Entry into Australian market a ‘pivotal’ moment for Rua

A109 Light Utility Helicopter flight with mayor Gisborne City from the air in November 2023.

Tairāwhiti-based medicinal cannabis company Rua Bioscience this week announced its “momentous” entry into the A$240 million-a-year Australian medicinal cannabis market.

On Tuesday, an NZX statement said Rua Bioscience had teamed up with Anspec, a leading pharmaceutical distribution company, making Rua Bioscience product available to Australian patients through prescribers.

In 2022, the Australian cannabis market was valued at A$240 million per year.

“This launch marks a momentous step forward in Rua Bioscience’s commitment to the thriving Australian market,” Rua chief executive Paul Naske said.

“The further substantial growth of the market since 2022 underscores the tremendous potential it holds, with strong demand for differentiated products.”

Rua Bioscience’s dedicated medical science liaison has been actively engaging with prescribers, to facilitate informed and responsible usage of the product.

“Our interactions with Australian doctors and clinics are a testament to our commitment to collaboration and reducing some of the barriers to prescribing,” said the company’s medical science liaison Jessika Buscke.

“By connecting with prescribers, we can ensure that our product is integrated responsibly into patient care plans, thereby contributing to optimal health outcomes.”

This partnership-driven approach not only ensured responsible product use, it also positioned Rua Bioscience for sustained growth and expansion.

“We recognise the strategic value of these collaborations in establishing a robust pipeline for bringing our unique cannabis varieties from Ruatōrea on the East Coast of New Zealand to the Australian market,” Mr Naske said.

“We’re essentially connecting the East Coast of New Zealand with the east coast of Australia.

“This is a pivotal moment in our journey, and Rua Bioscience is well positioned to navigate the evolving landscape of the Australian medicinal cannabis market. The entry into the Australian market, and the launch of our products, marks the establishment of another network that will ultimately make positive, long-term impacts back home in NZ in our communities of Ruatōrea and Tairāwhiti.”