail distribution.

Broad incumbents

• Holland & Barrett: UK health supplement and natural wellness retailer stocking Cannaray alongside competing own-label CBD and supplement brands. Comparable as a channel and as a potential competitor cannibalising Cannaray's premium positioning.
• Boots: Major UK pharmacy chain that distributes Cannaray products while also selling competitor brands and its own private-label CBD range. Channel partner and indirect competitive incumbent.
• Curaleaf International: Vertically integrated European medical cannabis operator distributing THC products across Germany, UK and other EU markets. Most relevant peer for Cannaray's post-Aqualitas medical cannabis ambitions.

Emerging players

• Vita Coco (All Market Inc.): Functional beverage brand expanding into mushroom-infused and wellness drinks. Comparable to Cannaray's Can O'Rays functional beverage launch and broader functional drink positioning.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/cannarayCBD
• Instagraminstagram.com/cannarayuk

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cannaray