Greenfern aims to raise $4million

Published: Mon 31 Aug 2020 08:46 AM
Greenfern aims to raise $4million in second equity crowdfunding round
Dan Casey
Medicinal cannabis company Greenfern Industries has today launched its second equity crowdfunding campaign.
It’s hoping to raise up to $4million which will enable the company to purchase the hydroelectric power station as a strategic asset next to its state-of-the-art medical cannabis research and extraction facility in Taranaki. It has already raised over $500,000.
From the outset, Greenfern has been striving to be New Zealand’s most sustainable and environmentally friendly medical cannabis company.
Director Dan Casey said purchasing the power station outright would enable the company to fast track its growth ahead of a planned IPO next year.
“We have been leading the way in the industry since initial legislation passed in December 2018, and now with the new Medicinal Cannabis Scheme that recently came into effect allowing the commercial cultivation, manufacture and distribution of medicinal cannabis in New Zealand we are ready to grow even bigger and better than before,” Casey said.
Greenfern first ran an equity crowdfunding campaign in December 2018 when they raised $1.8million that was used to develop the company’s research facility. Since then they have also partnered with several reputable organisations to distribute medicinal cannabis products, and to undertake research and development of cannabis-based products including a hemp meat substitute and snacks. They’ve also added cultivation licences and launched hemp oil and manuka honey wash bars.
While the company has an agreement with the power station operator that means Greenfern’s power usage is billed at a significantly reduced commercial rate, owning it outright would mean its power costs – one of the largest overheads for a medical cannabis operation – would be even lower. Greenfern is also looking at upgrading the power station’s generation capacity so it could also sell the additional power produced to the national grid.
“By reducing our cost of production, we’ll be able to offer products that are exceptionally high quality at an affordable price for the New Zealand market. That’s an enormous competitive advantage,” Casey said.
“With the global cannabis industry expected to be worth in excess of $70 billion by 2025, we believe we are well positioned to take advantage of both national and international market opportunities.”
Greenfern, which was founded by five school friends with a passion for innovation, has partnered with Australasian company Equitise for the equity crowdfunding campaign.
Greenfern recently signed an exclusive distribution agreement with UK company Brains Bioceutical Corp (Brains) to sell their pharmaceutical grade cannabidiol (CBD) products in New Zealand, giving Kiwi patients access one of the world’s best pharmaceutical-grade cannabinoid products.
“We expect to have our own medicinal cannabis finished products ready for the market in about 12-24 months, but even then, we’ll continue to distribute Brains’ products due to their sustainable quality and EU good manufacturing process accreditation,” Casey said.
The minimum investment is $500.
“We have chosen this form of capital raising to make it easy and accessible for everyday Kiwis to invest and join us on our journey to make sustainable, world-class medical and therapeutic cannabis products available to those who need it.”
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