Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Medical Kiwi Sets Up Christchurch Premises – Launches Crowdfunding Campaign For $2million

With $90 million of pre-orders already on its books, medicinal cannabis company Medical Kiwi is setting up production premises in Christchurch ahead of its longer term plans for a purpose-built facility at Brightwater in Nelson.

The Nelson-based Kiwi start-up is launching a PledgeMe campaign on 17 August to raise $2 million toward its bid to be one of the key producers of New Zealand-grown, high quality medicinal cannabis to service a burgeoning market here and overseas.

“We have pre-sold more than our production capacity for our first two years of operation,” says Co-Founder and Chairman Aldo Miccio. “Our supply agreement with Hektares provides us with a solid financial grounding with $30 million worth of medicinal cannabis sales next year and $60 million the following year. We need to get on with delivering on those orders, so we are setting up premises in Christchurch while the design, planning and construction of our Brightwater facility is carried out.”

Miccio says the Christchurch building is already fit for purpose and can comply with the strict New Zealand and international Medicinal Cannabis licensing conditions.

“We will operate solely from this facility until our Nelson site is ready, which won’t be for a few more years,” Miccio says. “When in full production, estimated to be early 2024, our Nelson facility will be designed to produce 30,000 - 35,000 kg of dried product per annum, valued today from $100 - $110 million.”

Medical Kiwi is seeking to raise $3 million of investment capital to help grow and produce safe, high-quality, affordable medicinal cannabis and CBD products and ensure they are available to the people who need them the most. The start-up aims to raise a maximum of $2 million through crowdfunding investors and a further $1 million through the wholesale investment market.

Funds raised through the PledgeMe campaign will be put toward getting the Christchurch premises up and running as soon as possible, marketing, research and the development at Nelson.

“We believe Medical Kiwi will be an attractive investment,” Miccio says. “Our strong point of difference is our blend of science, research and production. We’re committed to an ongoing programme of advanced research and technology to support the development of safe, high-quality medicinal cannabis products.”

To this end, Medical Kiwi has already secured partnerships with cannabis organisations with strong research credentials such as Vitality CBD, Liberty Herbal Technologies, Empirical Labs, and Hektares.

“Our plan is ambitious because we’re striving to be market leaders in this exciting growth industry,” Miccio says. “We will take an innovative, science-based approach to developing and delivering cannabinoid products to those who need them the most. Our robust research, innovative product development, partnerships with global industry-leading companies and agreements for future sales put us in a unique position to create value and carve out a significant share of this emerging industry in New Zealand and globally.”

Medical Kiwi also plans to manufacture its own New Zealand medicinal cannabis products for sale domestically and internationally, and has established strong relationships with customers in both of these markets.

“Now all we need are the people who share our excitement at the prospects for this burgeoning industry and are prepared to help us accomplish our objectives by joining our team as investors,” Miccio says.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Sharemarket: NZX Crashes For Fourth Day In A Row

The NZX website appears to be down for a fourth day just as the market is due to open. It is investigating if it is another cyber attack. More>>

ALSO:

Transport: Air New Zealand Adjusted Its Business Quickly To Manage The Impact Of COVID-19

Air New Zealand today announces its 2020 result, affirming the unprecedented effect of the Covid-19 pandemic on its business and the global aviation industry following extensive travel and border restrictions which commenced from March. Air New Zealand ... More>>


ALSO:

Stats NZ: Mid-winter Fall In Job Numbers

Job numbers fell in July, largely reflecting seasonal rather than COVID-19 related effects, Stats NZ said today.
Filled jobs were down by 7,418 in July compared with June 2020, to 2.2 million. This follows rises in May and June as COVID-19 restrictions were lifted... More>>

ALSO:

NZME Reports Good Progress: Revenue Down 13%

New Zealand Media and Entertainment (NZME) has today announced its financial results for the half year ended 30 June 2020, reporting 5% growth in Operating EBITDA [1] to $28.9 million. Releasing NZME’s Interim Report today CEO Michael Boggs paid ... More>>

Reserve Bank: Balance Sheet Set To Expand Further In Response To COVID-19

The Reserve Bank’s balance sheet will continue to grow as it supports the economy and financial system in response to the COVID-19 pandemic. In a speech to the ANZ-KangaNews New Zealand Capital Markets Forum, Assistant Governor Christian Hawkesby outlined ... More>>

TradeMe: 62% Of Kiwis Think Property Prices Will Hold Steady - Survey

Over half of New Zealanders expect property prices to increase or remain the same in the last quarter of 2020, according to a recent Trade Me Property survey. Trade Me Property spokesperson Aaron Clancy said over 1,700 New Zealanders who were actively ... More>>


FMA: Kiwisaver Fees Don't Match Performance

The Financial Markets Authority (FMA) today published an independent report into the passive and active investment management styles [i] used by KiwiSaver providers. The FMA commissioned MyFiduciary to test the extent that KiwiSaver providers were ... More>>

NIWA: Tsunami Evacuation Zones Home To 1 In 10 New Zealanders

NIWA scientists have completed the first national assessment of people and buildings at risk in New Zealand’s tsunami evacuation zones. The assessment, aimed at making more detailed information available to improve disaster management, has found nearly ... More>>

Antarctica NZ: Ice-Olation

Antarctica New Zealand is gearing up for a much reduced season on the ice this year and a very different deployment to normal! Before they head to one of the remotest places on the planet, all personnel flying south with the New Zealand programme will ... More>>

ALSO:

QV Valuations: July House Price Index Illustrates Market Resilience

According to the July 2020 QV House Price Index (HPI) results out today , property values recorded a marginal increase, up 0.2% over the month. This is somewhat of a turnaround from June, after the national index edged 0.2% lower. More>>

ALSO:

Property: Queenstown Rents Experience Biggest Drop In Seven Years

Rental prices in the Queenstown-Lakes district saw the biggest annual percentage drop in seven years after falling 28 per cent on June last year, according to the latest Trade Me Rental Price Index. Trade Me Property spokesperson Aaron Clancy said ... More>>

Seismology: The Quiet Earth

As many daily activities came to a halt during lockdown, the Earth itself became quiet, probably quieter than it has been since humans developed the technology to listen in. Seismologists have analysed datasets from more than 300 international ... More>>