Medicinal cannabis firm debuts on NZX
Taranaki-based medicinal cannabis company Greenfern Industries Limited is now listed on the NZX.
The company, which also operates in the hemp, and hemp food space, is only the third listed company in the region and had 84,300,384 shares on issue at 25 cents a share.
Greenfern closed at 41.5 cents a share yesterday, up 66 per cent, but did go as high as 43.5 cents earlier in the day.
In an emailed statement, managing director Dan Casey said listing on the NZX was something the company had been working towards for the past 12 months.
‘‘It’s an incredibly exciting day for us.’’ Greenfern will have a market capitalisation on listing of $21m, which could be drawn on to grow the business if needed, Casey said.
‘‘We can explore growth opportunities such as further developing products and establishing additional commercial relationships here in New Zealand and Australia, and with overseas wholesale markets.’’
As part of its listing plan, Greenfern has also appointed a team of experienced directors, including Brent King, non-executive director and shareholder Philip Brown, Simon Mcarley, Kirsten Taylor, Melbourne-based Darryl Davies, and Auckland’s Marvin Yee.
Brown, a New Plymouth businessman, said he was pleased to be assisting the founder with their vision.
‘‘Our NZX listing provides liquidity to shareholders and also allows Greenfern to build capacity with its resources and to showcase the Taranaki region and its unique capabilities to the world.’’
Greenfern already has more than 1980 shareholders, having grown through two crowdfunding rounds that raised more than $4.8m and through wholesale investors who added $2.155m earlier this year.
Greenfern’s hemp seed is processed and sold for use as a high protein meat substitute, while by-products from the seed processing are also used in a hemp-based body care range, Mato, and hemp-based beer Cannabeer.
The company is also setting up a high-tech aeroponic grow room at its Taranaki headquarters which is intended to use less water, fewer nutrients and less electricity compared to conventional hydroponic cannabis grow rooms.