In some ways we concur with this article in others we say you deserve it. More than a few medical cannabis companies in NZ stood on the side on a No vote in the legalization of cannabis across the board in NZ and thus now have to reap what they sowed.
Stuff.co NZ reports..
The Ministry of Health is reviewing parts of the medical cannabis industry regulations, as growers and businesses say they will go bust waiting for approval to sell products.
As the first company in New Zealand gained approval to manufacture cannabis medicines this week, paving the way for the first locally-grown product to enter the market, there is unease about how the scheme is running.
This week the ministry confirmed a grace period allowing suppliers and importers time to get their products up to minimum standards will expire by October and won’t be renewed, having already been extended. However, it also says it’s reviewing some aspects amid issues about workability and interpretation of the Misuse of Drugs (Medicinal Cannabis) Regulations 2019.
Industry members say the Medicinal Cannabis Scheme is failing patients, and that groups without investors will likely fail, blaming exacting standards that are time-consuming, costly, and near impossible to meet.
The concerns are shared by businesses spending millions to try to manufacture medicines, and licensed growers who began cultivating but can’t sell their product yet.
One grower Stuff spoke to, who wouldn’t be identified, had invested $500,000 of family money into becoming a licensed cultivator, but so far hadn’t been able to sell any because of the difficulties of testing the plant. He’d let go of two staff.
He’d hoped to supply a New Zealand market, but has accepted business viability will rely on exporting. If things hadn’t picked up by the end of the year, he’d have to re-evaluate, he said.
“The Ministry of Health has set these standards so high that it’s physically impossible to pass… it’s been a year with no return,” he said.
“Normally you open the doors of a business, and you’re instantly trading. We’ve approached the Ministry of Health pretty much from the start of this year, when we realised it wasn’t working, about what they need to change, and what’s wrong, and why it’s wrong. They haven’t made any effort to right things.”
He believed companies with investor backing were happy to play the long game but “they’re feathering their own nests. The reality is, growers are losing money every month and going broke. I’m quite emotional about it”.
New Zealand has the highest medical cannabis standards in the world, which imported products must meet, too. There are only four approved, imported products available to patients, made by pharmaceutical giant Tilray. While the New Zealand Medical Cannabis Council, representing industry members, has supported the high standards, saying it will make Kiwi product a standout, entrepreneur Chris Fowlie is sceptical.
