2023 - Shareholder’s Annual Results
Tena tatou e hika ma,
We have released Rua Bioscience’s annual financial results for the 12 months ended 30 June 2023 (FY23). You can read the full market announcement and financial results on our website.
With results in line with the Board’s expectations, it has been a pivotal year for the company, as we focus on developing unique genetics and executing our export-led strategy.
Rua has a uniquely nimble approach to the medicinal cannabis market. This newly refined, capital-light strategy is enabling us to deliver scalable value, as we establish a sustainable global company.
We are:
Continuing R&D and genetic discovery at our facility in Mangaoporo near Ruatorea.
Working with our supply and cultivation partners to build out our portfolio and create products using our cannabis varieties developed at Mangaoporo.
Signing supply agreements that provide cost-effective access to GMP-quality medicines.
Establishing further distribution channels in export markets around the world.
In April 2023 we launched our first GMP-quality medicine in Germany, which is the largest and most developed medicinal cannabis market in Europe. Achieving our first international sales was a critical commercial milestone.
During the second half of FY23 we established the pipeline for Rua-branded product to be sold in Australia, the second largest medicinal cannabis market in the world. With company licences and distribution channels in place, we are now beginning to grow a strong sales presence in Australia and have a clear pathway to further revenue in FY24.
We also signed supply and distribution agreements targeting growth markets in Poland and Czechia.
As the only New Zealand-based medicinal cannabis company with an explicit focus on delivering social impact, we also extended our commitment to our Impact Programme for residents of Te Tairāwhiti.
On behalf of the board and management team, I would like to take this opportunity to acknowledge the communities of Ruatorea and the East Coast, who continue to face challenges caused by multiple severe weather events.
My thanks to the Rua team, past and present, who have been instrumental in Rua reaching this important stage in our development.
And thank you to all our shareholders for your continued support. We look forward to bringing you our annual report in the coming weeks, along with our Annual Shareholder Meeting and an open day at our facility at Ruatorea.
Hei konei rā mō tēnei wā, noho ora mai.
Paul Naske
Chief Executive Officer
