New Zealand-based Aether Pacific Pharmaceuticals (APP), which operates under the Medical Kiwi brand, has entered into a three-year Memorandum of Understanding (MoU) with the government of Fiji to advance medicinal cannabis projects in the island nation.
APP said the agreement came after an extensive consultation period and gives the company a pathway to grow its manufacturing operations "in a cost-effective environment, alongside the opportunity to exclusively export Fijian medicinal cannabis to meet growing demand worldwide".
The MoU also outlines plans to create a "nutraceutical hub" that would include an extraction and manufacturing facility, which APP said would allow it to commercialise novel botanical compounds through its Hardie Health subsidiary.
In December, APP secured a US$30m investment commitment from GEM Global Yield, accessible once the company achieves a successful listing on any global stock exchange.
CEO Aldo Miccio said the MoU "underpins our commitment to driving innovation, economic development, and sustainable practices in the Pacific region".
He added: "The agreement also positions the company to expand its global manufacturing footprint in a cost-effective environment to meet growing international demand, while also benefitting from a collaborative approach to new product development in the field of plant-based medicine."
Fiji's Prime Minister Sitiveni Rabuka said: "When the medical cannabis industry is established by law and policy in Fiji for cultivation and export, APP would still be required to apply for the appropriate licence and adhere to the rules and regulations stipulated."
