Market Insights and Update

20
th
May 2024


FOR PUBLIC RELEASE

Market Insights and Update
Tairawhiti, New Zealand – Rua Bioscience Limited (NZX: RUA) is pleased to be able to provide our
shareholders and the broader market with an update on our progress across key global markets.
Rua has significantly progressed its differentiated strategy which leverages a capital efficient model with a
strong social commitment. Our strengths lie in sourcing and developing legacy genetics from Aotearoa,
scaling production through key strategic cultivation partnerships, and ensuring global distribution of our
products through well-established channels.

Operational Highlights:

During the first half of 2024, Rua has made extensive progress in expanding its global reach:
Germany: Rua is strengthening its presence in Germany following the extension of our contract with
Nimbus Health for an additional 3-year term. We are set to launch a new product by the end of July,
which will enable us to capitalise on this market which is growing strongly as a result of recent positive
German cannabis regulatory changes.
Australia: Rua is preparing to launch an exciting new range of premium medicinal cannabis products
in Australia before the end of August. This range will showcase our legacy genetics from Aotearoa,
cultivated at scale by our strategic partner in New Zealand. In a market saturated with imports from
Canada, our premium Aotearoa genetics will stand out as a truly differentiated product offering. This
new range enhances our current product lineup & strategically positions us for success in this key
market.
United Kingdom: Rua is progressing the launch of a range of products in the UK, anticipated by Q4
2024. By entering this market as an early-mover, Rua is set to capitalise on the rapidly growing
demand in this sector. The products will be distributed through Target Healthcare, a well-established
pharmaceutical distributor with extensive reach within the UK.
Importantly also, Rua will launch a new product in New Zealand before the end of July. This launch is
significant to Rua as it signifies growth in our home market and reflects our dedication to investing in and
caring for our people. Additionally, this product will be included in Rua’s Compassionate Access Programme,
which champions equity through providing medicinal cannabis medicines, at no cost, to individuals in Te
Tairawhiti who face barriers to access.

ENDS

The person who authorised this announcement:

Paul Naske
Chief Executive Officer
paul.naske@ruabio.com
+64 21 445154

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Market Insights and Update
May 2024

2
To date, Rua remains the only NZ-based medicinal cannabis company
with an explicit focus on delivering intergenerational social impact.
Rua was born to create opportunities on the East Coast and support
community access to affordable medicines. As we mature, we
acknowledge the role we can play more broadly:
•Encouraging our community to rethink what can be achieved in,
by and for our community.
•Inspiring our rangatahi (youth) - the next generation of scientists,
researchers, entrepreneurs, and business leaders.
•Supporting the health outcomes of local patients through our
regionally-targeted compassionate access programme.
Entering global markets will secure meaningful revenue so we can
continue prioritising sustainable, intergenerational change in
Tairawhiti.
It’s all about Impact

Market insights
As a Tairawhiti-headquartered medicinal cannabis
company establishing itself in multiple international
markets, Rua Bioscience is uniquely positioned to provide
an update on the international medicinal cannabis
industry.
This is an informative resource for investors and others
interested in the opportunities and possibilities provided
by medicinal cannabis.
It includes developments in some of the largest and most
rapidly growing global markets; and a summary of what’s
happening here in Aotearoa.
We have also provided a snapshot of Rua’s progress in
each of these markets.

Going global to support local
From the outset Rua has understood that it must go
global to support local.
Exporting genetics and distributing Rua-branded
products in high growth markets will be key to financial
performance in the future.
This is the right path to revenue for the company.
The following provides detail on the potential of these
key markets.
It is these markets that Rua will focus on over the next
two years, to ensure sustainable revenue.
4
38
67
5
26
83
Poland
UK
New Zealand
Australia
Germany
Population (million)

5
Germany
The German medical cannabis market is the largest and most developed
in Europe, and often used as a benchmark for other EU countries in
designing new medical cannabis programmes.
Recent legislative changes by the German government to de-schedule
cannabis from the controlled narcotics list has been widely regarded as a
progressive step. This change simplifies the prescribing process for
physicians and has been a catalyst for further market expansion.
Currently, Germany has over 500 products registered for prescription.
Despite the markets competitive nature, it remains in its infancy, with only
about7% of the eligible medical cannabis patients currently receiving
treatment.
Following the successful extension of a contract with Nimbus Health for
an additional3-year term, Rua is poised to launch another product in the
market by the end of July. This launch is strategically timed to capitalise
on the significant market growth following the regulatory changes
introduced on April 1st.
Source: BfArM, German Federal Institute for Drugs and Medical Devices, Komand Consulting October 2023
€ 454
€ 488
€ 533
€ 591
€ 663
2022
ACTUAL
2023202420252026
Retail Market (€mill)
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
FY20FY21FY22FY23FY24FY25FY26
Market size (kg product)
ActualForecast

Rua in Germany
6
Rua’s performance to date
•Signed distribution agreement with Nimbus Health, April 2020.
•Launched first dried flower products in April 2023 via Nimbus Health.
•Initial strong sales revenue of $268k in 2 months.
•Following a product recall of product from Cann Group, Rua have re-
established a new supply channel via Alphafarma in Malta.
•Extended Nimbus distribution agreement for an additional3 year term,
and extended the region to include other EU countries.
Upcoming
•New products expected in Germany by end of July 2024
•Products using Rua genetics expected by end of 2025.

7
Australia
Australia is considered one of the biggest medicinal cannabis markets in the world and it
continues to grow.
Reported sales of units of medicinal cannabis have grown at 40 - 50% per six-month
period since reported data was available in 2022. It is widely accepted that these figures
underestimate the true market size, as it excludes compounding pharmacies and some
companies known to have not reported.
There is a trend towards legalisation in Victoria and NSW. There are Bills before State
Parliaments and trials are being undertaken in Victoria to consider the impact of
Random Drug Driving testing laws on legal prescription holders.
Source: Penington Institute March 2023; Therapeutic Goods Association Data
696,000
983,000
1,510,000
1,687,000
H1 22H2 22H1 23H2 23
Number of prescribed units
$250
$380
$550
$690
$770
20222023202420252026
Retail market (A$mill)
ActualForecast

Rua in Australia
8
Rua’s performance to date
•In early 2023 Rua established the appropriate licences and operating
facilities in Australia to be able to act as product sponsor and take
branded products to market.
•Distribution agreements were signed in May and October 2023 and
March 2024.
•The first products were available for sale in August 2023.
•The first Australian-based employee was appointed in January 2024.
•The product range was expanded February 2024.
Upcoming
•Launch of a new, differentiated product range showcasing our legacy
genetics from Aotearoa in the next 3 months.

9
Aotearoa
Since changes to regulations in 2018, the market in New Zealand has
seen considerable growth.
Patient numbers have increased, which is evidenced by the growth in
the number of units prescribed. More than half of these products are
imported.
Changes to the Medicinal Cannabis Regulations are expected in the
coming months which may contribute to growth in the supply of
products.
Drivers of the growth in demand continues to be, as with most
medicinal cannabis markets, an increase in prescriber and patient
awareness and a move from black market supply to legal channels.
Source: Ministry of Health OIA data.
2,337
7,391
23,798
36,276
63,517
154,630
201820192020202120222023
Number of prescribed items

Rua in Aotearoa
10
Rua’s performance to date
•Launched first product in April 2022.
•Removed the capital-intensive cultivation and manufacturing parts of
the business in March 2023.
•Continue to prioritise R&D and genetic discovery at Rua’s facility in
Ruatorea, breeding legacy genetics for global distribution.
•New product has been approved by NZ Medicinal Cannabis Agency.
Upcoming
•Product available for sale before the end of July 2024.

11
United Kingdom
In November2018, the United Kingdom legalised medicinal cannabis, instituting a regime
wherein only a specialist physician can prescribe product, in contrast to Rua's other
significant markets, which allow general physicians to prescribe. This distinctive regulatory
approach initially led to a slower market uptake. However, specialist clinics are now
established and market indications suggest strong growth and potential.
Currently in the UK there arearound 35,000 private patients, about 400,000annual scripts
and the average spend per patient per month varies between £300 and £500.
Patient numbers in clinics are increasing by about 1000 - 1500 new patients per month
and total patient numbers are expected to be roughly 40 - 45,000 by the end of 2024.
The total annual prescription spend by the end of 2024 is expected to be about £200
million.
Source: Cannamonitor February 2022;Maple Tree Consultants Jan 2024, National Health Service UK BSA.
278
4,469
43,933
123,615
2019202020212022
Number of prescribed items

Rua in the United Kingdom
12
Rua’s performance to date
•Agreement signed with Target Health in December 2023.
Upcoming
•First products expected in market by October 2024.
•Range includes dried flower and full spectrum oil products.
•Direct clinic contact via contracted Business Development.

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This publication and the information contained in or accompanying this publication 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 to any person, in any country or the basis for a contract, financial advice,
other advice or recommendation to conclude any transaction for the purchase or sale of any security,
loan or other instrument. This publication has not been independently verified.Neither Rua nor any of
its directors, officers, shareholders, advisors, agents or employees make any representation or warranty
as to the accuracy or completeness of the information contained in this presentation and those parties
shall have no liability for any statement, opinion, information or matters arising out of, contained in, or
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Some statements in this release contain forward-looking information.Forward-looking statements are
subject to several risks and uncertainties, many of which are beyond the Company's ability to control or
predict, that may cause the actual results of the Company to differ materially from those discussed in
the forward-looking statements.