New Zealand: Puro announces strategic investment in Te Rūnanga o Kaikōura

New Zealand, 24 October 2024 — A significant investment from Te Rūnanga o Kaikōura represents a milestone for the New Zealand organic medicinal cannabis producer, Pure. Te Rūnanga o Kaikōura is a papatipu rūnanga of Ngāi Tahu, one of New Zealand’s largest iwi and recognised custodians of the land. The partnership will see Puro and Te Rūnanga o Kaikōura develop a shared vision for responsible resource management that honours tikanga Māori, creates employment opportunities and enhances community wellbeing.

Rāwiri Manawatu, Managing Director of Te Rūnanga o Kaikōura Ltd, was excited about the investment.

“This is an opportune time for iwi to invest as it aligns with our commitment to sustainable development and long-term outcomes for our community,” he says.

“We see significant potential in Puro’s capabilities and its pathway to export markets, especially given the significant $13 million investment from the New Zealand government.”

In 2022, Puro was the only company to receive $13 million, delivered over five years, from the Ministry for Primary Industries’ Sustainable Food and Fibre Futures fund.

Rāwiri says the investment from Te Rūnanga o Kaikōura will allow Puro to expand its production capabilities and explore a contract growth model, allowing the use of iwi land for cultivation.

“Our investment not only supports Puro’s growth, but also underscores our commitment to values ​​and partnerships that improve education, employment and land use outcomes for our hapū and iwi. This is a collaborative effort to create a sustainable future for our people by connecting them to their whenua,” says Rāwiri.

Rāwiri adds that investing represents a holistic approach to business that goes beyond purely monetary returns.

“Our focus is on what we can do for the whenua to sustain the land and our people. It’s about intergenerational thinking, enabling future generations to engage with plants and the natural environment. Our aim is to promote knowledge and a better understanding of our cultural practices, creating healthy communities in the process.”

Puro CEO Sank Macfarlane says the company prides itself on its sustainable and environmental practices.

“We are very proud of our organic products and the local rūnanga have been incredibly supportive of our journey and our success to date,” says Sank.

“Your continued support reflects a shared vision of promoting community well-being while adhering to tikanga and kawa, the traditional practices and values ​​of tāngata whenua.”

“This partnership is not just a commercial venture; it is a reaffirmation of the deep connection between iwi and the land, an investment in values ​​and a collaborative effort to create a thriving community rooted in tradition and sustainability.”

The global legal cannabis market, currently valued at approximately $75 billion, is expected to grow rapidly. The Australian medicinal cannabis market alone is expected to reach $1,15 billion by 2033, growing at a CAGR of 30,1% from 2023.

With the growing demand for medicinal cannabis driven by regulatory reform and growing awareness among consumers and healthcare professionals, Puro is strategically positioned to capitalize on this growth. Puro’s growth is supported by its state-of-the-art production facilities and commitment to quality.

As Puro continues to move forward with its plans, the partnership with Te Rūnanga o Kaikōura will provide, in addition to financial support, a shared commitment to sustainability, ethical practices and community development. Together, they will contribute to a more resilient future for New Zealand’s medicinal cannabis sector and set a standard for responsible industry practices.

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