Furthermore, it has established a supply chain to patients through a strategic partnership with DATAPHARM.
THC Global has been advised by Endoca that they have received strong interest from over a thousand patients in New Zealand seeking their product.
THC Global’s CEO Ken Charteris said: “We look forward to our first orders in New Zealand in the coming weeks as we continue to expand our global footprint in the medicinal cannabis market, both in the Asia Pacific and in North America.
“The expansion into New Zealand represents the next step in the development of THC Global as a significant participant in the global medicinal cannabis market.”
Other cannabis-based medicine costs $14,000 per year
The only other MedSafe approved cannabis-based medication in New Zealand currently costs patients $14,000 per year.
THC Global anticipates supplying Endoca CBD products to New Zealand patients at a substantially lower price, addressing a major barrier to patient uptake, and increasing accessibility for patients.
Favourable regulatory conditions to support revenue growth
THC Global has identified New Zealand as an attractive market due to favourable regulatory conditions.
New Zealand regulations allow products with over 98% CBD such as the Endoca range to be prescribed by medical practitioners including GPs without the need for special authorisation as is required in Australia.
The company expects that this will result in rapid revenue generating sales as the company commences supply to patients in New Zealand.
The company’s operating subsidiary in New Zealand, THC Pharma (NZ) Limited will commence importing once permits are received, which are being sort on an expedited basis.