MedReleaf Australia and The Entourage Effect (TEE) have signed a distribution partnership under which TEE will act as a wholesaler for MedReleaf’s CraftPlant, Aurora and IndiMed brands.
Andre Jerome, executive vice president, global business development of MedReleaf’s Canadian-based owner Aurora Cannabis, said the partnership broadens the firm’s distribution capability in Australia, ensuring greater access to its medicinal cannabis portfolio.
TEE CEO Lisa Varley described it as a “significant milestone” for both companies “underscoring our shared commitment to improving patient access and advancing the Australian medicinal cannabis market”.
“Together, we are well-positioned to better serve the needs of patients across the nation,” she added.
Biortica Agrimed
Trials for the first batch of new cultivars from Canadian-based genetics specialist and Biortica Agrimed subsidiary Apollo Green have begun at Biortica’s Green Farmers facility in Victoria.
Among the cultivars entering early flower is the OG Triploid, developed by California’s Humboldt Seed Company.
Biortica CEO Tom Varga said triploid genetics represent “a new frontier” in cultivation.
“By offering enhanced consistency and improved production potential, we’re helping Australian growers raise the bar in terms of quality and reliability,” he said.
“The most recent delivery of breeders cuts from Apollo Green means we have the exact strain that has gained success in the North American market, and we know exactly how it will perform here.
“There are other genetics in this trial… that are equally as impressive.”
Chief horticultural officer Ben Ellerton added: “These cultivars, particularly the triploids, are already showing remarkable consistency and vigour in early stages.
“Their potential to provide more uniform crops and improved outcomes for growers – and ultimately patients – is truly promising.”
Medical Kiwi
The boss of stricken New Zealand firm Medical Kiwi has registered a new company in the UK reports The Press.
Medical Kiwi, also known as Aether Pacific Pharmaceuticals, went into voluntary administration last month after running into financial difficulty and is facing liquidation with debts of almost NZ$9 million.
According to The Press, executive chair Aldo Miccio registered a company called Nueather Ltd in the UK in October, along with Mohammed Khan, a UK-based scientist who was working with Medical Kiwi to develop technology to produce medicinal cannabis pills.
Khan formed another UK company called Medcankiwi Ltd in September. The Press said Miccio’s Medical Kiwi co-founder and director Peter Win does not appear to be involved.
Cannasouth
Cannasouth, which is under external administration, has been delisted from the New Zealand stock exchange at its own request after admitting it had breached compliance requirements.
The administrator overseeing the affairs of the company, Blacklock Rose, said the business was “not in a position to resolve the breaches” which include the non-payment of fees and a failure to file annual results.
Remaining a listed entity would also have incurred “additional compliance costs which will delay the company’s ability to reach a position of cash flow positivity”, the administrator said.
Cannasouth is still subject to a Deed of Company Arrangement (DOCA) to save the company after it entered voluntary administration in March.
The DOCA was tabled by a group of investors in June.
Blacklock Rose is continuing to work with the DOCA proponents and, “as soon as practical” following the delisting, will appoint a board of directors and return control of the company to a new management team.
In an update to shareholders, the administrator said Cannasouth remains operational and is processing several varieties of cannabis flower and CBD oil.
“While there are regulatory hurdles to export, the management team is exploring the possibility of expanding group revenues through offshore markets while continuing to build on its domestic market base,” Blacklock Rose added in a statement.
Rua Bioscience
Rua Bioscience said sales are expected to exceed NZ$600,000 (A$545,000) in the first half of the financial year as “strong momentum” continues to build.
Unaudited figures show the company will generate NZ$400,000 (A$363,000) in the October-December quarter, up 80% on Q1.
Rua said it was seeing steady growth in the “large but competitive” Australian market where its distribution channels and product portfolio are “now firmly established”.
It also expanded its product range in Germany and the UK during the quarter, while the launch of a new flower in NZ helped secure a month-on-month sales increase.
“In addition, we have new products currently being assessed by the NZ Ministry of Health,” the firm said.
Ecofibre
Ecofibre’s US subsidiary has completed agreements for the sale and leaseback of its two properties in North Carolina, used in the manufacturing operations of Ecofibre Advanced Technologies, and a further property used as a production facility for Ananda Health in Kentucky.
Ecofibre told the ASX the debt-reduction initiatives formed part of its plan to create a simpler, more tightly focused business portfolio and deliver more sustainable financial performance.
The deals enable the repayment of US$9 million to secured lender Nubridge Commercial Lending, with a remaining $1m to be converted to an unsecured loan repayable by December 2027 plus interest at 12% per annum.
The company said it is also in the final stage of negotiations with two lenders to provide working capital loans.
