Published by Stuff.co.nz: https://www.stuff.co.nz/business/300388196/taranakibased-medicinal-cannabis-startup-seeks-public-listing-on-nzx
A Taranaki-based medicinal cannabis business has applied to have its shares quoted on the NZX main board – the first time in 20 years a company in the region has publicly listed.
The application would provide Greenfern Industries with new capital and growth opportunities to drive objectives in New Zealand and overseas, co-director and independent shareholder, Philip Brown said in a statement.
Due to the alert level 4 lockdown, the company will hold a virtual annual general meeting on Wednesday to update its 1900 shareholders with the planned listing, progress and operations so far.
Brown is joined on the board of directors by chairman Brent King, former Serious Fraud Office director Simon McArley, managing director Dan Casey, and Dan Leyden, both Greenfern co-founders, and Melbourne-based Darryl Davies, co-founder of Cannavalate, a leading patent acquistion and medicinal cannabis prescriber.
Greenfern has worked with Callaghan Innovation and Massey University on indoor and outdoor cultivation, research and development, and production of medicinal cannabis, therapeutics and hemp products from its main base at Normanby, South Taranaki.
It recently harvested its first hemp crop at Normanby.
The company also has a cultivation and seed banking site at Lake Hawea, Central Otago, and a smaller outdoor cultivation processing and seed banking site at Haast.
Greenfern plans to produce pharmaceutical, therapeutic and wellness products from medicinal cannabis and hemp ingredients to improve the lives of people suffering long-term health issues, Brown said.
The global market for medicinal cannabinoids is expected to surpass $NZ100 billion by 2028, he said.
Brown said he hoped to draw on his business experience and skills to help the company achieve its goals.
Taranaki entrepreneur and property developer Philip Brown is a co-director on the Greenfern Industries board.
“This is a very exciting time for Greenfern as it builds its governance and operational capacities in readiness for what will be a massive global shift from traditional medicines to therapeutic products using medicinal cannabis grown right here in Taranaki,” he said in the statement.
“We seek to showcase Taranaki and its pure and natural environments on a global scale once all of the regulatory and licencing is in place.”
This is expected to happen later this year.
The company, which has publicly Crowdfunded $4.6m so far, and is seeking another $2m from a third Crowdfunding this week, expects to have a valuation of $19m based on issue share capital following listing.
Greenfern’s range of products included medicines, nutraceuticals, health and beauty products along with plant-based food and fast-moving consumer goods targeted at New Zealand and international markets.
Medicinal cannabis start-up Greenfern Industries completed its first hemp harvest recently at its South Taranaki farm.
“This emerging industry will be a game changer for people who suffer chronic health disorders and where prescribers are able to provide their patients with alternative therapeutic medicines and health products.
“In turn, our South Taranaki facility is expected to create new employment opportunities and enhance the regional GDP for our province.”
Greenfern has begun a process of mapping out a clinical trial pathway, with an Australian partner, to take advantage of deregulation for low dose CBD products to be accessed from pharmacies without prescription.
It also plans market expansion of its trademarked Theonol brand with distribution centres in New Zealand and Australia, Brown said.
The company had also partnered with Massey Ventures, and Sustainable Foods Ltd to convert hemp seeds into food, as a meat substitute for chicken.