Last week, New Zealand approved the first steps to consolidate its domestic medical cannabis production, opening up a new opportunity for companies in the country.
As reported by International CBC, the southwestern Pacific Ocean country has had a medical cannabis program in place since 2017 and since that time New Zealand has allowed cannabis formulations for medicinal purposes made overseas, over time the healthcare program has evolved. In 2018, there was evidence of legislative intent from Parliament around improving access and affordability, while in March of this year they allowed bud sales and now domestically manufactured products.
The government allowed local production to facilitate the lives of residents.
Last week, New Zealand approved the first steps to consolidate its domestic medical cannabis production, opening up a new opportunity for companies in the country.
As reported by International CBC, the southwestern Pacific Ocean country has had a medical cannabis program in place since 2017 and since that time New Zealand has allowed cannabis formulations for medicinal purposes made overseas, over time the healthcare program has evolved. In 2018, there was evidence of legislative intent from Parliament around improving access and affordability, while in March of this year they allowed bud sales and now domestically manufactured products.
The government allowed local production to facilitate the lives of residents.
Previous laws, while allowing any licensed physician to prescribe cannabis to their patients, imposed a tax on the origin of the compounds, as they could not be sourced from domestic manufacturing. Thus, despite being home to about 35 medical cannabis companies, they were forced to operate on an import/export model.
"Until now, patients in New Zealand could only be prescribed medical cannabis grown overseas, with the vast majority being imported from Australia and Canada," said Tim Aldridge, CEO of Puro New Zealand, one of the country's largest cannabis cultivators. Fortunately, that has changed. Not only will patients in New Zealand now be able to access their medicine more easily (and reduce their costs by 50%), but it will also boost New Zealand's emerging medical cannabis industry.
The move is primarily aimed at shortening the pathway for people who need to treat themselves with the plant. Dependence on imports should no longer be a problem for New Zealanders. "This is great news for many patients who have long sought legal access to medical cannabis products grown in New Zealand," Carmen Doran, CEO of cannabis company Helius Therapeutics, told Scoop Independent News.
Tim Alridge, meanwhile, added: "It hasn't always been easy. Navigating this new industry, dealing with the regulatory regime, and growing a new crop to scale has been a huge task, and we expect a massive price drop to make cannabis medicines accessible to New Zealand patients."