New Zealand cannabis company Puro has entered into a £7 million (NZ$15.8m) supply contract with UK firm IPS Pharma, a deal the company described as the largest export agreement for organic medical cannabis ever recorded.
Under the terms of the agreement, live-dried, organically cultivated flower will be shipped to the UK and broader European markets, where appetite for high-grade medicinal cannabis products has been steadily increasing.
Puro CEO Sank Macfarlane said he was excited to bring Puro's flower to Europe.
"This marks an exciting step forward for Puro but also for patients in the UK and Europe, where demand for high-quality medical cannabis is booming," he said.
IPS Pharma director Ian McFarlane said Puro's product would offer patients some of the best medical cannabis in the world.
Changes to New Zealand's regulatory framework, which reduced the costs associated with medicinal cannabis exports, were a key factor in enabling the agreement to proceed.
"These regulation changes have provided a pivotal opportunity for Puro to establish itself as a leading provider of premium medicinal products in the UK and Europe," Puro's CEO said.
The export agreement comes on the back of substantial investment in the business, including NZ$13m (A$12m) in government funding directed toward its research programs. Puro is now among a small number of certified organic medical cannabis producers operating anywhere in the world.
