A Ruatoria hemp company is looking to raise $6 million to become the country’s first producer of pharmaceutical cannabis.
Hikurangi Cannabis will launch a equity crowdfunding campaign on PledgeMe next month to raise up to $2 million, with institutional investors being approached for another $4 million.
The company has signed an agreement with United States medical cannabis producer, Rhizo Sciences, to set up a processing facility.
Managing director of the Hikurangi Cannabis, Manu Caddie, said the company will initially look for investment locally to give the community ownership, as well as aiming to offer jobs to people of the East Coast.
“We want to extend that to wealth creation.”
Rhizo Sciences specializes in developing medical cannabis cultivation, extraction and manufacturing facilities around the world.
“This relationship will enable us to export product potentially worth tens of millions every year,” Mr Caddie said.
The New Zealand medical cannabis industry is expected to develop as the government moves to allow domestic cultivation and manufacture of medicinal cannabis products, and make it easier for people with terminal illness or chronic pain to obtain and use such products.