Rua Bioscience Shareholder Newsletter March 2022

Shareholder
Newsletter
Pānui -
Kaipupuri Hea
• Shareholders Approve Zalm Therapeutics Share Issue – Stage Set to Accelerate
Market Entry and Expand Patient Choice
• Rua Given Green Light to Distribute First Product in NZ
• The Merging of Two Kaupapa: Rua and E3C Establish Landmark Grower Partnership
• Rua and Callaghan - Farm to Pharmacy Innovation
• Rua to Launch Umanga, The Rua Bioscience Careers Series
• Attracting World-Class Talent
Kei tēnei tukunga | In this issue

Maehe 2022
March 2022

GMP
CERTIFIED NZ
It’s with much pleasure that we provide you
with another Rua Shareholders’ update.
In the past six months the team has been
extraordinarily focused, reaching some ambitious
but critical milestones across the business. Our
manufacturing team gained GMP certification in
November 2021; our production team received
confirmation that our first medicinal cannabis
product meets the NZ Medicinal Cannabis Agency’s
(Medsafe’s) quality standards in December 2021;
our cultivation team has been running our indoor
and outdoor facilities at full capacity as we work
through a battery of engineering and validation
trials; our research team has attracted funding and
support for innovations across the value chain; and
the finance team have done an enormous amount of
work in preparing the details of the Zalm acquisition
alongside the half year financials.
We will talk about this and more inside and a recap
our top stories. We hope you’ll gain insight into how
well we’re progressing as a company in creating
cannabinoid-based medicines that have the potential
to change people’s lives from right here in
Te Tairāwhiti.
We hope you enjoy reading this newsletter.
If you have any feedback, please email us at
info@ruabio.com
Thanks for joining us.
Ngā mihi nui,
In December, Rua received confirmation that our first
medicinal cannabis product meets the NZ Medicinal
Cannabis Agency’s (Medsafe’s) quality standards, enabling
us to distribute our first medicine in New Zealand.
New Zealand patients and prescribers will be able to
include Rua’s first product in their treatment plan by late
late March to early April, when it becomes available as a
prescription-only medicine through GPs and specialists.
Rua will manufacture the medicine in our purpose-built
facility in Gisborne, having gained Good Manufacturing
Practice (GMP) certification for the product late last year.
CEO Rob Mitchell explains the significance of the
achievement, which positions the company well as we
sharpen our focus on bringing products to market and
creating sustainable revenue.
“In the last two years, we’ve laid the foundations for
commercialisation. We built cultivation and manufacturing
facilities in Te Tairāwhiti, listed on the NZX and hired local
and international expertise to help us realise our vision of
becoming an industry-leading pharmaceutical company.”



Rua Bioscience Chief Commercial Officer Dr Andrea Grant
says, “our commercial strategy recognises the need to
diversify revenue, accelerate market entry and expand
patient choice. Whilst New Zealand may be a small market,
it is growing rapidly. Patients and prescribers rely on the
local industry to provide them with brand and product
choice to address their unmet health needs. Medsafe’s
approval of our first product is a crucial step for Rua.
“We are fully focused on meeting the needs of patients,
our community and our investors, who have been
steadfast in their support.”
Tēnā tātou e hika ma
Greetings to you all
Kua mana te huanga
tuatahi a Rua
Rua given the green
light to distribute first
product to New Zealand
patients
Rob Mitchell
CEO, Rua Bioscience
With Medsafe approval, Rua now
begins the first step in the revenue
generation phase of our journey,
delivering against our commercial
imperatives in 2022.

Rua welcomed the East Coast Cannabis Company (E3C)
as our first local cultivation partner in December. The
arrangement brings expertise, expands our outdoor
cultivation capacity and establishes pathways for local
growers to participate in the global industry.
E3C’s welcome was a significant moment for our
kaupapa-driven enterprise, Rua and E3C previously
working separately towards employing a new
generation of medicinal cannabis growers.
E3C founder, Porourangi Tawhiwhirangi (Porou), is
one of several East Coast growers considered the
driving force behind the region’s developing hemp
and medicinal cannabis industries. A highly-skilled and
passionate grower, Porou attended then facilitated the
EIT Sustainable Land-Based Practices programme and is
widely respected as a trainer and mentor.
“Like Rua, we were focused on what we could do for
our people. Through EIT’s programme, we focused on
encouraging the passions of our students. However,
pathways into the industry haven’t always
been apparent.



This summer, the E3C team is responsible for Rua’s
outdoor trial crop; planting, managing and harvesting
unique Rua cultivars in our 3,000m
2
outdoor
growing facility.
Kua hono ēnei kaupapa e rua:
Rua and E3C establish landmark
grower partnership
Rua Bioscience CEO, Rob Mitchell, describes the
arrangement as a pivotal moment in our journey.
“What happens here in Mangaoporo is at the heart of
everything we do. The products we produce, the genetics
from this area, the people we journey with – it’s these
things that will help differentiate Rua Bioscience in a
competitive industry.”
Consumers around the globe want to know that when they buy a premium product, they
can trust it is authentic. The FernMark, as a trademark officially recognised and endorsed by
the New Zealand Government, represents the story of who we are and where we’re from, our
New Zealand Story. It’s a symbol people recognise and trust - a trademark that embodies the
FernMark values of kaitiaki, integrity, ingenuity.
Carrying the FernMark on Rua’s first product makes it easy for patients and prescribers to
verify its authenticity – a real competitive advantage in markets where provenance (origin) is
a key driver of purchasing behaviour.
It also means Rua is part of a group of businesses building the New Zealand brand through individual excellence and
collective storytelling, building consumer confidence and driving preference for New Zealand products and services
around the world.
This partnership is about the
future and creating a legitimate
and sustainable pathway to
employment in the medicinal
cannabis industry - growing the
workforce that Rua needs.
Then... E3C founder, Porou Tawhiwhirangi, infront of the outdoor trial crop as
it was planted in December.
Now... Sunrise over a more mature outdoor trial crop at Mangaoporo, just
weeks away from harvest.

Regulatory trailblazer
joins Rua
Rua is pleased to welcome Susan Martindale to our
commercial team as head of regulatory affairs. Susan
has a lifetime of experience in regulatory affairs
spanning New Zealand, Australia and Europe.
After graduating from Victoria University with a PhD in
biochemistry, Susan qualified and worked as a patent
attorney for several years before joining the (then)
Department of Health medicines assessment team. In
the early 1980s, she became New Zealand’s only GMP
auditor - a role that continued for several years. Susan
then moved into various regulatory, advisory and
management positions within the Ministry, including
chairing the Ministerial advisory committee responsible
for medicines classification. Over this period, Susan
was involved in a broad range of projects, including
the negotiations which led to the signing of a Mutual
Recognition Agreement with the EU and the work
programme to harmonise with Australia.
For the last couple of years, Susan has worked
for Zalm Therapeutics as their regulatory affairs
and quality manager, responsible for filing Zalm’s
applications for assessment against the minimum
quality standard.
Joining Rua, Susan will be responsible for the
worldwide regulatory filings and approvals of our
range of products.
Rua aims to create long-term profitability across the
medicinal cannabis value chain by developing world-
class partnerships and programmes in the R&D space.
Rua recently received a $376,000 grant from Callaghan
Innovation to support our projected $1.25m investment
into plant science and the creation of uniquely superior
medicinal cannabis products, deploying the funding
across the company’s value chain.
Chief Research Officer, Dr Jessika Nowak, says, “we’re
taking a farm to pharmacy approach to R&D - looking
at specific innovations that will enable our team to
create exceptional products.”
Our relationship with
Callaghan Innovation means we
can accelerate our bid to create
premium-quality Rua branded
products for a global market with
valuable and defendable points
of difference.
“We’re looking at a range of innovative ventures from
cultivation to packaging, including the identification
of high-performing commercial cultivars developed
by our team in Ruatorea; our existing hyperspectral
imaging project; advancements in CO2 extraction;
packaging innovations to improve the quality and
stability of Rua products, and development of a DNA
database to track and protect unique Rua cultivars.”
In June, we also launched our ground-breaking,
two-year research programme with the University of
Waikato to investigate the potential of hyperspectral
imaging to revolutionise crop management practice.
The research programme will pave the way for Rua to
enter the global cannabis testing industry, expected to
be worth $2.5bn (USD$1,806 million) by 2025.
Mai i te kākano ki
te rongoā
Rua and Callaghan
- farm to pharmacy
innovation

Kua whakaae nga
kaipupuri hea
The stage is set to
accelerate market
entry and expand
market choice
Rua Bioscience shareholders have overwhelmingly approved
the purchase of New Zealand owned medicinal cannabis
company Zalm Therapeutics, throwing further weight behind
our bid to become New Zealand’s premier medicinal cannabis
company.
We expect the purchase of Zalm will be transformative for
Rua. Between our unique kaupapa, expertise and innovation,
and Zalm’s global-scale GMP capability as a result of their
contract with Cann Group and experienced distribution
partners, we have the potential to create a powerful global
brand faster.
Expanding consumer
choice
This acquisition will enable us to
develop our product range faster.
Our first Rua-branded product will be
available by mid-April. Initially made
from globally-sourced ingredients,
Rua’s premium product range will
soon include locally-produced oil
and ingredients grown from exclusive
Rua genetics. We will supplement
this with a range of Australian-grown
cannabis oil products which we
expect to have on the market later
this year.
Patients and prescribers will also
access a comprehensive digital
platform, designed by Atlantis
Health, that provides upfront and
ongoing support using medicinal
cannabis products.
Supercharging our
export aspirations
Cann will deliver world-class
globally competitive scale and
GMP capability through its Mildura
site. Cann is currently in the final
stages of commissioning Mildura,
a facility expected to become one
of Australasia’s largest and most
technologically advanced indoor
growing and manufacturing facilities.
Acquiring Zalm’s third-party contract
with Cann Group should give us
faster access to global markets and
generate export revenue sooner.
Distribution relationships will
underpin this unprecedented access
to products, giving us direct access
to wholesale channels in select
markets around the globe. This
will begin with dried flower and oil
products to Germany late in 2022.
Supporting kaupapa,
job creation
The stability anticipated by this deal
will reinforce Rua’s local operations,
the development of unique East
Coast medicinal cannabis cultivars,
and its commitment to job creation
on the East Coast.
Rob Fyfe, previous Chairman of Zalm,
says, “The team at Zalm are thrilled
that Rua’s shareholders have given
the green light to progress the Zalm
acquisition. We have developed an
excellent working relationship and
deep respect for the kaupapa, culture
and vision of the Rua team and wider
stakeholder community, and we
look forward to supporting the Rua
team to realise the potential of
this transaction.”
In December, Rua asked shareholders to consider the $10m purchase of Zalm Therapeutics.
Shareholders approved the acquisition with a 99.79% vote for the resolution at a Special meeting
held on January 19, 2022. The purchase sees Rua issue 28,735,632 shares over three years to
Zalm Therapeutics’ shareholders based on the achievement of agreed milestones.

Jack is one of the newest members of our team, filling
a critical role as the company scales to full production
in 2022.
Originally from Malaysia, Jack comes to Rua with
almost a decade’s experience in pharmaceutical
manufacturing, working in the highly regulated Asia
Pacific market.
After several years as a practicing pharmacist, Jack’s
first foray in pharmaceutical manufacturing was as a
production pharmacist for Malaysian Pharmaceutical
Industries, manufacturing a range of pharmaceutical
formulations (e.g. tablets, capsules, creams and
syrups). His time there provided comprehensive
training in all aspects of pharmaceutical manufacturing.
Jack then moved to a larger multi-national
pharmaceutical company, B. Braun Medical Industries
Malaysia, which specialises in compounding bulk sterile
solutions for hospitals around the world. As senior
pharmacist, Jack’s role was to oversee the quality
assurance, licencing, and regulatory requirements of
GMP and ISO, working at a global scale.
In 2018, Jack and his family moved to Dunedin so that
Jack could complete his doctorate at the University of
Otago’s School of Pharmacy.
As production manager, Jack oversees the compliant
production of all Rua medicines. While medicinal
cannabis is new, Jack says he feels at home in the
GMP manufacturing environment, recognising Rua is
entering exciting times.
He says, “there’s a lot of things that need to come
together before a pharmaceutical company can move
into production. Rua has built a great manufacturing
team, and I’m thrilled to join them as we get our first
products to market”.
Amy grew up in the Appalachian Mountains, North
Carolina. She trained as a biochemist at the University
of North Carolina before falling in love with analytical
chemistry.
So, when Auckland-based start-up, LanzaTech moved its
carbon recycling company to Chicago, Amy jumped at
that opportunity to join the team, eventually becoming
its analytical quality assurance lead.
“LanzaTech makes climate safe materials and fuels. They
convert waste carbon into everyday products. It’s really
cool, new science in a new industry. It was inspiring.”
Being a NZ company, Amy got to know the people and
the country. She also had the opportunity to immerse
herself in the uniquely kiwi work environment. It’s an
approach Amy says is very different from standard
corporate America and one she has come to admire.
She also got to visit.
In making a more permanent move to New Zealand,
Amy says she was looking for a great place to raise
her daughter (her dad being from Taupō) and a great
science opportunity.
“That’s when I discovered Rua. I was fascinated, one,
by the company itself – its image, positivity and sense
of community. Then, two, by the industry - and the
opportunity to develop new science.”
Amy’s work with Rua spans the value chain. She will
be responsible for testing products during and post-
manufacture, essentially acting as the internal check
that ensures medicines coming off the production line
meet specification (before they’re independently tested
again). Amy will also work with the R&D team to develop
Rua’s unique strains.
Amy says she’s excited about Rua’s future and especially
for what the next 12 months hold.
“With everything that’s going on, this will be the year
that defines us.”
Jack Chan
Mpharm, MBA - Production Manager
Amy Quattlebaum
MSc Biochemistry - Quality Control Analyst
E whakamanea ana i nga
iho pūmanawa o te ao
Attracting world-class
talent

Our team is passionate about inspiring and encouraging
the next generation of East Coast scientists, researchers,
inventors and entrepreneurs. We can do that in a number
of ways, one is by shining a light on the pathways into
the developing medicinal cannabis industry.
In a New Zealand first, Rua has developed a set of tools
designed to inspire a career in the medicinal cannabis
industry.
‘Umanga’, the Rua Bioscience
Careers Series, includes a
comprehensive booklet and a
visual series that targets rangatahi
at high school and those yet to
decide their career pathway.
Umanga, the Rua Bioscience
careers series
We’ve kept it simple, our team speaking directly to
rangatahi about the medicinal cannabis industry,
their role, their personal and professional journeys
(including some bumps in the road) and their
passion for our mahi.
The toolbox includes the Rua careers booklet, which
features ten Rua staff members, and an online five-
episode visual series. It’s fun, informal and frank.
It gives insight into the real world opportunities
for those interested in careers that build on STEM
disciplines and those aspiring to make a difference
from right here at home.
Rua created the series with help from Trust
Tairāwhiti and will release it in March. You can
register for a copy, hot-off-the-press, by emailing
Darylene.rogers@ruabio.com.
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To update your shareholder information online, please visit www.investorcentre.com/nz. You will need your CSN and FIN
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Alternatively, you can email enquiry@computershare.co.nz.

Ponotanga
We value diversity and act with integrity.
Māuitanga
We’re future-focused, celebrating courage, curiosity
and innovation.
Whakawhanaungatanga
We collaborate for success.
Oranga
We’re passionate about the health of whānau and
our whenua.
Get to know us – Our vision
at Rua Bioscience is simple –
to create cannabinoid-based
medicines that change
people’s lives.
We’re focused on becoming a leading producer
of medicinal cannabis formulations for patients
around the world. We have a social mission that
sets us apart – creating sustainable economic
opportunities for the people of Te Tairāwhiti.
Following the NZX listing rules, the NZX website is
the first place we make all required announcements to
the market. Here we first release information including
our financial results and Annual Report, director
and senior management changes, meeting notices,
market updates, major transactions - a range of things
it’s important shareholders know. It’s worth visiting
regularly - www.nzx.com/instruments/RUA
You can also keep up to date with our performance
and all the latest company news by following Rua
online via:
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Computershare maintains the Rua Bioscience share
register. If you have any questions about your
shareholding, please contact the Computershare
team on +64 9 488 8777 or email them at
enquiry@computershare.co.nz.
To contact Rua Bioscience, please email us at
info@ruabio.com
Contact Details
PO Box 1387, Gisborne 4040,
Aotearoa New Zealand.
0800 RUA BIO
info@ruabio.com
www.ruabio.com
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Ngā uara
These pou underpin everything we do as a successful,
sustainable, and trusted partner that creates value
for our people, communities, shareholders, and other
stakeholders.
At Rua, we operate with a simple but important
set of values:
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newsletter are not, and are under no circumstances to be construed as an
invitation to subscribe for, or an offer of, shares, securities or financial products
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