Australian cannabis supplier THC Global (ASX: THC) is expanding into New Zealand after securing exclusive rights to import Danish CBD products made by Endoca.
The Sydney-based firm changed its name from THC to THC Global earlier this month after buying a Canadian cannabis growing facility. It is already beginning to live up to its name by securing the New Zealand import rights deal with Endoca. It has also established a supply chain to patients through a strategic partnership with the New Zealand Ministry of Health’s DataPharm.
Endoca grows organic hemp on more than 2,000 acres of land in Denmark and produces a range of derivatives, from raw hemp oil to CBD tablets. Its stated goal is to make CBD commonplace in the homes of people around the world by 2030, and turning it into a household staple “just like salt and garlic”.
It has 100 employees and a large footprint in northern Europe, and it is now expanding into Oceania with THC Global. It said it hopes to collaborate further with the Australian firm going forward and that it is excited by the potential of the partnership.
Ken Charteris, chief executive at THC Global, said: “We look forward to our first orders in New Zealand in the coming weeks as we continue to expand our global footprint in the medicinal cannabis market, both in the Asia Pacific and in North America.”
In New Zealand, doctors can prescribe CBD products to patients without the need for government approval, as is the case in Australia. THC Global therefore sees it as an attractive market and said it expects to enjoy “rapid revenue generating” sales there.
Endoca reported that more than 1,000 New Zealanders have already been in touch asking how they can source its products. THC believes it will significantly undercut the competition in New Zealand and make CBD far more affordable for those who need it to relieve pain and treat various conditions.
In Canada, THC Global is building out a full-scale cannabis growing facility under subsidiary Vertical Canna Inc. It will cultivate cannabis, produce derivatives, and also target the Canadian retail market with marijuana.