Legislation, Licensing & Investment Updates

Hikurangi Cannabis Company welcomes a proposal from the National Party to include a range of regulatory details in the new medicinal cannabis bill. We believe there is a good opportunity for cross-party agreement if most of the changes proposed by National are incorporated in the current bill before Parliament.

The Health Select Committee report back to Parliament this week and we look forward to a speedy progression of the legislation establishing domestic production of medicinal cannabis products. It would be very disappointing if this process gets politicised and patients continue to be denied timely access to affordable, safe and effective products as a result of partisan politics causing unnecessary delays.

Hikurangi is leading the establishment of an industry peak body to represent producers and affiliated organisations contributing to the development of the new industry. At present the New Zealand Medical Cannabis Council has five foundation member companies from around New Zealand and three associated companies and organisations. A formal launch is planned for August.

Company management are currently working with Ministry of Health officials to finalise requirements for the medicinal cannabis cultivation license. We expect this process to be concluded and a license issued in the next few weeks.

Hikurangi has closed its institutional investor raise with eight expressions of interest submitted by New Zealand and overseas companies and most have experience in relevant industries. Negotiations are currently progressing with a short listed group of preferred investment partners and we expect this process to be concluded in September when a new board will be appointed and recruitment for a CEO will begin.

Waiapu Investments Limited is finalising share transfers from the crowdfunding offer that raised approximately $2.4m and the company is considering options to undertake a second round public offer to bring additional funds into Hikurangi Cannabis Company. Further announcements are likely once decisions are made. If you know someone that missed out on purchasing shares in the first funding round, they can sign up here to be first to know about the potential second capital raise.

Thank you for your ongoing interest and support, we look forward to staying in touch as plans progress in coming weeks.

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