Ora Pharm, a leading medical cannabis company, has become one of the first approved direct investments under the New Investor Visa category in New Zealand. The Active Investor Plus Visa category is designed to attract high net worth individuals who are willing to invest a significant amount of money in New Zealand’s economy, with the goal of creating jobs and fostering economic growth.
Under the Active Investor Plus Visa category, individuals can apply for residency in New Zealand by investing a minimum of a weighted NZD $15 million in the country over a four-year period. The weighting of the investment is different depending on whether the investment is a direct investment, managed fund, listed equity or philanthropy. A direct investment carries a weighting of 3x the funds invested, meaning that an investor would only need to invest NZD $5m to qualify for the active investor plus visa. Managed funds carry a 2x weighting on funds invested whereas listed equities and philanthropy have no weighting applied to them.
To date, there have been 15 companies approved as acceptable investments under the new visa scheme. Ora Pharm are the only medicinal cannabis company to be an approved investment, they have gone through a detailed due diligence as part of this process and the investment is also listed on the NZTE ‘live deals’ platform. This builds on the achievements of the company when they received a Callaghan Innovation research and development project grant in June 2022.
Ora Pharm’s development in the North Waikato, will support the development of a new cultivation facility, as well as research and development initiatives. The investment is expected to create more than 20 new jobs in the region, contributing to the growth of the local economy.
“We are delighted to have been approved as one of the first direct investments under the new Active Investor Plus Visa category,” said Zoe Reece, CEO of Ora Pharm. “New Zealand has a strong reputation for innovation and quality in the horticultural and pharmaceutical industry, and we are excited to be contributing to the growth of this sector in the region. The growth of Ora Pharm not only supports our business goals but also aligns with our values of creating positive impact and supporting local communities.”
The Active Investor Plus Visa category was introduced by the New Zealand government in July 2022 and came into effect in September 2022, to attract high net worth individuals to invest in the country and create jobs. The program offers a pathway to residency and citizenship for eligible investors, while also supporting the growth of the local economy.
About Ora Pharm
Ora Pharm is a leading medicinal cannabis company that specializes in the research development of innovative pharmaceutical solutions. The company’s mission is to create positive impact by developing plant-based medicine that improve human health and wellbeing. Ora Pharm has a license to cultivate, manufacture and supply medicinal cannabis in New Zealand and will obtain Good Manufacturing Practice (GMP) certification, the globally recognised quality control system used in pharmaceutical product manufacturing.