THE WHAT? Cannasouth has signed an agreement with WEECO Pharma for the supply of cannabis flower from New Zealand into Europe.
THE DETAILS The three-year deal is said to be valued at between NZ$12 million and NZ$15 million over years two and three. Under the terms of the agreement, WEECO has the right of first refusal for each new cultivar developed by Cannasouth.
“We are incredibly excited to be starting our partnership with Cannasouth,” said CEO of WEECO Pharma, Börge Diessel. “After a long vetting and qualification process, we are now able to add the top New Zealand supplier to our group of selected producers and genetics collaborators.
THE WHY? Cannasouth CEO, Mark Lucas, commented, “Global demand, particularly in Europe, has created an early revenue opportunity in the export of premium cannabis flower. Our world-class, next-generation cannabis cultivation and processing facility was fully commissioned at the end of last year. This has enabled us to take advantage of the rapidly growing and lucrative pharmaceutical cannabis flower market.”