Rua Bioscience sells Gisborne facility for $1.3m

Tairawhiti-based company, Rua Bioscience, has agreed to sell its Gisborne manufacturing facility for $1.3 million.

The sale is still subject to the assignment of the underlying land lease, but Rua expects this to happen.

This move is in line with the company's strategy to adopt a capital-light business model by outsourcing commercial manufacturing and cultivation.

It will enable Rua to focus on genetic research, development, and global distribution, as well as streamline operations.

The identity of the buyer was not disclosed, but they are also based in Tairawhiti.

Rua emphasised that the sale supports its goal of developing unique cannabis-based medicines for export markets.

The company's chief executive, Paul Naske, highlighted Rua's ongoing mission of creating medicinal cannabis products with a focus on sustainable growth and social impact in the communities of Te Tairawhiti.