The operations of failed medicinal cannabis company Helius Therapeutics have been snapped up by another industry player.
Helius Therapeutics went into voluntary administration and closed its manufacturing plant in Auckland in March, citing continuing trading losses driven by high operating costs and a tough regulatory environment.
Medicinal cannabis grower Ora Pharm announced on Wednesday that it had bought the Helius business and its assets for a confidential sum.
Chief executive Zoe Reece said the company had been planning to build its own manufacturing facility closer to its grower network but the purchase of the Helius plant allowed it to get started right away.
“We have deep expertise and experience in the medicinal cannabis space, and New Zealand has some incredible regulations for medicinal cannabis,” Reece said.
“I definitely saw this as an opportunity for us to really integrate both our experience and expertise with this incredible asset to be able to move manufacturing forward and create opportunity under this integrated business model.”
