Taranaki cannabis company raises $1.3m in crowdfund campaign

Taranaki cannabis company raises $1.3m in crowdfund campaign
Photo credit: Getty.

A Taranaki marijuana-growing company has collected over $1 million in investment as the prospect of cannabis legalisation looks more likely for New Zealand.

Greenfern Medical Marijuana Ltd (GMM) describes itself as a "therapeutics company based out of Normanby, Taranaki".

They set up a crowdfunding campaign hoping to attract investors, selling company shares for $1 each, with a goal of raising over $500,000 by last Friday.

But due to huge investor demand, the company has extended this deadline to February 14.

Their maximum target was $2 million, and at the rate they're selling shares, it seems this target may be within reach.

On GMM's website, they boast clean and environmentally friendly operations like using hydro-power, and say they are 100 percent New Zealand owned.

The Government passed the Medicinal Cannabis Amendment Bill in December to establish a year-long deadline for a regulated cannabis market scheme and give a legal defence for those close to death.

A referendum on legalisation, nicknamed the "reeferendum", will take place in 2020.

GMM director Daniel Leyden thanked everyone who had invested in the company so far.

"We're incredibly humbled by the support we've received from all over New Zealand."

He said investors had responded well to the company's promise of a clean, green operation.

The company's website says they hope to develop cannabis products for tablets, vaporisers, creams and oils, to "help suffering New Zealanders who seek an alternative, more holistic approach to their medication intake".

Newshub. 

Contact Newshub with your story tips:
news@newshub.co.nz