Local medicinal cannabis company Rua Bioscience reports first revenue from sales in Germany

A109 Light Utility Helicopter flight with mayor Gisborne City from the air in November 2023.

Tairāwhiti-based Rua Bioscience yesterday announced the first revenue from sales of products in Germany after the first full month of sales.

“The response to the Rua products has exceeded our expectations and they been very well received by pharmacists and patients in the German market,” a statement from the NZX-listed medicinal cannabis manufacturer said.

“In the first month of sale Rua has sold 13,000 grams or 28 pounds of dried flower product.

“The first revenues in Germany are a significant milestone for the company. As an early-stage medicinal cannabis company, achieving revenue is important to ensure the long-term sustainability of the company and returning value to our shareholders.”

The planning for this market launch by the combined marketing efforts of Rua Bioscience and its German distributer Nimbus Health has been in the pipeline for many months.

“With an established path to market and revenue, Rua and Nimbus Health plan to expand the product offering in the German market.

“In time, Rua will distribute the genetics from our Ruatorea facility through this same channel.”

Rua Bioscience chief executive Paul Naske expressed his thanks to all the staff and stakeholders of Rua Bioscience who he said had worked hard over the recent months and years to establish this pathway to market.

“The team have been focused and methodical in their approach and dedication to the German market over many years.

“This is a significant milestone of the strategy that Rua put in place in 2019 to create sustainable revenue and a positive return to shareholders.”