Brooklyn’s Aqualitas has been acquired by Cannaray Limited, a British firm, in a recent business move.
This acquisition sees Aqualitas becoming a part of Cannaray’s medical cannabis division, Therismos, operating in Germany and the UK. It’s a significant step for both companies, with Aqualitas’ Brooklyn-based team of 75 to 85 employees assured of job security amidst the transition.
While the specific value of the deal remains undisclosed, last year’s combined sales for both companies reached $75 million. Management has noted that one of the aims behind the merger is to infuse additional capital into expanding the Brooklyn facility, indicating plans for growth.
Aqualitas has gained global recognition for its environmentally friendly aquaponic growing system, utilizing nutrient-rich waste from over 3,000 koi carp fish. With products distributed worldwide, the company’s innovative approach has made waves in sustainable cannabis cultivation.
