A publicly traded New Zealand hashish firm will seemingly be liquidated after going into receivership. Buying and selling in shares of the corporate, Greenfern Industries, was halted on Monday, forward of the announcement.
The corporate produces hashish flowers, oils, and capsules beneath New Zealand’s medical hashish program, and makes non-prescription CBD merchandise for the wellness sector.
Waterstone Insolvency, Auckland, appointed as receivers and managers over Greenfern operations, stated the corporate’s development slowed because the medical hashish house grew to become crowded.
Australian desires dashed
Having pinned its hopes totally on the Australian market, Greenfern was damage by the 2023 shutdown of an organization there that manufactured its medicines, and a strategic shift by an Australian companion that was to amass enterprise for the New Zealand agency however by no means did.
The corporate misplaced NZ$1.5 million (US$853,000) in 2024 after losses of NZ$2 million (US$1.13 million) in 2023, in line with its most up-to-date annual report.
Greenfern introduced the resignations of Board Chair Kirsten Taylor and CEO Elizabeth Plant simply days forward of going into receivership. Plant grew to become CEO in late August, changing Managing Director Dan Casey. Taylor had solely chaired the corporate’s board since December 2024.
Powering down
Greenfern Industries failed regardless of having its personal hydroelectric energy station on the Waingongoro River in Taranaki on the North Island. The ability station, adjoining to the corporate’s multi-purpose facility, had additionally offered the corporate with income from gross sales of surplus electrical energy it didn’t want and will due to this fact promote again to the grid. The corporate stated reliability points with getting older hydropower tools had been an issue.
Waterstone has stated it’s seemingly Greenfern property will likely be offered off, and the corporate is not going to proceed as a going concern.
Waterstone can be dealing with the insolvency of one other NZ hashish agency – the corporate behind Medical Kiwi, which additionally went into liquidation this month. Medical Kiwi was was a non-public firm that raised funds by means of crowdfunding.
