Rua concludes Medbloom agreement, develops new opportunity

PO Box 1387, Gisborne 4040, Aotearoa New Zealand | 0800 RUABIO | www.ruabio.com



FOR PUBLIC RELEASE
NZX Limited
Wellington

Wednesday, 12 May 2021

Rua concludes agreement with Medbloom, developing new opportunities

A commercial agreement between Rua Bioscience (NZX: RUA) and Medbloom Limited to supply raw
biomass has been concluded by mutual understanding. Rua is now focused on progressing existing
discussions with alternative grower partners to supplement the company's existing cultivation facility
in Ruatorea.

The conclusion of this agreement will not delay Rua's first export revenue.

In October 2020, Medbloom (a subsidiary of Blooming Hill Flowers) signed a commercial agreement
to grow and supply Rua with cannabis plant material - with production expected to begin in 2022. The
agreement was contingent upon Medbloom securing adequate capital to expand its operation.

Though disappointed, Rua CEO Rob Mitchell says Rua is well-placed to fill the gap.

Rua is in advanced discussions with a number of other grower partners already producing biomass,
with strong horticultural experience and the capability to deliver the volumes needed. There is
significant scope for partnership opportunity in the evolving New Zealand industry. Rua understands
Medsafe has issued 27 commercial licences under the medicinal cannabis scheme. Other growers
will provide the geographical diversification originally offered by Medbloom, safeguarding Rua from
potential environmental and other external factors that may affect production.


Ends



For more information, please visit www.ruabio.com, or contact:
Kerry Donovan
Communications Manager
Rua Bioscience
M 021 128 7689
kerry.donovan@ruabio.com



About Rua Bioscience
Rua Bioscience is a New Zealand pharmaceutical company aiming to be a leading producer of
cannabinoid derived medicines for both export and local markets. Rua has been an early mover in the
sector and was the first private company in New Zealand to receive a licence to cultivate cannabis for
research purposes. Founded in 2017 in Ruatorea as a subsidiary of charitable company Hikurangi
Enterprises Limited, Rua is underpinned by its mission to heal the people and heal the land. It is
committed to New Zealand’s Te Tairāwhiti (East Coast) region and its connection with its local
community. The company has completed facilities for cultivation and manufacturing.
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