Rua Bioscience (NZX:RUA) : Why did it receive Callaghan Innovation funding?

Be the First to Comment Read

Rua Bioscience (NZX:RUA) : Why did it receive Callaghan Innovation funding?

 Rua Bioscience (NZX:RUA) : Why did it receive Callaghan Innovation funding?
Image source: Wake up,Shutterstock

Highlights

  • Rua has got breakthrough funding from Callaghan Innovation for a research project.
  • The Company has got NZ$76,000 grant for funding projects vital for its pursuit to create outstanding products.

Rua Bioscience Limited (NZX:RUA) announced that it has got landmark funding from Callaghan Innovation for a research project.

The Company has received NZ$76,000 grant that will bolster the Company’s estimated NZ$1.25 million investment in plant science and product development. The funding received will also help Rua create improved medicinal cannabis products that are distinctive to the market.

The funding will help one project providing for many innovative projects ranging from cultivation to packaging.

 Cannabis

Image Source: Copyright © 2021 Kalkine Media

Rua also received GMP certification in September from MedSafe that will assist the Company in manufacturing its first medicinal cannabis product, cannabinoid oil. The Company expects to supply product for the domestic market by early 2022 and export the product to Germany by the end of next year.

RUA had begun a 2-year research programme with the University of Waikato in June. The project aimed at examining the usage of hyperspectral imaging to decide optimal harvest judgments, identify pests and diseases etc.

The research programme will make it easy for the Company to step into the global cannabis testing industry, likely to be worth NZ$2.5 billion by 2025.

On 23 November, at the time of writing, RUA was trading at NZ$0.395, up 1.28%.

Bottom Line

RUA will put the funding received from Callaghan innovation RUA’s value chain.

Disclaimer

Speak your Mind

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK