Britain's free-to-air public TV Channel 4 has entered the cannabis space. The network's venture arm is investing in the medical marijuana company Cannaray via its ad inventory, reported Advanced Television.
In fact, Channel 4 was the lead investor in a funding round that managed to garner £10 million ($13.2 million) for the UK-headquartered cannabis business that produces both medical THC and CBD wellness brands. Channel 4 is based in London, with national headquarters in Leeds and creative hubs in Glasgow and Bristol.
Head of Channel 4 Ventures, Vinay Solanki, said he's interestrf in supporting “bold and disruptive categories,” noting that European medical cannabis and CBD markets are “expanding rapidly” and are “highly profitable.”
Channel 4 Ventures previously invested in companies like Pinterest (NYSE:PINS) and magazine aggregator Readly (STO: READ).
Scott Maguire, Cannaray’s chief executive said the company plans to utilize the new funds to support its further expansion across European medical marijuana markets, predominantly 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,” Maguire said.
Last year Cannaray began marketing its CBD products across the country for which it named popular TV personality Claudia Winkleman as the company’s ambassador.
