Puro, a cannabis grower based in Marlborough, New Zealand, has finalized a $16 million export agreement with IPS Pharma, a UK-based company, marking what is believed to be the largest organic medicinal cannabis export deal in the world. The signing took place at the New Zealand High Commission in London.
This agreement comes at a time when global demand for medicinal cannabis is on the rise, with projections estimating market growth from $47 billion to $149 billion by 2031. Sank Macfarlane, the CEO of Puro, expressed that this deal represents a significant advancement for both the company and patients in the UK and Europe, where the demand for high-quality medicinal cannabis continues to grow.
Macfarlane emphasized the importance of the partnership with IPS Pharma, stating that it enables consumers to access a premium organic product that adheres to strict international standards. The agreement follows a considerable investment in Puro’s facilities, including $13 million secured from government funding aimed at supporting advanced research programs that position New Zealand as a leader in premium medicinal cannabis cultivation.
Puro made history in 2018 by becoming the first New Zealand company to obtain a commercial cannabis license. The company cultivates its cannabis on a coastal organic farm in Kēkerengū and operates a state-of-the-art indoor facility at Waihopai Valley. Puro is one of the few globally certified organic medicinal cannabis producers, utilizing innovative growing and processing methods tailored to New Zealand’s unique environment. These techniques ensure the production of consistent, high-quality products that meet rigorous pharmaceutical standards.
Macfarlane pointed out that this agreement not only represents the largest organic cannabis order globally, but also introduces many patients in the UK and Europe to live dried cannabis. Puro employs a seven-stage live drying process that preserves the freshness and potency of the cannabis, maximizing its therapeutic value. This method prevents the loss of potency typically associated with traditional drying techniques and enhances the flavor and aromatic profiles of the product.
With the recent regulatory reforms in New Zealand, which have significantly lowered compliance costs for exporting medicinal cannabis, Puro is well-positioned to expand its presence in the UK and European markets. These changes have facilitated the company’s ability to establish itself as a leading supplier of premium medicinal cannabis products.
Ian McFarlane, director of strategic partnerships at IPS Pharma, stated that the agreement will provide UK and European patients with access to high-quality cannabis products. He remarked that Puro’s organically grown cannabis varieties, notable for their exceptional terpene profiles and aromatic compounds, are among the best available globally.
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