Cannasouth has signed a three-year agreement with German importer Weeco Pharma for the supply of cannabis flower from New Zealand into Europe.
Under individual cultivar supply agreements to be negotiated, cannabis flower will be supplied to Weeco from Cannasouth’s cultivation and processing facility in Waikato, New Zealand.
Weeco has first right of refusal for each new cultivar developed by Cannasouth, subject to minimum purchase volumes. The firms have also agreed to work together to develop cultivars to best suit the European market.
Cannasouth said the deal could eventually be worth NZ$12 to 15 million.
It added it will retain sufficient flower to supply the local New Zealand market, enabling its medicinal cannabis products to be verified.