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Rua Bioscience Limited — Capital/Financing Update 2024
Aug 28, 2024
66262_rns_2024-08-28_61844844-892a-411c-8a3c-4811576e783a.pdf
Capital/Financing Update
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28[th] August 2024
FOR PUBLIC RELEASE
Rua Bioscience Announces Sales of Gisborne Manufacturing Facility
Tairawhiti, New Zealand – Rua Bioscience has entered into an agreement for the sale of its Gisborne manufacturing facility for $1.3 million. The sale is conditional upon assignment of the underlying land lease which is expected to occur.
This strategic move, as previously signalled, aligns with Rua's ongoing commitment to adopting a capital-light business model by outsourcing commercial manufacturing and cultivation, enabling the company to focus on genetic research, development, and global distribution.
The sale to a Tairawhiti based group supports Rua's strategy to streamline operations and reinforce its focus on developing unique cannabis-based medicines for export markets.
Rua continues to advance its mission of creating medicinal cannabis products that change lives, with a focus on sustainable growth and social impact in the communities of Te Tairāwhiti.
ENDS
The person who authorised this announcement: Paul Naske Chief Executive Officer [email protected] +64 21 445154