Friday 27th October 2023
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Cannasouth Limited (NZX: CBD ) is pleased to announce the successful assessment of its first two CBD Oral Solutions products by the Medicinal Cannabis Agency (Agency).
CBD oral solutions constitute a major segment in the New Zealand and Australian medicinal cannabis markets. The verification by the Agency will enable the two CBD Oral Solution products to be launched immediately to the New Zealand market and positions Cannasouth to capture a significant share of the local market.
Cannasouth CEO Mark Lucas says “This product launch is a pivotal moment for both Cannasouth and the industry at large. It addresses a critical issue: affordability for New Zealand patients.
“Our merger with Eqalis Group has enabled us to leverage innovative technologies in medicinal cannabis processing, significantly reducing production costs and, by extension, prices to patients.
"The key to unlocking rapid growth in the medicinal cannabis sector lies in balancing quality, cost, and accessibility to meet or outperform the black market. This product verification is a significant stride toward that end."
Prior to the Medicinal Cannabis Scheme's new regulatory standards, Eqalis Pharmaceutical Ltd was one of the largest CBD product suppliers in New Zealand.
Chief Innovation Officer Greg Misson notes, "Our goal is to disrupt the industry's economics through technology and innovation. This will not only secure our market position but also deliver value to our shareholders and improve patient access to quality medicinal cannabis."
Cannasouth has a pipeline of new products in development and/or the assessment process, with verification of the first New Zealand dried flower product expected imminently.
A list of all medicinal cannabis products that meet the New Zealand minimum quality standard can be found here: https://www.health.govt.nz/our-work/regulation-health-and-disability-system/medicinal-cannabis-agency/medicinal-cannabis-agency-information-health-professionals/medicinal-cannabis-products-meet-minimum-quality-standard Cannasouth products will be added by the Ministry of Health in due course.
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