New Zealand has a limited range of ventures producing medicinal cannabis - but the most successful distributor doesn't even sell directly to Kiwis.
Medical marijuana company Puro has just signed a $16 million distribution deal in the UK, but co-founder Tim Aldridge says red tape is stopping the business from selling domestically.
Aldridge says there's no manufacturing or packaging companies that can take their product - and they need to ship that out to Australia.
LISTEN ABOVE
See omnystudio.com/listener for privacy information.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Brian Bridge.
Speaker 2 (00:01):
Now you know which movie to see and how to
see it and how it ends. Sorry about that all right?
Did you know all of the medicinal cannabis you can
buy here is imported? Yes, all of it comes from overseas,
despite local companies which know already, which are already up
and running and doing it quite well, thank you very much.
(00:22):
Medical marijuana company Puro has just signed a sixteen million
dollar distribution deal in the United Kingdom, but they say
red tape is stopping the company from selling domestically. Tim
Aldridge is the CEO of pre PRUO and is with
me now, hy, Tim, how are you?
Speaker 1 (00:42):
I'm good? Thank you? Cura Cura was enjoyed that we
movee debriefly, right, So it was to check that one out.
Speaker 2 (00:49):
You will have to go and check it out, hey, Tim.
So this congratulations on signing this distribution deal. By the way,
that's massive, well done. But what why earth can't you
sell it here?
Speaker 1 (01:00):
Yeah? Ah, look so the I guess this time last
year the regulations changed so we could export, which was
obviously something we're very grateful for and is an amazing
outcome for us. So and this in the last twelve
months we've been foot to the floor producing our products
primarily for export markets. We do have some local supply here,
and I sort of caveat not all cannabis is important,
(01:22):
but almost all. So it's very very hard for local
companies like us to bring our products to the market.
In fact, it's just almost it's just commercially challenging. So
I mean the neat part of that is obviously the
export opportunities are enormous. The demand for our products and
the reception we're received off shore for our products is incredible.
But yes, as you say before, it's it's just almost
(01:43):
too difficult to sort of navigate the regulatory environment here,
and it's a lot easier for us to focus on
the larger export markets instead.
Speaker 2 (01:49):
So you manufacture it here but then export there, but
you only have to make their standards.
Speaker 1 (01:55):
That is correct. So we're a grower. So we operate
entirely in the primary industry, and there are no manufacturers
here or packaging some companies here that can take our
product and run it through what's not as a GMP process.
So it's those sort of those companies, and there are
some facilities in the pipeline. Hopefully they can come online
in the foreseeable future, but right here, right now, we
(02:16):
have to send their products to Australia to be packaged
and then obviously we could bring them back into the country,
but it's just cumbersome and it's expensive and it's quite
time consuming, and obviously they're already in the markets that
we are really targeting. Anyway, it just makes sense commercial
sense for us to focus on those markets. So we're
in Australia at the moment. The products have been incredibly
(02:36):
well received and as it touchop before just now it's
the very last deal with IPS Farmer in the UK
to take our products into London and throughout the United Kingdom,
and an amazing opportunity not only for Pure but also
for the New Zealand industry to follow suit.
Speaker 2 (02:50):
Well, dumbass, So who is it which government agency specifically
do we need to start hassling about this?
Speaker 1 (02:58):
So yeah, we obviously work with a lot of government
agencies and I wouldn't windst of doing a shout out
because there is left handed government that has been so
so supportive for us. So we've got the New Zealand
Trading Enterprise, the Ministry of Primary Industries and Treasury have
been outstanding and we wouldn't be able to get to
market and sort of achieve what we have achieved a
date without their support. But on the other hand, we
(03:18):
sort of have aspects of government that are perhaps less supportive.
So obviously the Ministry Health is our regulator who on
balance due do a good job and there's obviously some
very good people in there. We have a wonderful relationship
with them throwing people under the bus, but yes, we
would prefer if they could be a little bit more
proactive and supportive of the sector just to ensure that
(03:40):
we you know, here in New Zealand we can obviously
bring our products to market because you know, we've got
nearly a thousand shie holders with a huge community support.
You know, we're a wonderful sort of success story as
far as you know, taking this new industry forward. And
we get asked every single day from our community why
aren't our products available here for kiwis and sadly the
simple answer is which is not allowed to. So that
(04:00):
that does sit with the Ministry healthy and obviously be
a wonderful outcome if we could have a more pragmatic
conversation with them to you to choose some change, but
until then, obviously we're very grateful to be able to
export and you know, so it's a very successful.
Speaker 2 (04:14):
Term, very diplomatically done. Well done on that. But also
I think I know where to go and how to
talk to Do you think all of this, you know,
the the not fear, well, I guess it is a
bit of fear, but a bit of fear in the
red tape comes from the fact that it comes to
the fact that it's weed and for a long time
(04:35):
it was well it's still illegal now, but it was
not to be used or even thought of for use,
and suddenly we've changed the things and it's going to
take us a bit of time to catch up.
Speaker 1 (04:46):
That is correct. So there is a lot of sort
of prehistoric stigma and concern around there, around the products
and what we sort of have found that the New
Zealand sort of I guess approach to regular in the
industry is almost a uncertainty, so there is, you know,
an element of risk involved, and because they're not necessarily
sure on how to manage that rest, they come in
(05:07):
with a variable sledgehammer and sort of effectively prevent us
from accessing market. So you're being on it is. It
is a case of a bit of bit of you know,
a bit of history and a bit of an uncertainty
from you know, from from the regulators and from aspects
of government. But you know, we've sort of proven over
the last few years, you know, the industry has been
going first just over five years now, and we've sort
(05:28):
of gained the social license that is needed to you know,
to build trust and relationships across all aspects of government.
And obviously we'd welcome a conversation with with our regulator
and likewise of the Ministry for Regulations to you to
allow some pragmatic change and all our keywis to start
accessing locally ground products.
Speaker 2 (05:44):
In the meantime, Tim, keep up the good work. Sounds
like you're doing lots of it. Tim Oldridge with us
the puro CEO.
Speaker 1 (05:50):
For more from Hither Duplessy Alan Drive, listen live to
news talks it'd be from four pm weekdays, or follow
the podcast on iHeartRadio.
Brian Bridge.
Speaker 2 (00:01):
Now you know which movie to see and how to
see it and how it ends. Sorry about that all right?
Did you know all of the medicinal cannabis you can
buy here is imported? Yes, all of it comes from overseas,
despite local companies which know already, which are already up
and running and doing it quite well, thank you very much.
(00:22):
Medical marijuana company Puro has just signed a sixteen million
dollar distribution deal in the United Kingdom, but they say
red tape is stopping the company from selling domestically. Tim
Aldridge is the CEO of pre PRUO and is with
me now, hy, Tim, how are you?
Speaker 1 (00:42):
I'm good? Thank you? Cura Cura was enjoyed that we
movee debriefly, right, So it was to check that one out.
Speaker 2 (00:49):
You will have to go and check it out, hey, Tim.
So this congratulations on signing this distribution deal. By the way,
that's massive, well done. But what why earth can't you
sell it here?
Speaker 1 (01:00):
Yeah? Ah, look so the I guess this time last
year the regulations changed so we could export, which was
obviously something we're very grateful for and is an amazing
outcome for us. So and this in the last twelve
months we've been foot to the floor producing our products
primarily for export markets. We do have some local supply here,
and I sort of caveat not all cannabis is important,
(01:22):
but almost all. So it's very very hard for local
companies like us to bring our products to the market.
In fact, it's just almost it's just commercially challenging. So
I mean the neat part of that is obviously the
export opportunities are enormous. The demand for our products and
the reception we're received off shore for our products is incredible.
But yes, as you say before, it's it's just almost
(01:43):
too difficult to sort of navigate the regulatory environment here,
and it's a lot easier for us to focus on
the larger export markets instead.
Speaker 2 (01:49):
So you manufacture it here but then export there, but
you only have to make their standards.
Speaker 1 (01:55):
That is correct. So we're a grower. So we operate
entirely in the primary industry, and there are no manufacturers
here or packaging some companies here that can take our
product and run it through what's not as a GMP process.
So it's those sort of those companies, and there are
some facilities in the pipeline. Hopefully they can come online
in the foreseeable future, but right here, right now, we
(02:16):
have to send their products to Australia to be packaged
and then obviously we could bring them back into the country,
but it's just cumbersome and it's expensive and it's quite
time consuming, and obviously they're already in the markets that
we are really targeting. Anyway, it just makes sense commercial
sense for us to focus on those markets. So we're
in Australia at the moment. The products have been incredibly
(02:36):
well received and as it touchop before just now it's
the very last deal with IPS Farmer in the UK
to take our products into London and throughout the United Kingdom,
and an amazing opportunity not only for Pure but also
for the New Zealand industry to follow suit.
Speaker 2 (02:50):
Well, dumbass, So who is it which government agency specifically
do we need to start hassling about this?
Speaker 1 (02:58):
So yeah, we obviously work with a lot of government
agencies and I wouldn't windst of doing a shout out
because there is left handed government that has been so
so supportive for us. So we've got the New Zealand
Trading Enterprise, the Ministry of Primary Industries and Treasury have
been outstanding and we wouldn't be able to get to
market and sort of achieve what we have achieved a
date without their support. But on the other hand, we
(03:18):
sort of have aspects of government that are perhaps less supportive.
So obviously the Ministry Health is our regulator who on
balance due do a good job and there's obviously some
very good people in there. We have a wonderful relationship
with them throwing people under the bus, but yes, we
would prefer if they could be a little bit more
proactive and supportive of the sector just to ensure that
(03:40):
we you know, here in New Zealand we can obviously
bring our products to market because you know, we've got
nearly a thousand shie holders with a huge community support.
You know, we're a wonderful sort of success story as
far as you know, taking this new industry forward. And
we get asked every single day from our community why
aren't our products available here for kiwis and sadly the
simple answer is which is not allowed to. So that
(04:00):
that does sit with the Ministry healthy and obviously be
a wonderful outcome if we could have a more pragmatic
conversation with them to you to choose some change, but
until then, obviously we're very grateful to be able to
export and you know, so it's a very successful.
Speaker 2 (04:14):
Term, very diplomatically done. Well done on that. But also
I think I know where to go and how to
talk to Do you think all of this, you know,
the the not fear, well, I guess it is a
bit of fear, but a bit of fear in the
red tape comes from the fact that it comes to
the fact that it's weed and for a long time
(04:35):
it was well it's still illegal now, but it was
not to be used or even thought of for use,
and suddenly we've changed the things and it's going to
take us a bit of time to catch up.
Speaker 1 (04:46):
That is correct. So there is a lot of sort
of prehistoric stigma and concern around there, around the products
and what we sort of have found that the New
Zealand sort of I guess approach to regular in the
industry is almost a uncertainty, so there is, you know,
an element of risk involved, and because they're not necessarily
sure on how to manage that rest, they come in
(05:07):
with a variable sledgehammer and sort of effectively prevent us
from accessing market. So you're being on it is. It
is a case of a bit of bit of you know,
a bit of history and a bit of an uncertainty
from you know, from from the regulators and from aspects
of government. But you know, we've sort of proven over
the last few years, you know, the industry has been
going first just over five years now, and we've sort
(05:28):
of gained the social license that is needed to you know,
to build trust and relationships across all aspects of government.
And obviously we'd welcome a conversation with with our regulator
and likewise of the Ministry for Regulations to you to
allow some pragmatic change and all our keywis to start
accessing locally ground products.
Speaker 2 (05:44):
In the meantime, Tim, keep up the good work. Sounds
like you're doing lots of it. Tim Oldridge with us
the puro CEO.
Speaker 1 (05:50):
For more from Hither Duplessy Alan Drive, listen live to
news talks it'd be from four pm weekdays, or follow
the podcast on iHeartRadio.
Popular Podcasts
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
The Joe Rogan Experience
The official podcast of comedian Joe Rogan.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.