Unlocking the door to the global medicinal cannabis market has been labelled as a lifeline for those working in the New Zealand industry.
"A few champagne corks have been popped," Helius' chief quality officer Bruce Wallace said.
"The export potential of the medicinal cannabis industry is huge — it could rival the wine industry in a few years."
Cabinet recently approved changes to the Medicinal Cannabis Scheme, clearing the way for companies to export immediately.
"Almost everybody was really struggling to keep their staff, and to keep their research programmes, to keep the lights on," New Zealand Medicinal Cannabis Council executive director Sally King said.
Wallace said there's now "a huge sense of relief — and also a lot of excitement and optimism — about what the future's going to hold for all of us".
Helius staff cultivating medicinal cannabis plants. (Source: 1News)
Exports now only need to meet the standards of the importing jurisdiction, rather than the New Zealand quality standard.
"Requirements in other markets conflicted with New Zealand requirements, and that just prevented exports for a lot of players in the industry," Wallace said.
Now, medicinal cannabis companies like Helius in Auckland are looking to expand their business.
"We and other players in the industry now have the ability to export to our key markets with a lot less challenge, and that means growth for us and invariably growth for our teams," he said.
It could also mean more jobs in the regions.
"A lot of the organisations are not in the cities — they're actually in regional areas. And not all the jobs are low-tech, either — they require some pretty deep science as well as some great horticulture skills," King said.
Helius scientists in the lab. (Source: 1News)
Trade Minister Todd McClay said the changes provide opportunities for New Zealand cultivators and manufacturers.
"Medicinal cannabis is a multibillion-dollar industry globally with a strong projected growth trajectory," McClay said.
"New Zealand's competitive advantages for the industry include year-round growing conditions, horticulture expertise, Good Manufacturing Practice certification, [and] lower energy consumption and carbon footprint than our competitors," he said.
Regulation Minister David Seymour said it's not for politicians to pick winners in the economy.
"It will be the market that decides whether the sector flourishes. The Government's job is to make sure regulations aren't getting in the way — that's what we're doing here," Seymour said.
Cabinet recently approved changes to the Medicinal Cannabis Scheme. (Source: 1News)
Domestic use for prescribed medicinal cannabis has doubled in the past year, but the product still remains expensive for patients.
"If I was in a room with Cabinet right now I'd say first, thank you, and then I'd say 'please support the patients by making this more available'," King said.
In Wellington, Dr Richard Medlicott prescribes medicinal cannabis to about 10 of his patients.
"It kind of depends how much they're being prescribed but generally, people will be spending around $150 to $400 a month depending on dosages," Medlicott said.
Wallace said the export regulation changes "are really a win for Kiwi patients".
"It will drive more competition locally and more affordable products down the road for Kiwi patients," he said.
The changes will also help towards the Government's goal to double the value of medicinal cannabis exports over the next 10 years.
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