New Zealand medicinal cannabis firm Helius Therapeutics has gone into voluntary administration, citing commercial and regulatory challenges.

Backed by high-profile businessman and rich-lister Guy Haddleton, Helius Therapeutics was an early leader in the medical cannabis sector.

Haddleton, a director and the company’s largest investor, invested $15 million in Helius Therapeutics in 2018 when it was a start-up.

The company said today the decision follows sustained commercial pressures within the challenging regulatory and commercial environment for medicinal cannabis.

Helius Therapeutics will close its East Tāmaki manufacturing facility.

Chief executive Vicky Taylor said the move was deeply disappointing but reflected the challenging conditions facing the sector.

“This is an incredibly difficult moment for our team and for the wider medical cannabis industry,” Taylor said.

“Helius was founded with a clear purpose – to provide high-quality, clinically trusted cannabis medicines that could genuinely improve patients’ lives.

“Unfortunately, the current commercial and regulatory environment has made it very challenging for manufacturers to operate sustainably at scale.

“Restrictions on market education haven’t enabled anyone in the industry to help as many patients as they potentially could.”

The voluntary administration does not impact the clinic business owned by Helius Group, and operating under Cannaplus, which was acquired in 2025 and continues to operate independently.

Haddleton owns 28.39% of Helius Group, which owns Helius Therapeutics.

The Herald has contacted Haddleton for comment.

Helius Therapeutics was an early leader in the medical cannabis sector but has now gone into voluntary administration.

Taylor said the company’s priority is to support staff and ensure patients continue to receive care through the clinic network.

“Most importantly, I want to thank the great people who have worked at Helius Therapeutics. Their commitment to patients, innovation and quality has been remarkable, and I’m grateful for everything they have contributed.

“While this is a disappointing moment, the need for safe, affordable access to medical cannabis remains strong, and the progress made by this industry will continue to benefit patients in the years ahead.”

Up in smoke

Millions of dollars of investor capital have gone up in smoke over the past couple of years as medicinal cannabis companies struggle to get off the ground in New Zealand.

Cannasouth, the first medicinal cannabis company to list on the NZX in 2019, went into voluntary administration in March 2024 and delisted from the NZX later that year.

In February last year, Aether Pacific Pharmaceuticals, formerly known as Medical Kiwi, entered liquidation.

Company debts totalled $8.7m, according to an initial liquidator’s report.

That same month, Greenfern Industries went into receivership, initially owing creditors $1.2m.

The Herald reported shareholders had invested more than $10.5m in Greenfern Industries by March 2023, according to its last annual report.