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Cannasouth Limited (Administrators Appointed) Analysis
Overview
Cannasouth is a biopharmaceutical research and development company based in the Waikato heartland of New Zealand. The Company has been established to focus on the commercial development of the medicinally beneficial attributes of cannabinoid compounds such as CBD, THC and associated chemical structures that are produced by the cannabis plant. Our goal is the development of next-generation cannabinoid medicines that support patients' health outcomes and improve their quality of life. Our products will be produced under GMP & ISO using environmentally friendly methods without the use of harmful chemicals or solvents, ensuring patients are treated with pure cannabinoid therapeutic compounds of the highest quality.
Performance
The following information was extracted from Cannasouth Limited's full year results, released 29 February 2024:
Review of Operations
For the year ended 31 December 2023
2023 – A transformative year
As Cannasouth led the consolidation of the high growth medicinal cannabis sector with its merger with Eqalis Group New Zealand
Limited (Eqalis). This provided end-to-end GMP accredited capabilities in manufacturing and dried flower processing plus widening the
Company’s product range to include CBD Oral Solutions, Active Pharmaceutical Ingredients (API) and access to new technologies.
The Company transitioned to generating meaningful revenue, when, in October 2023, the Medicinal Cannabis Agency verified a suite
of own-manufactured products for sale to the New Zealand market. We fulfil the key objective of the Company – to bring quality
affordable medicinal cannabis medicines to New Zealand patients. Cannasouth has moved up the sales curve past its inflection point.
Highlights for 2023 included:
- Divestment of non-core Midwest Pharmaceutics NZ Ltd - February 2023
- Gaining GMP accreditation for the Cannasouth’s cultivation and processing facility - May 2023 Merger with Eqalis completed - 31
May 2023
- First export of dried cannabis-flower to Australia - June 2023
- Regulatory changes announced by the Medicinal Cannabis Agency to bolster NZ Medicinal Cannabis Sector - August 2023
- First export of Cannabis-based API to Australia - September 2023
- Successful verification of oral solutions and dried flower products - October 2023
- Launch of own-manufactured oral solutions and dried flower products in New Zealand - November 2023
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