Testing shows that they have also met the more stringent level for their cannabis flower to be allowable under the regime as an inhalation product. This was achieved without the need to use ionizing radiation to eliminate contaminants like bacteria and moulds.
"To achieve these standards is testament to the systems and processes and research and development that we have implemented over time to enable a high quality, high THC and consistent flower products. We will now look to scale our operation to meet the demand that we have for this product in the overseas market," said managing director Dan Casey.
"Having a product that meets these standards will hopefully open other avenues such as a locally grown New Zealand product which patients with the needs for inhalation to be prescribed in New Zealand. All these processes take time and capital, but we are happy that we are on the correct trajectory at present."
Further to this announcement GFI are also pleased to announce that they have received a purchase order for 120kg of their medicinal cannabis flower. This forms a part of the agreement that was signed in late June for an offtake of their cannabis flower starting material. This figure will not be received immediately but in increments over time as the medicinal cannabis is exported and continues to meet ongoing batch testing requirements.
"Having our larger Stage 2 facility fitted out and ready to grow in will be essential to fulfil our orders more quickly," said Casey.
"Being able to export and grow our cannabis is always conditional to all the usual licencing conditions set by MoH and having each and every batch independently tested and verified against minimum quality standards."
GFI had revenues of over NZD$100,000 from medicinal cannabis prescriptions in the Australian market during the month of September.
"This is an area we would also like to target for growth but again it is a capital-intensive requirement. The growth is reflective of the Australian market maturity and growth, and we are happy to have a presence there."
