NZX gets its third cannabis listing with Greenfern debut

The NZX has gained its third cannabis company with the listing of Taranaki-based Greenfern.

The company – a cannabis, therapeutics and wellness company incorporated in 2018 – aims to be a leading New Zealand producer and wholesale distributor of medicinal cannabis products, hemp-based health beauty products, and hemp-based food and other fast-moving consumer goods.

By early afternoon, the stock was trading at 40c compared with its 25c reference price, valuing the company at $33.6m.

Greenfern is a “compliance” listing. It is not raising fresh capital but by complying with NZX listing rules, it leaves the door open for capital raisings in the future.

Greenfern follows in the footsteps of Cannasouth, which listed in 2018, and Rua Bioscience, which joined the NZX in 2020.

In its listing documents, Greenfern said it is an early-stage, loss-making operation with small revenues.

The company’s development to date has been funded mostly by two crowdfunding capital raising rounds which raised $1.96m in 2019 and $2.88m in 2020.

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