To evaluate the implementation of the New Zealand Medicinal Cannabis Scheme (MCS), including how products, prices, prescribing and patient access have evolved since 2020. Analysis of administrative data obtained via Official Information Act (OIA) requests and publicly available information on products and prices. Six emerging trends were identified: 1) quarterly supply of medicinal cannabis products has increased fourteenfold since the implementation of the Scheme in 2020, 2) most products are now THC-dominant rather than CBD, 3) most products are in the form of dried cannabis flower rather than oral liquids/oils, 4) prices of products have declined to be comparable to the illegal market, 5) specialised private cannabis clinics have expanded patient access, and 6) inequities persist due to expense, and disproportionately affect Māori and those on lower incomes. The New Zealand MCS successfully established a domestic medicinal cannabis production sector, reduced prices and expanded the range of products to provide alternatives to illegal supply. It has also inadvertently created the conditions for the emergence of specialised cannabis clinics that have enhanced access. However, the increasing supply of THC-dominant and flower products, and the privatisation of prescribing via cannabis clinics, may have unintended negative consequences.