Rua Bioscience ASM Presentation and Commentary

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




FOR PUBLIC RELEASE

NZX Limited
Wellington

20 October 2026


Presentation Slides and Commentary Available for Rua Bioscience Ltd’s Annual
Shareholder Meeting

The attached Presentation Slides and Chair’s and Chief Executive’s Commentary will be
presented at the Rua Bioscience Annual Shareholders’ Meeting.

The meeting will be a virtual meeting held at 3:00pm (NZT) on 20 October 2026 via
Computershare’s meeting platform https://meetnow.global/nz.

ENDS  
 
The person who authorised this announcement:

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











ASM Materials

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Hui a Tau
Annual Shareholders Meeting
20 October 2026

Disclaimer and important notice
Rua Bioscience Limited (Rua) is a New Zealand pharmaceutical company aiming to be a leading distributor of
cannabinoid derived medicines. This presentation and the information contained in or accompanying this presentation
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
presentation 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 for any omissions from, or failure to correct or update any information in, this
presentation or any other communications transmitted to you in relation to this presentation.

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Board of Directors
Te Poari Ringatohu
Anna Stove
Chair
More than 25 years’ global
executive and board experience
across healthcare, biotechnology
and regulated scientific sectors.
Panapa Ehau
Executive Director, Co-
Founder
Co-founder of a number of
social enterprises. Holds
governance roles across
numerous for-profit and
charitable organisations.
Teresa Ciprian
Non-Executive Director
Global expertise in innovation,
commercialisation, marketing
and business development in the
primary sector.
Tony Barclay
Non-Executive Director
Over 30 years’ experience in
business, with 25 years of
healthcare experience. Chair of
the Audit, Finance and Risk
Committee.

Agenda
Rarangi take
01
Company overview and Chair’s address
02
Chief Executive’s presentation
03
Annual Results presentation
04
Shareholder questions
05
Ordinary resolutions
06
General business
Ordinary resolutions
1
Auditor’s remuneration
2
Re-election of Anna Stove as Director
3
Re-election of Panapa Ehau as Director
4
Re-election of Antony Barclay as Director
5
Election of Qi (Keith) Zhou as Director
6
Issue of new Ordinary Shares (if required)

01
Company overview and Chair’s address
Te tirohanga whanui o te kamupene me te korero a te Heamana

Germany | Australia | Canada
Aotearoa, NZ | UK | Czechia
Rua’s differentiated, capital-light model
Unique Genetics
Rua’s point of difference
Trusted cultivation and manufacturing partners provide scalable capacity close to
market, at lower per-unit cost and without the high capital costs of GMP infrastructure.
Built around unique genetics, market access and trusted partners

FY26 Key Achievements summary
Financial results and progress across our markets
Commercial momentum
$2.9m
Total revenue +53%
Cost control
$3.1m
Operating loss ↓7%
Shareholder support
$2.3m
Equity raised
Commercial milestones
Customer revenuegrew 71% to $2.6m.
CanadaFirst live cannabis clone export — the first known
legal export of live cannabis genetics from New Zealand.
CzechiaRua’s first product launched through partner
Motagon
.
Australia & New ZealandExpanded NZ product portfolio
and
grew sales with leading Australian clinic chains.
Since year end: Five further products were approved in Aotearoa New Zealand in July 2026.
Subsequent activity
UK sales and distribution agreement with Curaleaf
Five further products approved in Aotearoa New Zealand

UK agreement: a significant commercial milestone
A major step forward for Rua’s export-led strategy
LARGEST EXPORT AGREEMENT TO DATE
$10m+
EXPECTED REVENUE
over the initial
two-year term
A significant route to market
Access to an established UK clinic and distribution channel.
Evidence of the strategy’s potential
A major export opportunity delivered through Rua’s capital-light model.
Working capital enables delivery
Inventory and working capital must be funded ahead of sales and cash receipts.

Approximately$1mill raised from recent rights issue
Working capital is the immediate constraint — not infrastructure
$1m
Rights Offer outcome
• Funds inventory and working capital ahead of sales,
particularly to fulfil the UK agreement.
• Supports demand in Australia and Aotearoa, New Zealand-
alongside opportunities in Canada and Czechia.

02
Chief Executive Officer’s
presentation
Te whakatakotoranga o te Kaiwhakahaere
Matua

FY26: An overview
Tirohanga whanui
$2.9m
Total Revenue
71%
Revenue growth
6
Markets
$0.3m
$1.9m
$2.9m
FY24FY25FY26

Global progress
Kokiri ki te ao
Aotearoa New
Zealand
Grew market share; five new product approvals
AustraliaAlmost doubled revenue through key clinic chains
United Kingdom
Largest export agreement to date, signed July
2026
Germany
Expanded product range at a time of market
change
CanadaFirst export of live clones to Apollo Green
CzechiaFirst products launched through Motagon
Six markets, one platform
Australia | Aotearoa New Zealand | Germany | United
Kingdom | Czechia | Canada

Aotearoa, New Zealand is our home
market
• Revenue almost tripled to $1.30m (FY25: $0.44m), with increased
market share.
• New products introduced, including a medical vaporising device.
• Five further products approved by the regulator in July 2026.
Sales revenue
$0.44m
$1.30m
FY25FY26

Australia is the second largest market
• Revenue almost doubled to $1.03m (FY25: $585k), with margin also
almost doubling.
• World’s second largest medicinal cannabis market, estimated at
$1.4b.
• Grew market share through strong clinic chain relationships, despite
the regulator’s review.
Sales revenue
$0.58m
$1.03m
FY25FY26

Germany is the largest market
• World’s largest market, estimated at $2b; a government review and
oversupply made FY26 challenging.
• Expanded our range with NZ grown genetics; progressing talks with
large clinic chains.
• Delivered cost reduced by close to 50%.
Estimated market size
$0.4b
$1.4b
$2.0b
United KingdomAustraliaGermany

United Kingdom is the fastest growing
market
• Fastest growing market: prescriptions doubled in the past year;
estimated at $400m.
• July 2026: sales and distribution agreement signed with a leading UK
clinic chain.
• Working with NZ cultivators to bring Rua’s genetics to the UK.
~$10m
Expected sales over initial two-year term

Czechia: We are one of the early
entrants
• April 2025 reform allowed GPs to prescribe medicinal cannabis.
• First product launched through distribution partner Motagon.
• Early-stage market (~$10m); modest revenue expected to build
through FY27.
Sept 2025
First product launched

Canada: A first foothold for Rua
genetics
• April 2026: first known legal export of live cannabis genetics from
New Zealand.
• Four varieties shipped as clones to Apollo Green in Ontario,
establishing a genetic bank.
• Creates further options for distribution and revenue.
$5–6b
Estimated annual adult-use market

We continue to support 52 patients
per month through our
Compassionate Access Programme
52
patients supported each
month

Our Scholarship Programme is
inspiring rangatahi
In FY26 we awarded 14 scholarships to local rangatahi
14
Scholarships in FY26
67
Recipients since 2020
8
School trips funded
3
Internships

Rua’s FY26 GHG report
Te ripoata GHG o Rua mo FY26
19% ↓
Scope 1 and 2 emissions
reduced by 19% (FY25: 39,
FY26: 32 tCO2-e)
14% ↓
Scope 1 emissions reduced
by 14%, with a smaller
vehicle fleet
22% ↓
Scope 2 emissions reduced
by 22%, as NZ’s grid
emissions fell
Scope 1 and 2 emissions (tCO2-e)
51
41
39
32
FY23FY24FY25FY26

The next generation of Rua products
INITIAL PHASE
MDMA distribution
PharmAla agreement: Rua
imports, distributes and sells
pharmaceutical-grade MDMA in
Aotearoa. Medsafe has
approved two psychiatrists to
prescribe for PTSD. Capital-light.
RESEARCH PROGRAMME
Tū Wairua
Psilocybin-containing
mushrooms for
methamphetamine addiction,
led by the Rangiwaho Marae
community. Rua contributes
cultivation and regulatory
capability.
RESEARCH PROGRAMME
Wairuakōhu
Radula liverwort, native to
Aotearoa, produces compounds
understood to act on
cannabinoid receptors. Partners
include IO Limited.
RESEARCH PROGRAMME
Cytisine from
kōwhai
A native source of an established
smoking-cessation medicine,
with a substantial clinical
evidence base including New
Zealand-led trials.
No revenue from the research programmes is assumed in FY27 or FY28. Rua contributes capability, not capital.

Our plans for FY27 are to continue growing sales
UK DISTRIBUTION AGREEMENT
~$10m over two
years
NEW PRODUCTS
Five new approvals
in Aotearoa NZ
NEW MARKETS
Canada

03
FY26 financial commentary
Nga korero mo nga putea

Profit & loss
Nga korero mo nga putea
Rua’s annual financial results for the year ended 30 June 2026.
$2.6m
Revenue from customers
$2.9m
Total revenue and other income
-$3.4m
Loss before tax
Strong revenue growth

Balance sheet
Nga korero mo nga putea
Rua’s annual financial results for the year ended 30 June 2026.
$534k
Cash and investments
$7.17m
Total assets
$2.92m
Total liabilities
$4.25m
Net assets
Rua requires further capital

Cashflow
Nga korero mo nga putea
Rua’s annual financial results for the year ended 30 June 2026.
$2.96m
Net cash outflow from operating
activities
$0.01m
Net cash inflow from investing
activities
$3.24m
Net cash inflow from financing
activities
Investing in growth

Operating loss is narrowing
Nga korero mo nga putea
Operating loss before net financing costs
FY25
$3.30m
Operating loss
FY26
$3.07m
Operating loss

Sales revenue is growing
Nga korero mo nga putea
Annual revenue from customers
$0.09m
$1.51m
$2.58m
FY24FY25FY26

04
Shareholder questions
Nga patai a nga kaipupuri hea

05
Ordinary resolutions
Whakataunga noa

Resolution One
That the Board be authorised to
fix the auditor’s remuneration.

Resolution Two
That Anna Stove be re-elected
as a Director of Rua

Resolution Three
That Panapa Ehau be re-
elected as a Director of Rua

Resolution Four
That Antony Barclay be re-
elected as a Director of Rua

Resolution Five
That Qi (Keith) Zhou be elected as a
Director of Rua
• Nominated within the Director Nomination Period
• Would not be an Independent Director if elected
• The Board supports his election

Resolution Six
That the Directors are authorised to
issue New Shares if required
• Up to 69,635,032 shares
• At a price of not less than $0.03 per share
• At any time during the 12 months following approval

06
General business
Nga take hakirikiri

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Rua Annual Shareholders Meeting
20 October 2026
Address by Anna Stove, Chair

Tēnā koutou, tēnā koutou, tēnā koutou katoa. Ko Anna Stove ahau, Chair of Rua Bioscience.
Welcome to our 2026 Annual Shareholders Meeting. Thank you for joining us online from across Aotearoa,
New Zealand and beyond. It's a pleasure to deliver an update on our operations over FY26 – a year in which
the foundations we built in FY25 began to translate into real commercial traction.
Firstly, I would like to introduce to you Rua's Board of Directors who are all deeply invested in the Rua
kaupapa. They bring a wealth of domestic and international business, pharmaceutical, financial and strategic
expertise. I would like to thank them all for their steadfast mahi during the year.
Rua's co-founder Panapa Ehau has been a Director since the company's inception in October 2017 and is
pivotal to our important links with the Tairāwhiti community.
Teresa Ciprian joined the Board in August 2022 and brings extensive governance and senior management
experience, including international marketing and business development. Teresa also Chairs our Remuneration
Committee.
Tony Barclay joined the Board in May 2023. Tony brings significant financial & business acumen, having been
CFO of Fisher & Paykel Healthcare for 17 years. Tony also Chairs our Audit, Finance and Risk Committee.
We continue to follow Maramataka, the Māori lunar calendar, when setting our Board meeting dates –
aligning our decision-making with the phases of the moon and our wellbeing.
Shareholders will also see that Mr Qi (Keith) Zhou has been nominated for election as a Director. Keith brings
close to twenty years' experience in international trade, logistics and consumer health product manufacturing,
with strong relationships across Asian markets. We will cover his election under the formal resolutions later in
the meeting.
Rua’s strategy is built around the capabilities that differentiate us and create the greatest value.
Our starting point is unique genetics selected in Te Tairāwhiti, supported by relationships with legacy growers.
Genetics, clones, licences and seed can move across markets more efficiently than the finished product.
We then work with trusted, best-in-class cultivation and manufacturing partners to access scalable capacity
closer to customers, while avoiding the capital costs of replicating infrastructure in each market.
This is the model we are taking into international markets. The results provide very encouraging evidence of
its commercial potential.
FY26 delivered progress across both our financial performance and our commercial footprint.

Total revenue reached $2.9 million, up 53% on FY25. Revenue from customers grew 71% to $2.6 million,
driven particularly by growth in Australia and Aotearoa, New Zealand.
We reduced our operating loss before net financing costs by 7% to $3.1 million while continuing to invest in
inventory and working capital to support sales growth.
During the year, we raised $2.3 million in new shareholder capital, which helped strengthen our commercial
operations. Thank you to the shareholders who supported Rua during this period.
We also expanded our commercial footprint: we completed our first export of live cannabis clones to Canada
— the first known legal export of live cannabis genetics from New Zealand — launched our first product in
Czechia through Motagon, broadened our New Zealand product portfolio and strengthened relationships with
leading clinic chains in Australia.
Subsequent to year end, we secured Rua's largest export agreement to date – a United Kingdom sales and
distribution agreement with Curaleaf expected to generate more than NZ$10 million in revenue over its initial
two-year term.
In July 2026 we also received regulatory approval for five further products in New Zealand.
These results show that revenue is growing and our operating performance is significantly improving. Our
focus now is to fund that growth sustainably and convert the opportunities ahead into a self-sustaining
business.
As mentioned, since year-end, Rua has secured its largest export agreement to date: a UK sales and
distribution agreement with Curaleaf expected to generate more than NZ$10 million in revenue over its initial
two-year term.
This is a significant commercial milestone. It provides access to an established UK clinic and distribution
channel without requiring Rua to replicate capital-intensive infrastructure in the market.
The agreement is an important example of the potential of our export-led, capital-light strategy. The priority
now is execution: meeting customer demand and converting the opportunity into sales and cash receipts.
The agreement also makes the immediate funding requirement clear. Inventory and working capital must be
funded ahead of sales, which links directly to the purpose of the Rights Offer.
Rua’s net liquidity position and ongoing operating cash outflows remain challenging as we fund growth. Our
principal constraint is working capital, not infrastructure.
The Rights Offer raised approximately $1 million against our target of up to $2.8 million. While we are
disappointed that we did not raise the full amount sought, the offer has provided additional capital to support
the business.
I want to be clear about why we remain confident in Rua’s prospects. We have secured our largest export
agreement to date, with a UK partner, expected to generate more than NZ$10 million in revenue over its initial
two-year term. For a company of Rua’s size, this is a significant commercial achievement. It demonstrates the
potential of our strategy and the value of the business we are building.
It is frustrating that, having secured an agreement of this scale, our immediate challenge is finding the working
capital required to fulfil it. We need to fund inventory ahead of sales, while continuing to meet demand in our

established markets. Our capital-light model means we can scale without taking on the cost of building
additional infrastructure or headcount. The opportunity is there; we just need to fund its delivery.
The Board remains confident that we can secure the additional capital required. We are already in discussions
with existing shareholders who wanted to see the outcome of the public offer before making further
commitments. These discussions are ongoing, and securing the funding remains the number one priority.
We have also consolidated operations into our Gisborne facility, which is now set up to be a tenanted, income-
generating asset. We continue to pursue options to realise value from the property, providing another
potential source of capital. The Gisborne facility is still being actively marketed for sale.
Our focus is on disciplined execution: securing the required funding, fulfilling customer demand, managing
working capital carefully and converting our growing commercial opportunities into sustainable cash
generation.
The Board believes Rua has established a credible platform for growth. Our priority now is to ensure the
business has the capital to realise that potential and move towards a self-sustaining position.
Thank you to everyone joining us online today. We appreciate you taking the time to participate, particularly
those who would have preferred to be here in person. We hope to see many of our shareholders at our
Community Day in Ruatoria on Thursday.
To Paul and the entire Rua team, thank you for your hard work, resilience and commitment. We know it has
been a demanding year, and there is much still to do. The progress we have made reflects the determination
of the team to build a genuinely differentiated business.
To my fellow Directors, thank you for your continued commitment, challenge and support.
And to our shareholders, thank you for staying engaged with Rua and for the support you have continued to
show us as we navigate this important stage of growth in the company’s development.
We have made important progress this year. We are growing our revenues, expanding our international reach
and with our UK agreement with Curaleaf, have secured a significant commercial opportunity. We must now
convert that progress into a sustainable business. That will take continued discipline, determination and
further funding, but the Board believes this opportunity is still 100% worth pursuing.
I would also like to welcome Keith Zhou to the Board. I look forward to working with you as we take Rua into
its next phase.
Rua has come a long way, but we are not yet where we want to be. Our focus is firmly on delivering for our
customers, building a stronger business and creating long-term value for our shareholders and our wider
community.
Thank you again for your support. We look forward to updating you on our progress in FY27.

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Rua Annual Shareholders Meeting
20 October 2026
Address by Paul Naske, Chief Executive Officer

Tēnā koutou katoa.
As Anna mentioned, FY26 was about execution – filling the sales channels we established in FY25 with new
products and our unique genetics from Te Tairāwhiti.
Total revenue and other income reached $2.9 million, up from $1.9 million in FY25 and $0.3 million in FY24,
and revenue from customers grew 71%.
We now have a footprint in six markets, counting our genetic opportunity in Canada. That gives us resilience,
with multiple independent revenue streams and no reliance on any single market. And we have kept a tight
rein on costs, with our operating loss narrowing 7%.
From the beginning, Rua has believed that global growth is essential to creating local impact. FY26 was a year
of expansion, with our global footprint growing in the United Kingdom, Czechia and Canada – all markets with
significant opportunity for Rua.
The regulations in each country are unique, and Rua has methodically selected key markets to operate in. We
have also learned that market entry alone does not create a successful business. Sustainable growth depends
on strong local partnerships, reliable supply, regulatory capability and disciplined execution. These capabilities
are becoming an increasingly important part of Rua's competitive advantage as we operate across multiple
jurisdictions.
I'll take you through each of these key markets in more detail.
Aotearoa, New Zealand
Firstly our home market of Aotearoa New Zealand. It is of course smaller in scale – estimated at $60 million –
but it is very important and central to our identity.
Strong relationships with patients and stakeholders continue to support our growth here.
Rua increased both market share and revenue in New Zealand in FY26. Revenue grew from $440,000 in FY25
to $1.30 million, and we introduced new products including a medical vaporising device named Oleo Panacea.
In July 2026 we received approval from the New Zealand Medicinal Cannabis Agency for five further products,
which will be introduced in the coming months. With telehealth clinics becoming more prevalent, we expect
sales revenue and margin to continue to grow and improve as new products are introduced and more product
is distributed directly to pharmacies.
Maintaining a strong presence in our home market remains an important part of Rua's commercial and social
purpose.

Australia
Australia is the world's second largest medicinal cannabis market, estimated at $1.4 billion, with telemedicine
clinics again continuing to dominate prescribing. There is also a growing shift towards more developed product
formats.
Rua delivered strong growth in Australia in FY26, with sales revenue and margin almost doubling. Revenue
grew from $585,000 in FY25 to $1.03 million, driven by the strength of our consistent clinic relationships.
It remains a very highly competitive market, and the regulator's ongoing industry-wide review has created
some caution among prescribers and pharmacists. There is no formal timeline for the review's conclusion, so
we are uncertain about the timing of any impact.
Gaining ground while others have contracted is a strong signal of our products, our partnerships and our team.
Our focus in Australia remains on portfolio management and improving our sales margins.
Germany
Germany remains the world's largest medicinal cannabis market, estimated at $2 billion, with telemedicine
clinics dominant.
FY26 was a challenging trading environment.
In the first half of the financial year, Germany had constraints on imports at a critical time for Rua. The country
reached its import quota and in conjunction with a government review of medicinal cannabis regulations, this
softened wholesale demand.
In the second half of the financial year, with a loosening of the import quota and an apparent relaxation on
outcomes from the governmental review, there was an oversupply of product in the market resulting in
reduced pricing.
Even so, Rua expanded its product range with New Zealand grown genetics and we progressed discussions
with large clinic chains.
At this stage we expect only minor amendments to the regulations to be confirmed by the government, and
very little impact on patient demand going forward. We anticipate growth in FY27 as these clinic relationships
convert to sales.
Importantly, recent supplier negotiations have reduced our delivered cost by close to 50%, which is expected
to support improved margins.
United Kingdom
The United Kingdom is estimated to be the fastest growing medicinal cannabis market. Prescription volumes
have doubled over the past year. The UK has a population of 63 million people, and with approximately only
100,000 patients, we see considerable further growth when we compare this ratio to other markets.
FY26 was a year of establishing new relationships for Rua in the UK. Some sales were made through our
previous distributor of Target Healthcare. However, a new sales and distribution agreement was signed in July
with Curaleaf Laboratories, one of the UK's largest medicinal cannabis businesses. Importantly, they have their
own telehealth clinic chain.

This is Rua's largest export agreement to date and is expected to generate significant revenues - in the order of
$10 million over a two-year term. It gives Rua immediate access to an established clinic network and pharmacy
relationships. The agreement is a significant endorsement of our strategy to bring Rua's unique genetics to
international markets.
We are working with New Zealand cultivators to bring our genetics into the UK market as we build out this
agreement.
Czechia
Czechia is a small, early-stage medicinal cannabis market, currently estimated at $10 million. However,
regulatory change from April 2025 – allowing General Practitioners to prescribe medicinal cannabis – has
opened considerable growth potential in a population roughly twice the size of New Zealand's.
Capitalising on this reform, we launched our first product in September 2025 through our distribution partner,
Motagon. We achieved our first revenues in the country and have established a foundation for further growth.
We expect the market will continue to grow as prescribers and patients become familiar with the new access
scheme.
Because we have secured an early position in this market, and it does have significant potential, we expect
modest revenue to build through FY27.
Canada
In April 2026, Rua successfully completed the first known legal export of live cannabis genetics from New
Zealand – shipping four varieties as clones to our partner Apollo Green in Ontario. This was a first for both Rua
and for New Zealand.
This gives Rua its first foothold in Canada's regulated medical and adult-use market, which is estimated at $5–6
billion. It establishes a genetic bank in Canada, providing further options for distribution and revenue.
The milestone demonstrated our ability to navigate complex cross-border regulatory requirements which is
important as we establish our genetics business.
Impact Programme
I'll now talk briefly about our Impact Programmes – some of the things we are most proud of as a company.
For Rua, commercial success and impact are not competing priorities; they are complementary parts of the
business we are building.
In New Zealand, medicinal cannabis is not a subsidised medicine, which means it is out of reach for many
patients. Our Compassionate Access Programme, launched in 2022, helps reduce that barrier for people in
Tairāwhiti least able to afford it.
In FY26 the programme continued to fill the prescriptions of up to 52 patients each month who would
otherwise be unable to afford them. We make places available specifically for people receiving palliative care,
so those who need support at this time in their lives can access it.
One story in particular is striking for us and this is the story of Karanga Marsh. Karanga has what they call drug-
resistant epilepsy. Karanga was having dozens of debilitating seizures a day. He had tried CBD oil in Australia
when he lived there, and it worked. His seizures almost disappeared. Upon returning to his home of Uawa
Tolaga Bay, he tried to access CBD but was unable to afford it and his seizures returned. As a result he has now

accessed the medicine through the compassionate access program, and has dramatically improved his well
being and ability to live, work and play.
Special thanks to Trust Tairāwhiti, our anonymous donor and our supply partners for their generous support in
making this possible.
Another key element of our Impact Programme is our scholarships and wider rangatahi programme.
In FY26 we awarded 14 undergraduate scholarships to local rangatahi of Tairawhiti. Since the programme
began in 2020 – and with the support of Trust Tairāwhiti and external partners since 2021 – Rua has awarded
more than $90,000 in scholarship funding to a total of 67 recipients. In addition we have supported 3 interns
at our facility and planned and funded 8 school trips giving rangatahi exposure to tertiary and research
opportunities in Auckland and Wellington.
We have had one of our internships has progressed into full-time employment. Mahuta Morice joined our
Intern Programme in 2024 and now work on cannabis cultivation but also leads the mushroom cultivation
programme for Tū Wairua – the world's first Indigenous-led clinical trial of psilocybin-containing mushrooms.
His story shows what can happen when local talent is given the opportunity, support and platform to grow.
But one truly inspiring story we have been a part of this year is the story of Peyton van Der Lern. Peyton is
pictured here. She is the Head Student at Ngata Memorial College in Ruatoria. Peyton has been to our facility a
number of times and interviewed our growers and absorbed as much as she can about what we do. From this
she has undertaken her final year biology dissertation on cannabis genetics and breeding, a first for a student
at high school in Tairawhiti. Peyton is going on to University next year to study Veterinary Science and we are
proud to be able to awhi her along on her learning journey.
GHG Emissions Report
We continue to measure our greenhouse gas emissions as this is part of our Sustainability Framework and last
year was our fifth year of measuring and reporting.
Our Scope 1 and 2 emissions, the more direct emissions from our own operations, fell again this year: down
19%, from 39 to 32 tonnes of carbon-equivalent emissions.
Compared with our FY23 base year, when Scope 1 and 2 emissions were 51 tonnes of CO2e, we are now down
more than 37%.
During FY27 we will continue to improve our reporting and work with suppliers to obtain more accurate data.
Future Pipelines
Looking beyond FY27, Rua is using our knowledge of controlled drugs regulation, cultivation and manufacture,
alongside our relationships in Tairāwhiti, to develop potential new pipelines for future revenue and impact.
The most recent addition is our distribution agreement with PharmAla, a Canadian based medicinal MDMA
manufacturer. Subject to further regulatory approval, Rua has the ability to import, distribute and sell
pharmaceutical-grade MDMA in New Zealand. Medsafe recently approved two psychiatrists to prescribe
MDMA for PTSD, so are well placed if more prescribers are approved.
Tū Wairua is a collaboration led by the Rangiwaho Marae community on psilocybin-containing mushrooms to
treat methamphetamine addiction in a marae setting. In this case Rua contributes specialist cultivation and
regulatory capability and knowledge.

The area of psychedelics – in our case MDMA and psilocybin - for use in medical therapy is a new and
emerging area of research and practice showing indications of very promising results. Rua is positioning
ourselves as an early-stage industry participant in the New Zealand context.
In addition we are partners in the Wairuakōhu project exploring a native liverwort that produces compounds
understood to act on the same receptors in the human body as cannabinoids.
Also we are providing our regulatory expertise to develop a new product from cytisine, a compound found in
kōwhai. Cytisine is a long-established smoking-cessation medicine with strong clinical evidence, including New
Zealand-led trials.
To be clear, no revenue from these programmes is assumed for the next 2 years. We contribute capability,
licensing and access rather than capital but it does give us potential options for future revenue and impact.
Our Plans for FY27
So FY27 begins from a stronger and more diversified platform – with established sales in Australia, Germany
and New Zealand, a growing position in Czechia, a first foothold in Canada, and a landmark agreement in the
UK.
Our focus for FY27 is on continuing sales growth across our established markets, accelerating sales in the
United Kingdom, while building new revenue streams from emerging markets including Czechia and Canada.
The UK market in particular is expected to deliver strong growth in sales over its initial two-year term. And in
New Zealand, our five newly approved products will broaden our range.
Sales are anticipated to maintain upward growth through FY27.
Our focus continues to be on execution and delivery: Converting opportunities into recurring revenue.