To date, no new product applications have been approved by the Agency. If successful, Cannasouth expects its products to be available to patients in the first half of 2021.
The Agency has indicated that product assessments and registration against New Zealand quality standards could take up to three months to complete. Following successful registration, Cannasouth will work quickly to place orders and import product from its Australian supplier for distribution in New Zealand.
In May 2020, Cannasouth entered into a supply agreement with MediPharm Labs Australia Pty Ltd (MediPharm Labs Australia) for the supply of white label medicinal cannabis products into the New Zealand Market.
“The submission is an important milestone for Cannasouth as we take another step towards our goal of bringing products to the New Zealand market,” says Cannasouth CEO Mark Lucas.
“We are proud to be an early player in submitting a product assessment application for registration of medicinal cannabis medicines to the Agency.
“If our application is accepted, we would be well on our way towards making more medicinal cannabis options available for patients, and giving prescribers and patients more options for treating a variety of medical conditions.
“We are committed to bringing quality medicines to New Zealand patients as quickly as possible, while also developing export opportunities for our products.”
Meanwhile, Cannasouth is working on its second phase of product development, which involves manufacturing products in New Zealand. In order to produce Medicinal Cannabis medicines locally, Cannasouth must:
- Complete its cultivation and manufacturing facility build projects with JV partner Cannasouth Cultivation Limited and subsidiary Midwest Pharmaceutics NZ Limited, respectively;
- Obtain the full suite of commercial licences from the Ministry of Health;
- Gain certification for Good Manufacturing Practice (GMP) of products.
Once these steps are complete, Cannasouth will be able to take advantage of multiple revenue opportunities. These range from dried flower and extracts sales, through to finished products for both Cannasouth’s own brand and potential contract manufacture customers.
“It is important our investors understand that the quality standards prescribed by the Medicinal Cannabis Access Scheme are complex and it takes time to obtain the necessary licences and certifications,” says Mr Lucas.
“Cannasouth has a sound strategy in place and our dedicated team of experts are working hard to achieve the milestones we have set for the business.”