New research shows medical cannabis valuable to NZ’s economic recovery

Puro is calling on the government to fast track the establishment of a medical cannabis industry in New Zealand and encourage others in the industry to do the same.

Managing Director Tim Aldridge says New Zealand needs to invest in resilient new and sustainable industries to create jobs and medical cannabis is a perfect candidate. The time is right for New Zealand to create the industry here.

“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 cannabis, the market could be worth $379 million each year. Internationally, the total cannabis market is estimated to be worth USD$150 billion.

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

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. In its applications, Puro is requesting the government look to fast-track industry applications under the Ministry of Health’s licensing scheme and resource consent applications as well as funding for Puro’s operations.

“We had plans to raise an additional $12 million this year from debt and equity, we expect COVID-19 will make that more challenging so government assistance would be essential to ensure we can create new jobs in the regions.

“It will enable us to get up and running, hire skilled staff and then contract other growers to supply on- and offshore pharmaceutical manufacturers. This is a valuable opportunity – not just for us and for Marlborough. It is an opportunity for New Zealand to create a new, innovative and valuable industry and thousands of new jobs.”

Marlborough District Council Mayor John Leggett says Marlborough is one of New Zealand’s leading horticultural centres and has a long tradition of horticultural and viticulture innovation.

“Our communities and economy need new businesses and employment opportunities, particularly as part of our COVID-19 recovery. So a Marlborough based business like Puro, capitalising on that opportunity and creating local jobs deserves to be supported.”

Puro has also taken care to ensure its design is environmentally sustainable.

Puro invites the industry to make use of our research findings or collaborate in other ways to ensure a healthy start to the industry in New Zealand. Please contact us at info@puro.co.nz

Puro will be exhibiting at the MedCan Summit 2020, 9-10 November in Auckland.