Helius Therapeutics has entered voluntary administration, marking a difficult moment for the team and wider medicinal cannabis industry.
The decision has followed sustained commercial pressures within the challenging regulatory and commercial environment for medicinal cannabis. As part of the process, Helius Therapeutics will close its East Tamaki manufacturing facility.
From the beginning, Helius Therapeutics’ mission has been to improve access to evidence-based medicinal cannabis treatments for New Zealand patients.
“We are proud of the role we have played in and hope the industry will continue to evolve and benefit Kiwi patients across New Zealand,” the company said in a statement.
“We are deeply grateful to the healthcare professionals, partners, and most importantly, our patients who have supported us throughout the journey.”
At this stage, operations will continue in a limited capacity. Patients should check with their dispensing pharmacy regarding stock availability.
The voluntary administration does not impact the clinic business operating under Cannaplus, which continues to operate independently and provide prescribing and patient care services across New Zealand.
Helius Therapeutics was backed by high-profile businessman and rich-lister Guy Haddleton, who invested NZD 15 million into the company back in 2018 when it was a start-up.
Medical cannabis represents a substantial social and economic opportunity in New Zealand. In 2016, the Ministry of Health estimated that 235,000 patients were already using cannabis for medicinal purposes. That’s one in 20 people.
In April 2020, New Zealand enacted the Medicinal Cannabis Scheme, paving the way for commercial cultivation, research, manufacture and export of cannabinoid-based medicines. The Scheme aims to improve the accessibility of these natural therapeutics for all patients who may benefit.
In July 2021, Helius became the first medicinal cannabis company in New Zealand to be GMP certified and gain a Licence to Manufacture Medicines.
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