Three of New Zealand’s major medical cannabis firms have announced an intention to merge.
According to Helius Therapeutics, it intends to merge with Green Leaf Group and Elysian Group to form a new brand — Helius Health.
“Helius Health brings together our knowledge and capabilities with the clinical expertise of leading specialist medicinal cannabis clinics Cannabis Clinic NZ and CannaPlus+, and the dispensing capabilities of Lake Road Pharmacy,” said the firm.
The firm describes the intended merger a huge step forward for the sector, and for patient care in New Zealand.
“Since medicinal cannabis was legalised five years ago, persistent challenges have hindered both patients and the regulated medical sector. By combining our strengths, Helius Health will be positioned to ensure more Kiwis can access to safe, affordable treatments, under personalised clinician-led care.”
Helius Therapeutics was the first medicinal cannabis company in New Zealand to be GMP (Good Manufacturing Practice) certified and awarded a Licence to Manufacture Medicines. Green Leaf Group, the parent of Cannabis Clinic, was founded in 2018 and says it has helped more 30,000 Kiwis since that time.
“With this union, the new entity aims to deliver the scale, efficiency, and clinical integration needed to put patients at the centre of a more accessible and effective system,” says a post on the Cannabis Clinic site.
Elysian Group is a vertically integrated health and wellness company providing pharmaceutical and nutraceutical consumer health and wellness solutions to medical clinics, pharmacy retailers, and via its own consumer-facing platforms throughout New Zealand.
The NZ medical cannabis space has been getting crowded, so some consolidation is to be expected. The country’s Ministry of Health currently lists 42 companies with licences – and those are only the licence holders who have consented to have their information published.
News of this intended merger comes a couple of months after another major player in New Zealand’s medical cannabis sector went into receivership – Greenfern Industries. A representative of the receiver suggested GFI struggled in a market that just wasn’t growing fast enough.
Greenfern was founded in 2018 and went public on the New Zealand Stock Exchange (NZX) in 2021. The first liquidator’s report released this week indicated the firm owes creditors close to $3 million.
