The NZ Herald
Liquidators take over Medical Kiwi’s marijuana stock: save some, shred some, there’s even a puff of smoke
The wind-up of failed medical marijuana company Aether Pacific Pharmaceuticals, formerly known as Medical Kiwi, commenced recently with an unusual job for its liquidators.
Peter Drennan of Waterstone and two contractors spent hours at the company’s leased Christchurch site, shredding piles of unsalable dried marijuana stock, including sample runs and,…
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Statement from the Aether Pacific Pharmaceuticals Board:
https://www.catalist.co.nz/businesses/84ca5c7f-3f2f-46eb-9105-13a425c4495f
21 November 2024 – Aether Pacific Pharmaceuticals Limited has entered voluntary administration, effective 20 November 2024, following a thorough review by the company’s board of directors. This decision was made due to significant financial challenges, including difficulty collecting outstanding accounts receivable, a shortfall in funding from an investor, and delays caused by the ongoing impacts of the current financial climate.
Despite these challenges, the board and appointed administrators are confident that all staff wages can be met from funds owed to the company, and that a significant portion of creditor obligations can also be satisfied. The company has been approached by several investors expressing interest in a Deed of Company Arrangement (DOCA), which may offer a viable pathway to restructure the business, secure ongoing operations, and protect jobs.
The board and administrators are fully committed to working with creditors and investors to achieve the best possible outcome for all stakeholders, including employees and creditors. Further updates will be provided as the administration process progresses.
This will be the only statement from the board at this time. All media inquiries should be directed to the appointed administrators.
For media inquiries, please contact:
- Damien Grant
- Waterstone Insolvency
- Phone: +64 800 256733
- Email: reception@waterstone.co.nz
Issued by:
The Board of Directors, Aether Pacific Pharmaceuticals Limited
What is Voluntary Administration?
Read more about what Voluntary Administration means, on the Waterstone website here. (This link will take you to an external website controlled by the Voluntary Administrator.)
About Aether Pacific Pharmaceuticals
Producing high-value pharmaceutical ingredients and products for greater natural health and wellbeing.
At Aether Pacific Pharmaceuticals Ltd, our mission is to cultivate positive change by blending medicine with science, aiming to improve people’s health outcomes and enhance their overall quality of life. As a botanical whole plant medicine company, including medicinal cannabis, we adhere to pharmaceutical standards, providing holistic and effective solutions to our clients.
Through our subsidiary, Hardie Health, we hold valuable intellectual property for botanicals native to the Pacific region, renowned for their traditional medicinal properties. The research conducted by the esteemed Ferrier Research Institute at Victoria University, one of our shareholders, has resulted in the grant of our first patent for a novel compound.
