Cannasouth and Eqalis have taken a significant step forward in their previously announced equal-share merger.
Shareholders in both companies have signed a share sale deed, which sets out the legal terms and conditions governing the transaction and forms the core document for the deal.
The two boards have also agreed on terms for a capital raise to accompany the merger, targeting between NZ$7m and NZ$9m, in line with earlier announcements.
The proposed 50:50 merger would see the two companies pool their IP, technology, research and development, innovation, manufacturing, sales and prescribing capabilities.
Cannasouth CEO Mark Lucas is expected to retain his position following the merger, while Eqalis CEO Greg Misson would take on the role of chief innovation officer.
Ora Pharm
Ora Pharm has released first-half results from a trial of its proprietary cultivation process, showing plant yields have increased by more than 40%.
The company said it draws on a combination of techniques to cut operating costs and energy consumption at its commercial greenhouse while driving up yields at the same time.
The process was developed with R&D funding from New Zealand government agency Callaghan Innovation, which awarded the company a grant in June 2022 to advance new growing technology for medicinal cannabis.
Founder and CEO Zoe Reece said: "New Zealand thrives on innovation, [and] we have the opportunity to create higher-value products or reduce our costs by creating them locally."
Ora Pharm said it has export sales contracts in place covering Australia and Europe, and is "evaluating additional investment partners who support [our] approach to deliver sustainable, high-quality and cost-efficient plant medicine".
The company has also received approval under New Zealand's new investor visa category, a program designed to draw high net-worth individuals into the economy.
Ora Pharm is the first medicinal cannabis company to receive approval under the visa category, which the government introduced last year.
The program offers eligible investors a pathway to residency and citizenship while contributing to broader economic growth.
CannFX
New Zealand medicinal cannabis supplier CannFX has entered the UK market with a flower product, through a new partnership with Cantourage.
Cantourage said the arrangement will allow it to import a range of non-irradiated medicinal cannabis flower and to build new products aimed at better serving patient needs.
Chief sales officer Joshua Cuby said: "We are thrilled to launch this partnership… and to be able to offer our patients a new source of high-quality medical cannabis products.
"We are treating and learning from patients every day at Cantourage Clinic, we know that many are struggling to access indoor-grown, high-quality medical cannabis flower, and we believe that our partnership with CannFX will help address this issue."
CannFX CEO Bastiaan Kramer added: "By partnering with Cantourage UK we are continuing to expand our international network to make NZ-crafted medical cannabis more accessible to patients in need, wherever they may be."
CannFX, founded in 2019, holds agreements with New Zealand cultivators to supply dried cannabis flower to markets around the world.
