Company News: Helius Therapeutics; Greenfern Industries; Tilray; Creso Pharma; Live greenery
Helius Therapeutics has become the first medicinal cannabis company in New Zealand to have an active ingredient made from locally grown cannabis plants and extracted in New Zealand verified by the Medicinal Cannabis Agency as meeting the quality standard.
The active ingredient was developed at the company’s manufacturing site in East Auckland from dried flowers grown by certified organic medicinal cannabis grower Puro.
In January, Helius signed a five-year, multimillion-dollar supply contract with Puro and in April its license was renewed and extended by the regulator, allowing it to manufacture active ingredients on-site from raw materials. of cannabis.
The CBD extract will be used in a wide range of pharmaceutical dosage forms for Kiwi patients initially, with finished products subsequently exported around the world.
Managing Director, Carmen Doran, said, “This is another first for Helius and an important milestone for our industry. Medicinal cannabis products grown and manufactured entirely in New Zealand will soon be a reality.
“It’s exciting for local patients wanting to legally access genuine Kiwi products that are both high quality and cost effective.”
New Zealand-based Greenfern Industries (GFI) is exploring an opportunity to distribute the US Food and Drug Administration-approved cannabinoid drug Syndros through an agreement with Cannvalate.
Syndros is an adult liquid cannabinoid used to treat cancer patients with chemotherapy-induced nausea and vomiting and loss of appetite in people with AIDS who have lost weight.
GFI has signed a non-binding term sheet with Australian company Cannvalate which would see Cannvalate incorporate a new entity to acquire the exclusive rights and distribution license for Syndros in New Zealand, Australia and the Pacific Islands.
GFI would then acquire the new company subject to conditions, including regulatory and shareholder approval.
Managing Director Dan Casey said, “Syndros is widely used in North America and is one of the few FDA-approved cannabinoid medications.
“Given the rigorous and laborious process of approving a drug with the FDA, there is ample data that can be used by GFI to pursue similar authority with the Therapeutic Goods Administration (TGA) in Australia and Medsafe. in New Zealand.
If the deal goes through, GFI will pay NZ$5 million to Cannvalate for the Syndros license and distribution rights held by the new company, either in cash and/or through the issue of new GFI shares.
Tilray Medical has received approval and verification from the Natural Health Science Foundation (NHSF) for its Tilray Purified Oral Solution CBD100 product which will be used in clinical trials in Australia and New Zealand.
The NHSF is an independent, not-for-profit organization that helps patients, consumers and healthcare professionals make informed choices in natural medicine based on sound science.
In addition to NHSF approval, the New Zealand Ministry of Health has verified that Tilray’s product meets its quality standards.
Tilray Medical ANZ Managing Director George Polimenakos said, “We are extremely pleased with this result and proud to provide EU-GMP certified products to patients in Australia and New Zealand.
“The validation of the quality of our products by the NHSF demonstrates Tilray’s commitment to providing our patients with the highest quality cannabis products.”
Creso Pharma has completed the acquisition of US wellness brand Sierra Sage Herbs.
The deal, first announced in February, will give ASX-listed Creso its first foothold in the United States. The transaction saw SSH owners receive 357 million Creso shares.
Alongside the established distribution network in the United States, Creso has already signed non-binding agreements to sell SSH’s range of herbal and CBD products in Australia, Taiwan and Singapore.
Sierra Sage Herbs, which offers products in the first aid, beauty, sexual wellness, women’s health and pet markets, generated $5.7 million in revenue Americans in 2021.
Will Lay, Managing Director and Managing Director of Creso, said, “The completion of this transaction highlights a major growth opportunity for Creso Pharma. Over the past few months, we have worked closely with SSH’s management team and entered into a number of deals that can unlock shareholder value.
“We plan to accelerate similar near-term opportunities to augment SSH’s existing revenue profile and utilize the group’s established footprint to benefit other business divisions.”
Among the Creso business divisions that will benefit will be its sports-focused CBD Impactive line, which will be marketed and sold through SSH’s distribution outlets in the United States.
ASX-listed foods, nutraceuticals and plant-based skincare company Live Verdure has acquired Edible Beauty in a cash-plus-certificates deal of A$1 million .
Skincare company Edible Beauty, which caters to women ages 26-44, reported revenue of $2.2 million in FY22, with 74% of sales coming from direct channels to consumers in Australia and New Zealand.