Rua Bioscience Limited (NZX: RUA) has reported a net profit after tax of $718,703 for the six months to 31 December 2022 (HY23), in line with expectations.
The Group has signed an agreement with European Medicinal Cannabis Distributor, Motagon, and a subsequent five-year master supply agreement, giving them access to key markets in Central and Eastern Europe.
Rua has also exported its first set of cannabis genetics to Cann Group in Australia, advancing its end-to-end cultivation and supply chain solution.
The Group is preparing for its first international product launch and continued its genetic discovery programme.
Rua is optimistic about its future in Germany, the largest and most developed medicinal cannabis market in Europe.
In New Zealand, the Group has been supporting the health outcomes of patients, providing a consistent supply of GMP-certified medicine.
Rua has also undertaken a strategic review to ensure its future success.
Despite some disruptions due to Cyclone Gabrielle, Rua's operations remain on track.
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