Hemp Gazette reports
New Zealand medical cannabis startup Medical Kiwi launched an equity crowdfunding campaign this week – and seemed very pleased by the first day’s results.
Medical Kiwi’s operations plans cover the full process from medical cannabis cultivation to the production of consumer goods. The company says it has already sold its first two years of production to Hektares, worth NZD $30 million for 2021 and $60 million in 2022 – but first it needs the product to sell.
The Nelson-based firm is seeking to raise between $500,000 and $3,000,000 to help complete its Christchurch-based growing facility, acquire extraction equipment and deliver production already committed. The company says its Christchurch facility will be equipped to produce 6,000 – 10,000 kg of dried product annually. A retrofit of the building is under way, with 20-year lease in place.
There’s also a facility in the works for Nelson, designed to produce 30,000 – 35,000 kg of dried product per annum. It’s envisioned the Nelson facility will be up and running in early 2024.
The company was granted a licence to cultivate a prohibited plant by New Zealand’s Ministry of Health just eight months after it was founded. Other licences Medical Kiwi has applied for are a general medical cannabis licence, one for sales and one for manufacturing. Medical Kiwi expects those to be granted next month.
