New Zealand-based medicinal research joint venture formed
Greenfield MC Ltd has announced it will be conducting research into growing strains of medicinal marijuana across New Zealand.
The joint venture will see Australian owned Greenfield MC join with Canada’s EPHS Holdings Inc to create Greenfield MC Ltd (NZ), the first Australian-owned company to conduct research into cultivating medicinal cannabis. Specifically, this will address the efficacy of growing specific strains of cannabis in environments native to New Zealand.
EPHS Holdings currently supplies commercial cannabis to Canada, there has been a steady increase in Canadian patients of around 10% per month, whereas Greenfield MC is a licensed medicinal cannabis importer with operations spanning cultivation, distribution and research.
The cultivating work under the joint venture is anticipated to start by Q2 2020, with research projects to commence after the first harvest. During this time Greenfield MC will work towards including New Zealand importation and distributing licenses within the New Zealand cultivation license it is currently applying for.
The medicinal cannabis industry has reported significant growth in revenue, with the Canadian market spending CA$5.7bn from medicinal and non-medical use in 2017 and this market continues to grow. In 2019 medicinal and recreational cannabis is expected to generate CA$7.17bn. The US has also seen a huge influx of revenue from the legalisation of cannabis with states such as California seeing sales as high as US$2.75bn for personal use, according to a study by the Bureau of Economic Analysis.
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Greenfield MC’s research will be conducted within a Kaupapa Maori framework. This means that the project will be undertaken by Maori, for Maori, and with Maori aspirations in mind. It will look to improve the quality of medical treatment for certain health conditions that disproportionately affect Maori, such as Type 2 Diabetes Mellitus.
Greenfield MC’s Director of Research, Dr Anna Rolleston explains: “In New Zealand, health disparity for Maori is a key area of focus, with disparities in almost all areas of health attributed largely to system-related issues and social determinants of health. Once we have cultivation underway in New Zealand and have completed our initial research project, one of the objectives is to understand how medicinal cannabis could be beneficial to Maori healthcare and how the industry as a whole might support Maori aspirations.”
Greenfield MC CEO Nicholas Hanna said that the joint venture will take the company one step closer to taking the lead as a producer of medicinal cannabis products in the Oceania and Asia-Pacific regions.
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