Four years after relocating to New Zealand’s Taranaki region, early stage cannabis, therapy and wellness company Greenfern Industries is preparing to debut on the country’s stock exchange.
The start-up was granted permission this week to list its shares on the New Zealand Stock Exchange.
It will arrive on October 21 with 84.3 million shares issued at $ 0.25 per share and an indicative market cap of just over $ 21 million.
Managing Director Dan Casey said the public listing was a “major step forward” for the company which has grown through two crowdfunding rounds and a private placement round to raise more than $ 6.9 million. of dollars.
âWe have been working towards this goal over the past 12 months and have been able to attract significant capital as well as appoint a strong board of directors to complement the business assets and plans we have,â a- he declared.
“We are waiting [a public listing] will allow us to attract capital when needed so that we can explore growth opportunities such as new product development and business relationship building in New Zealand and Australia, and in wholesale markets across Canada. ‘foreigner.
Producer and Distributor
Greenfern aims to become one of New Zealand’s leading producers and distributors of medicinal cannabis products, hemp-based health and beauty products, and hemp-based foods and consumer goods.
The company mainly focuses on research at its medicinal cannabis factory in the small village of Normanby, harvesting and selling its hemp crops for various applications.
She grows hemp on land that has been leased short term on a main site adjacent to her business on the North Island and on a second site at Lake HÄwea on the South Island.
Harvesting is done by entrepreneurs for wholesale distribution to industrial hemp users and as ingredients to producers of fast-moving consumer goods, including a craft brewer and a company that makes a hemp-based substitute for them. meat products.
Greenfern also uses the harvest for its own line of body care products containing processed hemp seed oil and marketed to wholesale and retail customers under the MaTo brand.
Subject to the construction of an indoor grow and production facility, Mr Casey said the company also intends to start processing commercial quantities of dried cannabis flowers (or raw material) at low prices. for medicinal purposes, and either to produce medicinal cannabis ingredients and products itself or through a third party. party maker.
In December, Greenfern used the proceeds of its latest fundraising to acquire the Normanby hydropower plant near the Taranaki site to operate its indoor growing operation as well as its research and processing facilities.
Renewable energy will help minimize the costs of lighting and controlling the environment – considered two of the highest overhead costs in growing medical cannabis indoors.
It will also help the company to maximize its sustainability practices.
“We have a significant advantage in having access to our electricity needs at cost rather than wholesale or retail,” said Mr. Casey.
âThis is a game-changer by allowing us to either produce at a lower cost or create a larger margin on our selling prices. [and] we are able to grow the plants in a more environmentally friendly way, which is really important to us.
He said plans were in place to explore the potential of upgrading the station to increase its production capacity.
Greenfern is currently establishing business relationships with local and foreign companies to obtain licenses to produce and distribute medicinal cannabis products.
The company has already entered into agreements with three foreign suppliers – Disruption Labs Inc and KelSie Biotech Inc, based in the United States, and the British company Brains Bioceutical Corporation – for the exclusive rights to resell products on their behalf in New Zealand an once licenses received and products approved by the local regulatory body Medsafe.
Validate the agreement
Most recently, it entered into a white label deal with Australian medicinal cannabis company Cannvalate, which will see Cannvalate manufacture and distribute products under the Greenfern label to pharmacies nationwide as part of its own product line.
In addition, Greenfern Pharma will research and develop new GMP cannabinoid pharmaceutical drugs suitable for domestic and international markets.
director of Greenfern
Cannvalate co-founder and CEO Darryl Davies has been appointed non-executive director of Greenfern.
Mr. Davies is also a director of global cannabinoid manufacturer Valens Australia Pty Ltd and also a non-executive director of InhaleRx (ASX: IRX).