Greenfern Industries has secured a lucrative export deal that could be worth more than $1.6m.
The initial two-year agreement is an offtake order for the purchase of Greenfern’s Taranaki-grown medicinal cannabis.
An offtake agreement is a binding contract that formalises the buyer’s intention to purchase a certain amount of the producer’s future output.
Greenfern Industries Limited is pleased to announce it has attained its globally-recognised GACP (Good Agriculture and Collection Practice) certification for its cultivation facility based in Normanby, Taranaki.
“This is a milestone that the team has been working towards for some time since commencing cultivation and research and development in our pilot stage one facility,” said Greenfern’s managing director Dan Casey.
Greenfern Industries' GMP medicine prescription sales in the Australian market are going from strength to strength.
The company began distribution of its GFI Pharma-branded medicinal cannabis oil tinctures with Australian partner Cannvalate in November 2021. Since then, GFI has seen an average new patient increase of 42% month on month with an average return patient rate of 27% month on month.
Greenfern Industries is the first New Zealand medicinal cannabis company to be awarded B Corp certification gaining an overall finalised score of 86.8.
The company is one of just 83 other Kiwi B Corp businesses, including EcoStore, Cooperative Bank, KiwiBank, Kathmandu, and Synlait.
Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. They are companies that make decisions to create a positive impact for their workers, customers, suppliers, community, and the environment.
Greenfern Industries Limited (GFI) is about to commence the writing of clinical trial protocols for a low dose CBD medication that could set it on the pathway to become a pharmacist-only, over-the-counter product registered in Australia.
In February 2021 the Australian Therapeutics Goods Administration (TGA) made it legal to purchase products containing low-dose (less that 150mg per day) of cannabidiol (CBD) over the counter. This down scheduled the substance from a Schedule 4 (prescription medicine) to a Schedule 3 (S3), pharmacist-only medicine, meaning people with certain ailments could now go to the pharmacist and purchase CBD.
Greenfern Industries has reached an agreement with Australian-based Cannvalate Pty which will assist Greenfern (GFI) to develop its cannabis medicine sales in Australia, which are marketed under the GFI Pharma brand.
GFI chairman Brent King said the transaction includes the issuance of shares in Taranaki-based Greenfern to a value of NZD $900,000. GFI and Cannvalate will now move to finalise an agreement, which is compliant with Australian and New Zealand law and NZX listing rules.
Cannvalate has agreed to continue to range of GFI Pharma-branded medications and, under the terms of the agreement, they will educate physicians with the intention of securing exposure to 6000 patients. The agreement also means that GFI will have access to anonymised patient data which will contribute to the company’s research and development initiatives so it can develop and refine specific medications based on real world patient experiences.