Medic­i­nal mar­i­juana firm seeks fund­ing

Taranaki Daily News - - News - Deena Coster

A Taranaki-based medic­i­nal mar­i­juana com­pany has launched a crowd­fund­ing cam­paign in or­der to se­cure fi­nan­cial sup­port to get the ven­ture grow­ing.

In­cor­po­rated in April, Green­fern Medic­i­nal Mar­i­juana Lim­ited (GMM) is based in Nor­manby, South Taranaki and has a goal of ob­tain­ing a foothold in New Zealand’s emerg­ing medic­i­nal cannabis in­dus­try.

‘‘Green­fern in­tends to op­er­ate as a fully com­pre­hen­sive grower, man­u­fac­turer and sup­plier of af­ford­able, top qual­ity medic­i­nal cannabis prod­ucts,’’ the com­pany said in a state­ment.

‘‘We want to help suf­fer­ing New Zealan­ders who seek an al­ter­na­tive, more holis­tic ap­proach to their med­i­ca­tion in­take.’’

GMM is in the process of work­ing with the Min­istry of Health re­gard­ing the re­quired li­cence. In or­der to meet the nec­es­sary re­quire­ments, the com­pany needs to raise money to as­sist in the process.

On Thurs­day, the ven­ture launched a crowd­fund­ing cam­paign.

The site said it wanted to raise a max­i­mum of $2 mil­lion. Shares were priced at $1 each, with a min­i­mum in­vest­ment amount of $500 for in­di­vid­u­als and $1000 for joint hold­ings, com­pa­nies and other struc­tures.

A sim­i­lar strat­egy by Hiku­rangi En­ter­prises in May re­ceived huge pub­lic in­ter­est, which ended up crash­ing the PledgeMe web­site.

Hiku­rangi En­ter­prises has a Min­istry of Health-is­sued li­cence to grow hemp on pri­vate land in Ru­a­to­ria, near Gis­borne.

GMM does not in­tend to sell to cus­tomers di­rectly, but would be a busi­ness to busi­ness op­er­a­tion.

While pro­duc­tion and sales would be guided by leg­is­la­tion, it is pos­si­ble the com­pany could pro­vide ma­te­ri­als to other busi­nesses to be used in tablets, va­por­is­ers, creams or oils.

The lo­ca­tion for GMM’s Nor­manby op­er­a­tions is on land ad­ja­cent to the hy­dropower sta­tion, which the com­pany be­lieved would give it an eco­nomic and en­vi­ron­men­tally sus­tain­able ad­van­tage over time.

‘‘Our part­ner­ship with the hy­dro power sta­tion landown­ers al­lows us ac­cess to power at dis­counted com­mer­cial re­tail rates, giv­ing us lower pro­duc­tion costs, which will also ben­e­fit the con­sumer.’’

A bill to le­galise cannabis for medic­i­nal rea­sons has been through the health se­lect com­mit­tee and had its sec­ond reading in Par­lia­ment on Novem­ber 29.

Med­safe gen­eral man­ager Chris James said that for se­cu­rity rea­sons, de­tails of con­trolled drug li­cence hold­ers or ap­pli­cants were not dis­closed.

Cur­rently, li­cences for cannabis can only be is­sued un­der the Mis­use of Drugs Act to cul­ti­vate or ex­tract cannabis for med­i­cal or sci­en­tific re­search, in­clud­ing clin­i­cal tri­als.

Grow­ing for any other pur­pose, in­clud­ing com­mer­cial cul­ti­va­tion, re­mains il­le­gal.

A bill to le­galise cannabis for medic­i­nal rea­sons has been through the health se­lect com­mit­tee and had its sec­ond reading in Par­lia­ment on Novem­ber 29.

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