A deal to create the UK's first vertically integrated cannabis company has been scrapped after it failed to raise funds for working capital.
Voyager, the Cannabidiol oil firm from Scotland, said it was planning on a merger with Jersey cannabis grower Northern Leaf last week.
The plans included a fundraiser to provide working capital when the two businesses come together.
However, due to "the Easter holiday period and slower investor response time" the funds weren't able to be raised.
Nick Tulloch, chief executive officer and founder of Voyager, said: “Needless to say, it is hugely disappointing to bring our proposed merger with Northern Leaf to an end.
"As we look back over the past few months, a transaction well received by the industry and investors has been prevented by circumstances outside of our control.
"Many companies in this space are now cash-constrained due to development costs outpacing market growth and, whilst this does create excellent value propositions, as a management team we go in fully aware that work is needed to reinvigorate or accelerate sales."