New Zealand-based Greenfern Industries (GFI) has agreed a deal with Cannvalate to market its products in Australia under the GFI Pharma brand.
Under the agreement, Greenfern will issue NZ$900,000 worth of shares to the Melbourne-based medicinal cannabis distributor while Cannvalate will educate physicians on the GFI Pharma range, giving it exposure to 6,000 patients.
GFI will also have access to anonymised patient data to inform its research and development initiatives, enabling it to develop and refine medications based on real-world patient experiences.
Chairman Brent King said: “This is a fantastic opportunity for Greenfern to strengthen its business in Australia. When we listed [in] October 2021 we did not expect to have the opportunity available to us.
“We see that this relationship can bear significant advantage for both parties and we are hoping to develop it further over time.
“The New Zealand industry is behind the Australian industry, but it is moving forward quickly. Learning from the Australian experience will fast track the development of Greenfern. This is a fantastic start to the new year.”
GFI managing director Dan Casey said the company is working on developing more medications to appeal to a wider range of patients.
He added: “The relationship with Cannvalate dramatically accelerates our plans and we would not have been able to get to this stage for at least 18 months if we were to attempt this rapid growth independently.
“Our experience of selling the product in Australia will allow us to work through the process of getting the medicines approved in New Zealand. The medical data is being accumulated every day and we are considering the next stage. When we have made the decision on whether to go through the New Zealand approval process, we will advise the market.”
GFI and Cannvalate will now move to finalise an agreement which complies with Australian and New Zealand law and NZX listing rules.