09/27/2021 11:56 PM
Rua Bioscience has received certification to begin manufacturing medical cannabis products. Photo / included
NZX-listed Rua Bioscience has received Medsafe certification to begin manufacturing its first medicinal cannabis product – a cannabinoid (CBD) oil.
Good Manufacturing Practice (GMP) certification is the global standard for all pharmaceuticals and certifies that Rua can manufacture a product that is consistently safe and of acceptable quality.
Certification is a prerequisite for both domestic and export sales.
CEO Rob Mitchell said it was a significant milestone for Rua in Tairāwhiti.
“GMP certification means we’ve come a long way to be able to manufacture products,” he said in a statement.
The next step is to submit an application for a new medical cannabis product to the Medical Cannabis Agency.
Once this process is complete, Mitchell expects to have products for the domestic market by early 2022.
Manufactured in Rua’s purpose-built facility in Gisborne, and the compounded CBD oil will be available as a prescription drug in New Zealand.
Rua certification comes after a number of delays.
CBD oils are commonly prescribed for pain, epilepsy, and anxiety in New Zealand.
Germany is the world’s largest single market for pharmaceutical quality cannabis.
There clinicians can prescribe medical cannabis for a wide variety of conditions, many of which are covered by statutory health insurances.
The shares of Rua Bioscience debuted a year ago on the NZX at 70 cents, a markup of 20 cents or 40 percent on the issue price of 50 cents.
Most recently, the share was traded at 39 cents.
Unlisted medical cannabis company Helius Therapeutics received the industry’s first GMP certificate from MedSafe in August.