Organic cannabis deal worth millions

Marlborough’s reputation as a horticultural hotspot took another step forward recently when Puro cannabis products signed the world’s largest organic cannabis export agreement worth 7 million pounds (NZ$15.8m).

The deal with UK-based firm IPS Pharma opens the Kekerengu-based organic medical cannabis company to the increasingly lucrative UK and European markets – allowing users access to some of the world’s only certified organic medical cannabis.

Under the three-year agreement signed at the New Zealand High Commission in London, IPS Pharma will buy 7 million pounds worth of organic medical cannabis from Puro, with supply quantities increasing each year to support production scaling efforts.

Puro’s products are already available for medical cannabis patients on prescription in New Zealand and Australia, however this deal will make up half of the company’s current output.

“Our unique combination of organic certification, live drying technology, ideal climate and groundbreaking research creates a product that we know will be highly sought after in Europe’s rapidly expanding medical cannabis market,” said Puro CEO Sank Macfarlane in a press release.

“Regulation changes have provided a pivotal opportunity for Puro to establish itself as a leading provider of premium medicinal products in the UK and Europe.”

An NZTE report found Europe’s medical cannabis and CBD industry is projected to grow to $1.29 billion and the UK market to $569 million by 2028.

In a press release, Puro’s official announcement email thanked “our incredible team, our supportive shareholder whānau, and those like NZTE who have helped open doors for deals like this one.

“The partnership with IPS Pharma marks an exciting step forward for Puro and also for patients in the UK and Europe, where demand for high-quality medical cannabis is booming.”