1 00:00:00,240 --> 00:00:01,319 Speaker 1: Brian Bridge. 2 00:00:01,840 --> 00:00:04,000 Speaker 2: Now you know which movie to see and how to 3 00:00:04,040 --> 00:00:10,760 Speaker 2: see it and how it ends. Sorry about that all right? 4 00:00:11,039 --> 00:00:13,640 Speaker 2: Did you know all of the medicinal cannabis you can 5 00:00:13,680 --> 00:00:17,480 Speaker 2: buy here is imported? Yes, all of it comes from overseas, 6 00:00:17,480 --> 00:00:20,200 Speaker 2: despite local companies which know already, which are already up 7 00:00:20,239 --> 00:00:22,240 Speaker 2: and running and doing it quite well, thank you very much. 8 00:00:22,520 --> 00:00:26,920 Speaker 2: Medical marijuana company Puro has just signed a sixteen million 9 00:00:27,000 --> 00:00:30,400 Speaker 2: dollar distribution deal in the United Kingdom, but they say 10 00:00:30,480 --> 00:00:34,640 Speaker 2: red tape is stopping the company from selling domestically. Tim 11 00:00:34,720 --> 00:00:38,959 Speaker 2: Aldridge is the CEO of pre PRUO and is with 12 00:00:39,040 --> 00:00:41,320 Speaker 2: me now, hy, Tim, how are you? 13 00:00:42,400 --> 00:00:46,199 Speaker 1: I'm good? Thank you? Cura Cura was enjoyed that we 14 00:00:46,320 --> 00:00:49,520 Speaker 1: movee debriefly, right, So it was to check that one out. 15 00:00:49,800 --> 00:00:52,720 Speaker 2: You will have to go and check it out, hey, Tim. 16 00:00:53,080 --> 00:00:56,080 Speaker 2: So this congratulations on signing this distribution deal. By the way, 17 00:00:56,120 --> 00:00:59,520 Speaker 2: that's massive, well done. But what why earth can't you 18 00:00:59,560 --> 00:01:00,000 Speaker 2: sell it here? 19 00:01:00,040 --> 00:01:03,400 Speaker 1: Yeah? Ah, look so the I guess this time last 20 00:01:03,480 --> 00:01:06,319 Speaker 1: year the regulations changed so we could export, which was 21 00:01:06,600 --> 00:01:09,200 Speaker 1: obviously something we're very grateful for and is an amazing 22 00:01:09,200 --> 00:01:11,480 Speaker 1: outcome for us. So and this in the last twelve 23 00:01:11,560 --> 00:01:14,480 Speaker 1: months we've been foot to the floor producing our products 24 00:01:14,800 --> 00:01:18,119 Speaker 1: primarily for export markets. We do have some local supply here, 25 00:01:18,160 --> 00:01:22,040 Speaker 1: and I sort of caveat not all cannabis is important, 26 00:01:22,080 --> 00:01:24,559 Speaker 1: but almost all. So it's very very hard for local 27 00:01:24,600 --> 00:01:27,240 Speaker 1: companies like us to bring our products to the market. 28 00:01:27,560 --> 00:01:30,560 Speaker 1: In fact, it's just almost it's just commercially challenging. So 29 00:01:31,200 --> 00:01:32,520 Speaker 1: I mean the neat part of that is obviously the 30 00:01:32,520 --> 00:01:36,120 Speaker 1: export opportunities are enormous. The demand for our products and 31 00:01:36,160 --> 00:01:40,080 Speaker 1: the reception we're received off shore for our products is incredible. 32 00:01:40,360 --> 00:01:43,160 Speaker 1: But yes, as you say before, it's it's just almost 33 00:01:43,160 --> 00:01:46,039 Speaker 1: too difficult to sort of navigate the regulatory environment here, 34 00:01:46,040 --> 00:01:47,840 Speaker 1: and it's a lot easier for us to focus on 35 00:01:47,880 --> 00:01:49,400 Speaker 1: the larger export markets instead. 36 00:01:49,800 --> 00:01:52,680 Speaker 2: So you manufacture it here but then export there, but 37 00:01:52,760 --> 00:01:55,080 Speaker 2: you only have to make their standards. 38 00:01:55,040 --> 00:01:57,120 Speaker 1: That is correct. So we're a grower. So we operate 39 00:01:57,520 --> 00:02:01,480 Speaker 1: entirely in the primary industry, and there are no manufacturers 40 00:02:01,480 --> 00:02:04,080 Speaker 1: here or packaging some companies here that can take our 41 00:02:04,120 --> 00:02:07,960 Speaker 1: product and run it through what's not as a GMP process. 42 00:02:08,040 --> 00:02:10,600 Speaker 1: So it's those sort of those companies, and there are 43 00:02:10,600 --> 00:02:13,040 Speaker 1: some facilities in the pipeline. Hopefully they can come online 44 00:02:13,240 --> 00:02:15,920 Speaker 1: in the foreseeable future, but right here, right now, we 45 00:02:16,000 --> 00:02:18,320 Speaker 1: have to send their products to Australia to be packaged 46 00:02:18,840 --> 00:02:20,880 Speaker 1: and then obviously we could bring them back into the country, 47 00:02:20,919 --> 00:02:25,280 Speaker 1: but it's just cumbersome and it's expensive and it's quite 48 00:02:25,280 --> 00:02:28,600 Speaker 1: time consuming, and obviously they're already in the markets that 49 00:02:28,639 --> 00:02:31,119 Speaker 1: we are really targeting. Anyway, it just makes sense commercial 50 00:02:31,120 --> 00:02:33,880 Speaker 1: sense for us to focus on those markets. So we're 51 00:02:33,880 --> 00:02:36,080 Speaker 1: in Australia at the moment. The products have been incredibly 52 00:02:36,080 --> 00:02:39,000 Speaker 1: well received and as it touchop before just now it's 53 00:02:39,000 --> 00:02:41,480 Speaker 1: the very last deal with IPS Farmer in the UK 54 00:02:41,600 --> 00:02:45,000 Speaker 1: to take our products into London and throughout the United Kingdom, 55 00:02:45,040 --> 00:02:48,320 Speaker 1: and an amazing opportunity not only for Pure but also 56 00:02:48,360 --> 00:02:50,200 Speaker 1: for the New Zealand industry to follow suit. 57 00:02:50,280 --> 00:02:55,000 Speaker 2: Well, dumbass, So who is it which government agency specifically 58 00:02:55,000 --> 00:02:56,600 Speaker 2: do we need to start hassling about this? 59 00:02:58,000 --> 00:03:00,000 Speaker 1: So yeah, we obviously work with a lot of government 60 00:03:00,040 --> 00:03:02,520 Speaker 1: agencies and I wouldn't windst of doing a shout out 61 00:03:02,520 --> 00:03:06,200 Speaker 1: because there is left handed government that has been so 62 00:03:06,200 --> 00:03:08,280 Speaker 1: so supportive for us. So we've got the New Zealand 63 00:03:08,320 --> 00:03:11,920 Speaker 1: Trading Enterprise, the Ministry of Primary Industries and Treasury have 64 00:03:12,080 --> 00:03:14,000 Speaker 1: been outstanding and we wouldn't be able to get to 65 00:03:14,040 --> 00:03:15,799 Speaker 1: market and sort of achieve what we have achieved a 66 00:03:15,840 --> 00:03:18,280 Speaker 1: date without their support. But on the other hand, we 67 00:03:18,320 --> 00:03:21,880 Speaker 1: sort of have aspects of government that are perhaps less supportive. 68 00:03:22,320 --> 00:03:25,040 Speaker 1: So obviously the Ministry Health is our regulator who on 69 00:03:25,120 --> 00:03:27,560 Speaker 1: balance due do a good job and there's obviously some 70 00:03:27,720 --> 00:03:29,880 Speaker 1: very good people in there. We have a wonderful relationship 71 00:03:29,919 --> 00:03:34,800 Speaker 1: with them throwing people under the bus, but yes, we 72 00:03:34,840 --> 00:03:36,600 Speaker 1: would prefer if they could be a little bit more 73 00:03:37,480 --> 00:03:40,400 Speaker 1: proactive and supportive of the sector just to ensure that 74 00:03:40,800 --> 00:03:43,120 Speaker 1: we you know, here in New Zealand we can obviously 75 00:03:43,160 --> 00:03:45,360 Speaker 1: bring our products to market because you know, we've got 76 00:03:45,360 --> 00:03:47,920 Speaker 1: nearly a thousand shie holders with a huge community support. 77 00:03:48,560 --> 00:03:50,360 Speaker 1: You know, we're a wonderful sort of success story as 78 00:03:50,360 --> 00:03:53,280 Speaker 1: far as you know, taking this new industry forward. And 79 00:03:53,360 --> 00:03:55,640 Speaker 1: we get asked every single day from our community why 80 00:03:55,680 --> 00:03:58,680 Speaker 1: aren't our products available here for kiwis and sadly the 81 00:03:58,680 --> 00:04:00,960 Speaker 1: simple answer is which is not allowed to. So that 82 00:04:00,960 --> 00:04:02,920 Speaker 1: that does sit with the Ministry healthy and obviously be 83 00:04:02,960 --> 00:04:05,960 Speaker 1: a wonderful outcome if we could have a more pragmatic 84 00:04:05,960 --> 00:04:09,080 Speaker 1: conversation with them to you to choose some change, but 85 00:04:09,320 --> 00:04:11,520 Speaker 1: until then, obviously we're very grateful to be able to 86 00:04:11,600 --> 00:04:14,720 Speaker 1: export and you know, so it's a very successful. 87 00:04:14,320 --> 00:04:18,120 Speaker 2: Term, very diplomatically done. Well done on that. But also 88 00:04:18,400 --> 00:04:19,880 Speaker 2: I think I know where to go and how to 89 00:04:19,920 --> 00:04:22,960 Speaker 2: talk to Do you think all of this, you know, 90 00:04:23,040 --> 00:04:27,039 Speaker 2: the the not fear, well, I guess it is a 91 00:04:27,040 --> 00:04:29,120 Speaker 2: bit of fear, but a bit of fear in the 92 00:04:29,279 --> 00:04:32,040 Speaker 2: red tape comes from the fact that it comes to 93 00:04:32,080 --> 00:04:35,080 Speaker 2: the fact that it's weed and for a long time 94 00:04:35,880 --> 00:04:38,320 Speaker 2: it was well it's still illegal now, but it was 95 00:04:38,560 --> 00:04:40,720 Speaker 2: not to be used or even thought of for use, 96 00:04:40,760 --> 00:04:43,279 Speaker 2: and suddenly we've changed the things and it's going to 97 00:04:43,279 --> 00:04:44,720 Speaker 2: take us a bit of time to catch up. 98 00:04:46,720 --> 00:04:49,080 Speaker 1: That is correct. So there is a lot of sort 99 00:04:49,080 --> 00:04:52,480 Speaker 1: of prehistoric stigma and concern around there, around the products 100 00:04:53,240 --> 00:04:55,600 Speaker 1: and what we sort of have found that the New 101 00:04:55,680 --> 00:04:57,640 Speaker 1: Zealand sort of I guess approach to regular in the 102 00:04:57,640 --> 00:05:01,560 Speaker 1: industry is almost a uncertainty, so there is, you know, 103 00:05:01,880 --> 00:05:05,480 Speaker 1: an element of risk involved, and because they're not necessarily 104 00:05:05,520 --> 00:05:07,160 Speaker 1: sure on how to manage that rest, they come in 105 00:05:07,240 --> 00:05:11,359 Speaker 1: with a variable sledgehammer and sort of effectively prevent us 106 00:05:11,360 --> 00:05:14,720 Speaker 1: from accessing market. So you're being on it is. It 107 00:05:14,839 --> 00:05:16,840 Speaker 1: is a case of a bit of bit of you know, 108 00:05:16,839 --> 00:05:18,960 Speaker 1: a bit of history and a bit of an uncertainty 109 00:05:19,080 --> 00:05:21,320 Speaker 1: from you know, from from the regulators and from aspects 110 00:05:21,360 --> 00:05:24,280 Speaker 1: of government. But you know, we've sort of proven over 111 00:05:24,279 --> 00:05:26,280 Speaker 1: the last few years, you know, the industry has been 112 00:05:26,320 --> 00:05:28,800 Speaker 1: going first just over five years now, and we've sort 113 00:05:28,839 --> 00:05:30,880 Speaker 1: of gained the social license that is needed to you know, 114 00:05:30,960 --> 00:05:33,480 Speaker 1: to build trust and relationships across all aspects of government. 115 00:05:33,839 --> 00:05:36,920 Speaker 1: And obviously we'd welcome a conversation with with our regulator 116 00:05:36,920 --> 00:05:39,760 Speaker 1: and likewise of the Ministry for Regulations to you to 117 00:05:39,800 --> 00:05:42,479 Speaker 1: allow some pragmatic change and all our keywis to start 118 00:05:42,560 --> 00:05:44,400 Speaker 1: accessing locally ground products. 119 00:05:44,480 --> 00:05:46,680 Speaker 2: In the meantime, Tim, keep up the good work. Sounds 120 00:05:46,760 --> 00:05:48,480 Speaker 2: like you're doing lots of it. Tim Oldridge with us 121 00:05:48,520 --> 00:05:49,839 Speaker 2: the puro CEO. 122 00:05:50,800 --> 00:05:53,960 Speaker 1: For more from Hither Duplessy Alan Drive, listen live to 123 00:05:54,040 --> 00:05:57,080 Speaker 1: news talks it'd be from four pm weekdays, or follow 124 00:05:57,120 --> 00:05:58,880 Speaker 1: the podcast on iHeartRadio.