Thursday 27th April 2023
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Rua Bioscience (NZX: RUA ) has successfully launched its first medicine in Germany. In doing so, the company has become one of the first medicinal cannabis companies in New Zealand to introduce a branded product in Europe’s largest medicinal cannabis market.
Rua Bioscience CEO, Paul Naske, is delighted to have achieved such a critical commercial milestone.
“Launching in Germany has been a long-held and, frankly, ambitious goal for the company.
We’re delighted to supply German patients with GMP-quality medicines and look forward to further establishing Rua’s presence in Germany,” he says.
The medicinal cannabis product, a high THC flower, has been developed through an extensive R&D programme by Cann Group, Rua’s Australian manufacturing and supply partner.
“Rua’s unique export-led strategy positions us as somewhat of an outlier in the New Zealand industry, but positions us well globally. Our desire to create opportunity here on the East Coast, our key international partnerships, and our local investment in genetic discovery, each enhance our ability to access and service high-value medicinal cannabis markets around the world.”
Rua’s medicine is distributed by long-time partner Nimbus Health, a specialised wholesaler and importer of cannabinoid formulations from around the world. Founder and managing director, Dr. Alessandro Rossoni, describes the initial interest in the flower as strong, further underlining Rua’s ambition to become a market leader in Germany and the EU.
“We have been very eager to bring the Rua brand to Germany. The quality of the product and its unique terpene profile has struck chord with German patients and doctors alike. The partnership with Rua is a further step towards improving product diversity and security of supply in Germany. It will contribute greatly to improving quality of life for those patients using medicinal cannabis,” he says.
Analysts expect the German medicinal cannabis market to be worth around NZ$700m and to have grown to 147,000 patients by the close of 20231. Rua is also advancing plans in Poland, which could be worth NZ$92m by the close of 2023, and is assessing opportunities in Australia where the medicinal cannabis market is estimated to be worth $106m currently.
It’s in markets like these that Rua expects to secure meaningful revenue so that the company can continue create sustainable opportunities in Te Tairāwhiti.
This announcement is authorised by:
Chief Executive Officer, Rua Bioscience
For more information, please visit www.ruabio.com or contact:
Chief Financial Officer, Rua Bioscience
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