The New Zealand government is preparing to introduce new regulations related to licensing requirements and quality standards associated with medicinal cannabis usage by the end of 2019.
The Ministry for Primary Industries (MPI) in consultation with Ministry of Health has updated the cannabis regulations, allowing the first company in the country - Hikurangi Cannabis Company to import stronger cannabis under the new biosecurity laws. Hikurangi Cannabis Company can now cultivate strains with high levels of THC and legally grow 16 new varieties of cannabis for medicinal purposes – out of which - five strains will be high-THC, seven low-THC and four high-CBD. Hikurangi is New Zealand’s first company to be get a medicinal cannabis cultivation licence, last year.
Meanwhile biosecurity measures are expected to become tighter with the introduction of high-THC strains into New Zealand.
In another development, Australia's Cann Group has announced an investment of $6 million for a 20% stake in New Zealand’s local medicinal cannabis company - Pure Cann New Zealand.
The first 10% of the investment is expected to be completed by August 30, 2019 while the remaining 10% is expected to be completed once New Zealand regulations come into force and Pure Cann's board approves the construction of its commercial cultivation facility.
Pure Cann plans to develop a variety of organic medicinal cannabis products that for patients in New Zealand as well as in overseas markets.
Meanwhile personal cannabis use in New Zealand will be subject to a vote in a binding referendum at the 2020 general election.
Find out more about ‘Cannabis Legislation in New Zealand’ from Manu Caddie, CEO, Hikurangi Cannabis Company at CMT’s CannaBiz Invest Asia on 29-30 August, 2019 in Bangkok.
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