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Medical marijuana valuable to New Zealand’s economic recovery

  • Date: 08/05/20
  • Author: Daniel Mathers
  • Team: Global Vision Biotechnologies - Press Team

New research shows medical marijuana valuable to New Zealand’s economic recovery. Record-breaking medical marijuana company, Puro, is calling on the government to fast track the establishment of a medical marijuana industry in New Zealand.

Puro, which smashed the Australasian record for crowdfunding after raising $4 million in start-up funding, has already grown a test crop of low-THC hemp in Kekerengu and has started the consenting process to build its Marlborough headquarters near Blenheim.

Managing Director Tim Aldridge says this will be a multi-million dollar facility, with a medical marijuana research centre, an indoor cultivation facility and a large farm.

“We have just commissioned a report from independent economists, Agribusiness Group, on this new industry’s ability to create jobs for New Zealand. It shows our operation, alone, has the potential to create up to 375 full time jobs within the next two years. This could eventually grow to 500 full time jobs.”

An earlier report from The AgriBusiness Group concluded that if 1% of the New Zealand population used medical marijuana, the market could be worth $379 million each year. Internationally, the total marijuana market is estimated to be worth USD$150 billion.

Tim Aldridge says New Zealand needs to invest in resilient new and sustainable industries to create jobs and medical marijuana is a perfect candidate.

“The global medical marijuana industry has not been negatively impacted by COVID-19.”

Tim Aldridge says the time is right for New Zealand to create the industry here.

“Amid this lockdown, New Zealand’s Medicinal marijuana Scheme came into effect (on 1 April 2020). It was a milestone for the industry and means that companies like Puro can now apply for licenses to grow medicinal marijuana for export. Our application is in already.”

Tim Aldridge says Puro is also applying to Crown Investment Partners as a shovel-ready project and to the Provincial Growth Fund for government support.