THC Global Looks to Enter New Zealand Cannabis Market
November 28th, 2018
THC Global Group Limited (THC:ASX) is pleased to advise that is has secured exclusive rights to import a range of high quality medicinal cannabis products into New Zealand under its strategic partnership with Denmark-based Endoca.
THC Global will commence the importation of Endoca’s unique CBD and CBD+CBDa products from Europe via its operating subsidiary in New Zealand, THC Pharma (NZ) Limited, which has established a supply chain via New Zealand’s DATAPHARM, an online platform for prescribing and dispensing the Endoca products.
The Company has identified New Zealand as an attractive market due to favourable regulatory conditions which allow prescriptions for these CBD products to be made by doctors without Government approval as is required in Australia. This will ensure faster access by larger patient numbers and lower regulatory barriers for THC Global to generate revenue.
THC Global Chief Executive Officer, Ken Charteris commented:
“Our expansion into New Zealand represents a significant step in THC Global’s international growth strategy, targeting rapidly growing medicinal cannabis markets in the Asia Pacific and distributing Endoca’s product range. We look forward to our first orders in New Zealand in the coming weeks as we continue to expand our footprint in the global medicinal cannabis market in the near term”.
Chief Executive Officer of Endoca, Henry Vincenty, commented:
“We are excited to be able to expand our collaboration with THC following their successful launch as the exclusive distributor of Endoca products in Australia. We will continue to seek further opportunities to collaborate and expand on our partnership with THC in the near term”.
THC Global is active in establishing prescriber and pharmacy engagement programs in New Zealand and has been advised by Endoca that they have already received strong interest from over a thousand patients in New Zealand seeking their products.
With the support of new Zealand’s DATAPHARM, THC Global will commence seeking MedSafe approval from the New Zealand government for the Endoca products which, although not required to commence supply to patients, will add further credibility and attest to the safety and quality of the already GMP certified Endoca product range.
THC Global anticipates supplying Endoca’s CBD products to New Zealand patients at a substantially lower price than the only other MedSafe approved cannabis-based medication available, which costs patients $14,000 per year. This is expected to address a major barrier to patient uptake.
THC is expediting the process of obtaining import approval to begin increasing sales in New Zealand, where patient numbers for some of the main indications include 48,000 patients with Epilepsy (Source: Epilepsy NZ), 80,000 with Autism (Source: Autism NZ), 62,000 with Dementia (Source: Alzheimers NZ) 9,500 with Parkinson’s (Source: University of Otago), 4,000 with Multiple Sclerosis (Source: MS research NZ) and +96,000 with Cancer (Source: Global Health Data Exchange).
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