Cannabis venture investment grows
Organisers of a regional investment roadshow have been humbled by the high level of support at the first three community meetings.
More than 140 investors have committed more than $300,000 to Waiapu Investments Ltd at meetings in Te Araroa, Tikitikiti and Ruatoria.
Waiapu Investments managing director Panapa Ehau said this was the first local company to be crowd-funded by local investors.
“We intend to invest in the first publicly-offered medical cannabis venture in New Zealand and for many of the whanau participating, it is the first time they have purchased shares in a company,” he said.
Mr Ehau is confident more than a million dollars will be raised by Sunday afternoon, with the final roadshow meeting at Waikirikiri School.
“While there are no guarantees and this is a risky investment in a new company in a new industry, that by law is not even allowed to exist yet, we take the responsibility extremely seriously.”
There has been a wide range of investments, from the minimum $50 to $100,000.
The PledgeMe process can raise up to $2 million and any shares not sold here will be offered to the rest of New Zealand on Tuesday evening.
“With nearly 3500 people indicating their interest in over 15 million shares, we’re confident it is going to be oversubscribed,” said Mr Ehau.
Hikurangi Cannabis Company this week presented to the Health Select Committee on the Misuse of Drugs Act (Medical Cannabis) Bill before Parliament, alongside medical experts, patients and other industry representatives.
The submission from the East Coast was well received by the committee, with National Party MP for Waimakariri Matt Doocey describing it as “professional and well balanced.”
The select committee must report back to Parliament by July and the new legislation establishing a domestic industry is expected to be passed before the end of the year.