Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

First NZ company receives Medical Cannabis license

First NZ company receives Medical Cannabis license

MEDIA STATEMENT

Hikurangi Cannabis has become the first New Zealand company to secure a license to cultivate medicinal cannabis plants.

The license issued by the Ministry of Health enables Hikurangi to breed cannabis strains that can eventually be used in medicines.

Hikurangi has secured significant investment and will now start building high tech greenhouses and processing facilities near Ruatoria on the East Coast. Hikurangi has commissioned clinical trials to start next year for the first New Zealand made cannabis medicines.

Obtaining the license triggers a series of transactions for the company to access funds raised over the past six months from New Zealand investors.

Co-founder and interim CEO Manu Caddie said it was a great feeling to receive the license after submitting the paperwork to the regulators in April.

“Being able to execute our business and community goal of building a pharmaceuticals industry at Ruatoria is a significant milestone for us all.”

“We are excited to be able to base this new industry in our community, a rural region that desperately needs new economic development opportunities. Without the strong local support believing in this goal it would not have been possible.”

Mr Caddie said $2.5 million invested by over 1500 local families and other New Zealanders provided the foundation for negotiations with institutional investors keen to bring larger investments to the business.

Hikurangi plans to scale operations quickly to meet both domestic and global demand for pharmaceutical grade cannabis products. The company is in discussions with a large US medical cannabis company interested in collaborating with Hikurangi on clinical trials and global brand development. Hikurangi is also working with one of the largest private medical research organisations in the world. The researchers are interested in assisting Hikurangi with clinical trials for new cannabis-based medicines.

Global demand for medical cannabis is at an all time high and Hikurangi has a conditional agreement to supply Seattle based Rhizo Sciences with $160 million worth of products over the next three years.

“We’re aiming to providing safe and affordable medical cannabis products to New Zealanders next year” said Mr Caddie. “Exports allow us to build the infrastructure to produce affordable medicines made to Ministry of Health standards. It is encouraging to hear the politicians and officials supporting the need to get New Zealand made medicines to New Zealanders as quickly as possible.”

The government’s medicinal cannabis bill is currently being finalised following the Select Committee process and it is likely to have its second reading next month. Mr Caddie said he expects the legislation to pass its final reading by October and the domestic industry needs regulations set within six months to ensure it can get local products to patients who need safe and affordable products right now.

While the Ruatoria facilities are being built, Hikurangi is planning to import more affordable products so they are available to people who need them sooner.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Retail: Post-Lockdown Retail Card Spending Picks Up

The rise in retail card spending was boosted by sales of furniture, hardware, and appliances, Stats NZ said today. “For a third consecutive month, card spending on the long-lasting goods (durables) remained at higher levels than last year, after ... More>>


Contact: Business Drops, New Generation On Hold

New Zealand’s second-largest energy company Contact Energy (‘Contact’) released its full year financial results for the 12 months to 30 June 2020 (‘FY20’) this morning. More>>

Mining: OceanaGold Announces Receipt Of WKP Mining Permit

MELBOURNE, Australia, Aug. 6, 2020 /CNW/ - OceanaGold Corporation (TSX: OGC) (ASX: OGC) (the 'Company') is pleased to announce it has received the mining permit for Wharekirauponga ('WKP') on the North Island of New Zealand. ... More>>

ALSO:

Economy: COVID-19 Lockdown Has Widespread Effects On Labour Market

In the June 2020 quarter, the seasonally adjusted unemployment rate fell to 4.0 percent, down from 4.2 percent last quarter, while underutilisation rose, Stats NZ said today. More>>

ALSO:

NZ Post: New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3

New research by NZ Post into how the COVID-19 response has impacted the way Kiwis shop online, shows online shopping increased 105%* when the country moved into Alert Level 3, and may have changed the way Kiwis shop permanently. Online spend peaked ... More>>

ALSO:

Banking: Westpac NZ Lowers Merchant Fees For Small Businesses

Westpac NZ is rolling out a new merchant fee pricing structure that will lead to cost savings for more than 10,000 small and medium Kiwi businesses, and could make contactless transactions more widely available for customers. On 1 September, most ... More>>

Antarctica NZ: Ice-Olation

Antarctica New Zealand is gearing up for a much reduced season on the ice this year and a very different deployment to normal! Before they head to one of the remotest places on the planet, all personnel flying south with the New Zealand programme will ... More>>

ALSO:

QV Valuations: July House Price Index Illustrates Market Resilience

According to the July 2020 QV House Price Index (HPI) results out today , property values recorded a marginal increase, up 0.2% over the month. This is somewhat of a turnaround from June, after the national index edged 0.2% lower. More>>

ALSO:

Property: Queenstown Rents Experience Biggest Drop In Seven Years

Rental prices in the Queenstown-Lakes district saw the biggest annual percentage drop in seven years after falling 28 per cent on June last year, according to the latest Trade Me Rental Price Index. Trade Me Property spokesperson Aaron Clancy said ... More>>

Seismology: The Quiet Earth

As many daily activities came to a halt during lockdown, the Earth itself became quiet, probably quieter than it has been since humans developed the technology to listen in. Seismologists have analysed datasets from more than 300 international ... More>>

RNZ: James Shaw Says Kiwibank, Not Ministers Should Decide On Investors

Climate Change Minister James Shaw says Kiwibank's decision to stop doing business with companies dealing in fossil fuels is the right one. More>>

ALSO:

FMA: Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments

Despite the majority (60%) of investors experiencing losses as a result of COVID-19, the outlook on investing remains positive, according to a Financial Markets Authority (FMA) survey. Most Kiwis (71%) were optimistic that the pandemic will pass eventually ... More>>

FIRST Union: Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off

(FIRST Union comments on The Warehouse consultation and proposed restructure) 'Unfortunately the Warehouse have done the disappointing thing and used Covid-19 to justify a bunch of operational business decisions that will leave hundreds of workers without jobs ... More>>

ALSO: