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New Zealand cannabis company to supply products into Europe

Medical cannabis company Cannasouth has signed a three-year supply agreement with German-based WEECO Pharma.

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New Zealand cannabis company to supply products into Europe
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Under the agreement, cannabis flower will be supplied to WEECO from Cannasouth’s world-class cannabis cultivation and processing facility based in Waikato, New Zealand.

Cannasouth, which was the first medicinal cannabis company to list on the New Zealand stock exchange, has stated that the total value of the agreement could be worth between NZ$12m (~£m )and NZ$15m over years two and three.

The parties have also agreed to work together to develop cannabis cultivars to best suit the needs of the European market.

Cannasouth CEO Mark Lucas says the company will benefit from the opportunity this agreement brings while it ramps up production and completes its Good Agricultural & Collection Practices (GACP) certification, which is expected soon.

Read more: Is there value in being a first mover in the European cannabis market?

Lucas commented: “Good Manufacturing Practice (GMP) certification is next to complete and is necessary for higher-value flower sales. Accessing the European market also requires suitable genetics.

“Our agreement with WEECO means Cannasouth can now confidently move forward with our growing programme and begin the next phase of our cultivar on-boarding and development.”

Cannasouth will retain sufficient flower to supply the local New Zealand market, which will enable its medicinal cannabis products to be verified.

Exporting medicinal cannabis flower has always been part of Cannasouth’s strategy for generating additional revenue streams, while it develops its own medicinal cannabis products for the New Zealand market.

Lucas continued: “Global demand, particularly in Europe, has created an early revenue opportunity in the export of premium cannabis flower. Our world-class, next-generation cannabis cultivation and processing facility was fully commissioned at the end of last year. This has enabled us to take advantage of the rapidly growing and lucrative pharmaceutical cannabis flower market.

“We have taken our time to select the best partner in Europe to represent Cannasouth and deliver our flower to one of the fastest-growing medicinal cannabis markets in the world.

“Despite global geopolitical and economic uncertainty, the medicinal cannabis industry continues to grow rapidly as patients worldwide seek alternatives to currently available treatments.

“We are thrilled to partner with WEECO and be a key part of their global network and growth plans. We have built a world class team and world-class cultivation facility here in New Zealand. These strong foundations are now enabling us to reap the rewards of our efforts and participate as a key player on the international stage.”

CEO of WEECO Pharma GmbH, which is one of the leading importers of medicinal cannabis in Germany, Boerge Diessel, added: “We are incredibly excited to be starting our partnership with Cannasouth. After a long vetting and qualification process, we are now able to add the top New Zealand supplier to our group of selected producers and genetics collaborators.

“Our customers will benefit from Cannasouth’s excellent quality produced in its state-of-the-art facility. We will develop products together that will enable clear advances to be made in the treatment of various illnesses and thus offer patients a better quality of life.”

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Whitehouse remarks on “wrongful detainment” of Griner for Russian cannabis charges

The basketball star has been sentenced to nine years for allegedly smuggling cannabis medicines into Russia.

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Whitehouse remarks on “wrongful detainment” of Griner for Russian cannabis charges
Home » News » International » New Zealand cannabis company to supply products into Europe

American basketball player, Brittney Griner, aged 31, has been sentenced to nine years in prison in Russia after she was caught in possession of cannabis.

As well as a nine-year sentence for possession of vape cartridges containing cannabis, the WNBA star and two-time US Olympic champion has also been ordered to pay a fine of ₽1m (~£13,745).

Some reports have suggested that the development could see the US and Russia negotiating over a prisoner exchange.

Read more: Billy Hood CBD appeal reduces sentence to ten years

President Joe Biden’s office released a statement on the sentencing of what it describes as the “wrongfully detained” Griner, who has been detained since February,

Biden stated: “Today, American citizen Brittney Griner received a prison sentence that is one more reminder of what the world already knew: Russia is wrongfully detaining Brittney. 

“It’s unacceptable, and I call on Russia to release her immediately so she can be with her wife, loved ones, friends, and teammates.

“My administration will continue to work tirelessly and pursue every possible avenue to bring Brittney and Paul Whelan home safely as soon as possible.”

Griner’s agent, Lindsay Kagawa Colas, said the star was being used as a “political pawn”.

In a press briefing by White House press secretary Karine Jean-Pierre and NSC co-ordinator for strategic communications John Kirby, Jean-Pierre stated: “We have repeatedly called for Russia to release her immediately so she can be with her wife, loved ones, friends, and teammates.

“Under President Biden’s direction, the US government continues to work aggressively, pursuing every avenue to bring home Brittney, Paul Whelan, and every American held hostage and wrongfully detained around the world.

“As you all know, we have made a substantial offer to bring her and Paul Whelan home.  We urge Russia to accept that proposal.

“I’m not able to share more publicly at this time, but we are willing to take every step necessary to bring home our people, as we demonstrated with Trevor Reed. And that’s what we’re going to do here. I can assure you this is something the President and our national security team are focused on every single day.”

Griner has 10 days to appeal the verdict.

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Flora Growth partners with Colombia’s largest indigenous tribe in joint cannabis venture

“We are honoured to be given the opportunity to work hand-in-hand with the Misak people,” said Luis Merchan, Flora’s Chairman and CEO.

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Flora Growth Colombia

Flora Growth has entered an agreement with one of Colombia’s main indigenous tribes to process and distribute cannabis products.

Flora Growth has entered into a joint venture agreement with Pharma Indigena Misak Manasr Sas, the largest indigenous tribe in Colombia, on the development of cultivation best practices, manufacturing, export and marketing of cannabis and cannabis-containing products.

Under the agreement, the outdoor cultivator, manufacturer and distributor will provide Manasr regulatory advice, technical and business support related to product development and distribution, promotion of products to be marketed under the Flora brand portfolio, and cannabis derivatives to complete product production.

Additionally, Manasr will work closely with Flora in developing cannabis pharmaceuticals and products and help advance the approvals and authorisations required for exports of cannabis from Colombia.

“We are honoured to be given the opportunity to work hand-in-hand with the Misak people,” said Luis Merchan, Flora’s Chairman and CEO.

“Through this partnership, we will collaborate with the tribe on the processing and distribution of their Colombian-grown cannabis while offering Manasr a powerful platform for product distribution. In return, Flora will be able to leverage the tribe’s unique regulatory positioning to expedite exports and increase global market penetration of Colombian cannabis goods.

“We look forward to a long-standing relationship with such a powerful community partner.”

The initial term of the agreement is three years, however, the intention is to create a “lasting and mutually beneficial relationship for the foreseeable future”, the company said.

This announcement comes two weeks after Flora Growth’s CEO Luis Merchan met with Colombian Senator Gustavo Bolivar, the author of a new bill to legalise recreational cannabis.

Bolivar, the key author of the bill, and Merchan discussed the top tenants of the bill, the bill’s implications for companies such as Flora in Colombia and what legalisation means for the country’s burgeoning domestic and international cannabis markets.

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Cresco Pharma to acquire Australia’s Health House for $4.6m

The acquisition will help further Cresco’s presence in Europe and the UK.

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Cresco Pharma to acquire Australia’s Health House for $4.6m
Home » News » International » New Zealand cannabis company to supply products into Europe

Cresco Pharma is to acquire 100 per cent of Health House International (HHI) under a non-binding term sheet agreement.

Switzerland-based Medical cannabis product developer, Cresco Pharma, has said that the $4.6m (~£3.76m) acquisition of international medical cannabis distributor, Health House, will unlock a number of new markets for the company across the UK, Europe and Australia. 

The acquisition is subject to Creso completing satisfactory due diligence on Health House’s businesses.

Read more: Agreement reached for landmark Columbia Care deal

Group CEO and managing director of Cresco Pharma, William Lay, said: “The proposed acquisition of Health House has a number of potential benefits for Creso Pharma. 

“Subject to a formal Scheme  Implementation Deed being executed, implementation of the scheme would result in Creso Pharma significantly strengthening its global distribution capabilities and unlocking a number of new markets across the  UK, Europe and Australia. 

“The company intends to undertake due diligence on Health House’s operations immediately and explore the potential to leverage the group’s existing relationships for Creso Pharma’s own product ranges.

“Further, the company will investigate other potential opportunities including HHI’s existing EU-GMP product manufacturing capabilities and how these can further benefit Mernova, SSH and  Creso Switzerland as we push to establish a presence in Europe and the UK.

“We look forward to progressing work towards implementation of the Scheme and will provide ongoing updates as due diligence requirements are met and additional opportunities materialise.”  

The news follows the failed merger between Health House and Zelira Therapeutics Limited. The proposed acquisition was terminated due to a “substantial change in market conditions since the scheme was originally announced”. 

Health House currently has supply agreements in place with several pharmaceutical grade GMP-certified manufacturers and producers of medicinal cannabis products, and also owns a medicinal cannabis consultancy in the EU.

The company is currently supporting a non-interventional study in Germany, launched by another Health House group company, that considers the effect on quality of life of patients and the safety and tolerability of cannabis medication.

Recently, Health House announced that its wholly-owned subsidiary CanPharma GmbH has continued its strategy to enter into preferred supplier agreements with German statutory health insurance (SHI) funds, securing agreements with five funds to date. 

CanPharma’s latest agreement with Techniker Krankenkasse, the largest German statutory health insurance fund represents more than 10 million insured individuals, bringing the total number of patients that SHI funds cover, with preferred supplier agreements with CanPharma, to over 35 million, representing almost 50 per cent of the total number of insured Germans. 

Creso Pharma has stated that the proposed acquisition of Health House would create a global organisation with strong medicinal cannabis production and distribution capabilities, as well as a growing revenue profile. However, it emphasises that, until due diligence is completed and a binding Scheme Implementation Deed is executed by the parties, there is no certainty that the acquisition of Health House will proceed.

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