New Zealand firm Aether Pacific Pharmaceuticals (APP), trading as Medical Kiwi, has signed a three-year Memorandum of Understanding (MoU) with the Fijian government to develop medicinal cannabis initiatives in the country.
APP said the move followed an extensive period of consultation and presents the company with the opportunity to expand its manufacturing operations “in a cost-effective environment, alongside the opportunity to exclusively export Fijian medicinal cannabis to meet growing demand worldwide”.
The MOU also sets out plans to establish a “nutraceutical hub” encompassing an extraction and manufacturing facility which APP said would enable the commercialisation of novel botanical compounds from its Hardie Health subsidiary.
In December, APP secured a US$30m investment commitment from GEM Global Yield which can be accessed following the company’s successful listing on any global stock exchange.
CEO Aldo Miccio said the MoU “underpins our commitment to driving innovation, economic development, and sustainable practices in the Pacific region”.
He added: “The agreement also positions the company to expand its global manufacturing footprint in a cost-effective environment to meet growing international demand, while also benefitting from a collaborative approach to new product development in the field of plant-based medicine.”
Fiji’s Prime Minister Sitiveni Rabuka said: “When the medical cannabis industry is established by law and policy in Fiji for cultivation and export, APP would still be required to apply for the appropriate licence and adhere to the rules and regulations stipulated.”
