New Zealand firm Aether Pacific Pharmaceuticals has inked a distribution agreement with Melbourne-based Novachem to supply more than 200kg of dried medicinal cannabis flower to Australia.
Formerly known as Medical Kiwi, Aether Pacific will export the flower from its Christchurch facility. It will be packaged into 10-gram jars and sold under the Medical Kiwi brand, with the potential to white label for other sponsor groups in Australia.
The final GMP-grade product will be stored and sponsored by Novachem and provided to patients through its network.
The firm said the deal would provide it with “another near-term revenue stream” and expand its footprint in the burgeoning Australian cannabis sector.
Novachem business development manager Andrew Heath added: “It is fantastic to be able to continue to support Medical Kiwi in bringing New Zealand-grown product to market in Australia. We are certain [it] will have great support from the medical community.”
Aether Pacific chairman Aldo Miccio said the agreement comes at a “pivotal time in the company’s growth trajectory” ahead of its planned listing on New Zealand’s Catalist Public Market.
It is currently offering wholesale investors two million new fully paid ordinary shares at NZ$1 per share to raise NZ$2 million.