Greenfern Industries media update
Greenfern Industries Limited, the Taranaki-based entrepreneurial business focused on medicinal cannabis, therapeutics and hemp products, has achieved significant progress during the past six months.
The businesses’ main operations are located in Normanby, South Taranaki. It has worked closely with, and received assistance from, Callaghan Innovation and Massey University along with other academic partnerships. Through these relationships it has completed sophisticated early-stage research and development programmes leading to commercialising its Intellectual Property.
The company plans to manufacture a range of products from high-grade cannabinoid extracts in our planned state-of- the-art laboratory and manufacturing facilities. The products will be targeted at both New Zealand and international markets.
Greenfern’s strategic plan is to produce pharmaceutical, therapeutic and wellness products from medicinal cannabis and hemp ingredients which improve the lives of people suffering long-term health issues, and who seek an alternative and a more holistic approach to health and wellbeing management. This includes medicines, nutraceuticals, health and beauty products, along with plant-based food and fast-moving consumer goods.
Greenfern has also commenced the process of mapping out a clinical trial pathway for a product with a partner in Australia to take advantage of the deregulation in Australia of low-dose CBD products. This product can be accessed through pharmacies without the need for prescriptions. Greenfern is an early mover in this space.
Greenfern’s planned growth and market expansion includes developing its own pharmaceutical products through its trademarked brand Theonol, establishing key distribution channels in New Zealand and into Australia, and becoming a distribution hub for overseas-based suppliers seeking representation and logistics within the New Zealand market, subject to regulatory approval and licencing.
The global market size for medicinal cannabinoids is expected to surpass $NZD 100 billion by 2028 (source BusinessWire, February 2021).
Greenfern has partnered with Massey Ventures and Sustainable Foods Limited based in Dunedin to begin commercialisation of a hemp-based meat substitute under a Joint Venture agreement. Converting hemp seeds into food that replaces traditional animal chicken with analogue chicken has been used in menu items supplied by Hell’s Pizza, TANK and in the production of Cannabeer craft beer, where hemp seed cake is used.
Recently, Greenfern successfully completed its first hemp harvest at its South Taranaki farm and was the first cannabis organisation in New Zealand to receive carbonzero certification from Toitū Envirocare.
Greenfern currently has two working operational sites in New Zealand, with a third used from time to time.
Normanby, Taranaki (in development)
- Indoor cultivation
- Outdoor cultivation
- Product research and development
Lake Hawea, Central Otago
- Outdoor cultivation Cold pressing Processing
- Seed banking
Haast, West Coast (part time)
- Outdoor cultivation
- Breeding and research
- Seed banking
Greenfern has recently made an application to NZX to quote its shares on the NZX main board. If accepted, this will be the first Taranaki-based business to publicly list for nearly 20 years; and will provide access to new capital and growth opportunities to drive the business objectives in both its domestic and international markets.
Well known Director, Brent King, has been appointed Chair of the new board of directors, along with New Plymouth businessman Philip Brown, who is one of Greenfern’s largest independent shareholders. Former acting Director of the Serious Fraud Office, Simon McArley, has also been appointed to the board along with managing director Dan Casey and Dan Leyden, who are both Greenfern Industries co-founders. Melbourne-based entrepreneur Darryl Davies, co-founder of Cannvalate Pty Ltd, a leading patent acquisition and prescriber of medical cannabis in Australia, completes the current board structure.
“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,” says Philip Brown. “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, which is expected by Q4/2021.
“Over the past 18 months I have worked with the founders to provide strategic advisory services and I now look forward to providing a high level of governance and direction to assist the management in growing the business Internationally. I have been involved in international businesses as well as a large number of domestic businesses as owner, shareholder, managing director and independent director. I will draw on my experiences and business expertise to assist Greenfern to achieve its strategic goals.
“Taking a start-up to the world is exciting and something I am very familiar with, so I am super excited to be involved with this new venture.
“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 a competitive advantage with the recent acquisition and upgrade of the on-site Waingongoro River hydro power station, which will provide clean green energy to our operations in Normanby. It will also allow us to sell excess generation to the national grid, providing diversification of revenue streams.”
The company is currently undertaking a private placement round for qualified wholesale investors