In a landmark achievement for Aotearoa, New Zealand, Cannasouth has obtained product verification for its EU GMP quality dried medicinal cannabis flower product. The New Zealand Medicinal Cannabis Agency (the Agency) verification marks a significant milestone for the country’s medicinal cannabis industry and unlocks new local and export opportunities for Cannasouth, as the GMP-compliant flower is now eligible for New Zealand and international markets. EU GMP is the world’s most stringent standard that a medicines manufacturer must meet in their production processes.
This verification provides the market with the first New Zealand dried cannabis flower products that are 100% grown, processed, and packaged locally for use by local patients. It sets the benchmark in a market known for its rigorous regulatory landscape and its current reliance on imported products (including products that are exported for processing and reimported).
This follows last week’s announcement that Cannasouth’s two CBD Oral Solutions products were verified by the Agency. CBD oral solutions and dried cannabis flower constitute large segments in the New Zealand and Australian markets. These Agency verifications position Cannasouth to capture a notable market share in both segments.
Market Opportunity and Industry Dynamics
New Zealand’s cannabis industry, encompassing both legal and illegal markets, is estimated to be worth in excess of $1.65 billion annually. Notably, around 40% of cannabis users report using it for therapeutic reasons, translating to a potential market value of over $600 million annually. However, only a small fraction of this market, about 5%, is currently being accessed through legal channels. This excludes patients new to medical cannabis, who constitute a large number of new prescriptions and further enlarge the market potential.
Read more at scoop.co.nz