Market update - European growth is extermely strong

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




FOR PUBLIC RELEASE

NZX Limited
Wellington

9 July 2025

Rua Shareholder Update

Medicinal cannabis continuing to grow in Europe and Rua is well-positioned to thrive
in this expanding landscape.

E ai ki te korero, ‘ma te huruhuru te manu ka rere’, a, kua toro nga parirau o Rua ki nga
topito o te ao whanui. He whai rautaki te mahi. Anei nga pitopito korero o te haerenga,
me nga hua i kitea. Tena tatou e hika ma!

Last month Rua participated in key European industry conferences and met with
partners across several growing markets. The momentum we’re seeing globally for
medicinal cannabis continues, and Rua is well-positioned to thrive in this expanding
landscape.

Germany: Leading Europe’s medicinal market
At the Mary Jane Conference in Berlin, it was clear that Germany remains the backbone
of the European medicinal cannabis industry. Since regulatory changes in April 2024, the
market has surged - estimated to be worth around NZ$1.3B. Import volumes have more
than doubled in the last year, pointing to a dramatic increase in patient access and
demand.

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25
32
72
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Imports of Medicinal Cannabis (tonnes)
MARKET UPDATE

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

Rua’s brand resonated strongly during patient-focused research conducted at the
conference. It’s clear our kaupapa and commitment to our local community and well-
being stand out. Germany’s complex supply chain still requires both regulatory fluency
and robust in-market relationships, capabilities Rua continues to build on through our
solid partnership with Nimbus Health.

The German market also demonstrates how decriminalisation and a thriving medicinal
sector can co-exist. It offers an inspiring model as Aotearoa New Zealand and Australia
consider reform pathways.

UK: Rapid growth and opportunity
Our time at the Cannabis Europa conference in London further affirmed the UK’s place
as the second strongest market in Europe. Patient numbers have doubled over the past
year, now reaching 50,000–60,000 monthly - a striking figure for a country still early in
its journey.

Despite similarities in patient volume to New Zealand, the UK’s population of over 63
million means its growth potential is exceptional.

Czechia: A new growing market
Czechia joined the regulated medicinal cannabis landscape in April 2025, and Rua is
excited to be at the forefront. We have established a distribution partnership with
Motagon Healthcare, one of the largest players in Czechia and our first products are
expected to reach patients in the next quarter.

The Czech market shows strong early signals. Although small, we anticipate a growth
curve similar to other EU countries, with Rua bringing trusted, high-quality products and
our unique values to a new patient base.

Looking ahead: Outlook
Rua’s presence across Europe is growing - underpinned by a nimble, capital-light model
and a brand that speaks to integrity, quality and East-Coast innovation.

• Germany remains our anchor, the largest and most mature medicinal market in
Europe.

• The UK offers massive potential as access expands and patient awareness
increases.

• Czechia is a promising newcomer, where Rua is well-positioned from day one.

In addition to these key markets, other countries offer opportunities in the medium term.
Pilot programs for larger scale medicinal cannabis access are being trialled in
Switzerland and France, signalling exciting and sizeable market opportunities.

Our purpose remains constant; to change people’s lives in our community of Tairawhiti,
and around the world. The recent visit to the EU has reaffirmed the strong growth in this
market and Rua is well positioned to capitalise on this momentum.

PO Box 1387, Gisborne 4040, Aotearoa New Zealand | 0800 RUABIO | www.ruabio.com
Thank you for your continued support as we expand Rua’s impact globally while staying
grounded in Te Tairāwhiti.

Na reira, ka tau nga parirau ki te kainga akuni, engari kei te ao whanui nga whakaaro
me nga wawata. Nga mihi nui,

 
The person who authorised this announcement:

Paul Naske
Chief Executive Officer
paul.naske@ruabio.com

+64 21 445154