Within weeks of acquiring a Canadian cannabis growing facility, THC Global (ASX: THC) is living up to its name through international expansion into the New Zealand market.
The Sydney-based group has secured exclusive rights in New Zealand to import a range medicinal cannabis products based on cannabidiol (CBD) oil extracts from Danish company Endoca.
Unlike in Australia, New Zealand's favourable regulatory conditions allow prescriptions for these CBD products to be made by doctors without government approval.
THC will import through its operating New Zealand subsidiary THC Pharma (NZ) Limited, and expects the regulatory climate will ensure faster access by larger patient numbers and lower barriers to generate revenue.
"Our expansion into New Zealand represents a significant step in THC Global's international growth strategy, targeting rapidly growing medicinal cannabis markets in the Asia Pacific and distributing Endoca's product range," says THC Global chief executive officer Ken Charteris.
"We look forward to our first orders in New Zealand in the coming weeks as we continue to expand our footprint in the global medicinal cannabis market in the near term."
Endoca chief executive officer Henry Vincenty says his company is excited to expand its collaboration with THC following its successful launch as the exclusive Endoca product distributor in Australia.
"We will continue to seek further opportunities to collaborate and expand on our partnership with THC in the near term," says Vincenty.
The New Zealand subsidiary has established a supply chain via New Zealand's DATAPHARM, an online platform for prescribing and dispensing Endoca products.
The group anticipates supplying Endoca's CBD products to New Zealand patients at a substantially lower price than the only other MedSafe approved cannabis-based medication available, which costs patients $14,000 per year.
This is expected to address a major barrier to patient uptake, with THC Global estimating there are more than 100,000 potential patients in the country. So far strong interest has been received from more than 1,000 New Zealand patients.
THC will also seek MedSafe approval for Endoca products from the New Zealand government. Even though this is not required to start supplying to patients, the group believes it will add further credibility and attest to the safety and quality of the already GMP (Good Manufacturing Practice) certified Endoca range.
THC Global is listed as one of Australia's Top 20 Cannabis Companies.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Get our daily business news
Sign up to our free email news updates.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support