New Zealand's only cannabis company plans to crowdfund for clinical trials

Friday, 26 January 2018

Ruatoria is gearing up for its second season of hemp production, with the aim of finding a mother plant with specific medicinal characteristics. If the hard work pays off Hikurangi Enterprises could be granted the first license in New Zealand to gr

New Zealand's first medicinal cannabis company is about to ask the public to buy into its plans.

Hikurangi Enterprises has 5000 plants ready for harvest in Ruatoria north of Gisborne.

If the Government passes medicinal cannabis legislation this year that allows for the commercialisation of medicinal cannabis crops, Hikurangi would be the industry's first legal grower.

Hikurangi Enterprises has a 5000 plant cannabis crop ready for harvest.

The Green Party's Medicinal Cannabis Bill will have its first reading in Parliament on January 31.

* New medicinal cannabis legislation to spark debate in the House**

Hikurangi plans to launch a $2 million crowdfunding campaign on Pledge Me on February 20. It is also seeking another $4m from a single investor investor.

The money will be used to fund a cannabis processing facilities and conduct two clinical trials for a medicinal cannabinoid oral spray.

Hikurangi managing director Manu Caddie said if the spray was proved to be safe, it could be sold through pharmacies this year.

Hikurangi has an industrial hemp licence to extract cannabinoids from cannabis plants.

'At the moment we cannot sell a commercial crop, but we can grow it for research and development purposes.'

the company already sells an anxiety remedy hemp oil for animals.

Caddie said Hikurangi worked closely with the Ministry of Health. The ministry had extended its license and was supportive of issuing a medicinal licence, he said.

He said he was confident law changes allow cannabis to become a significant export.

He was in talks with wholesalers in countries that had already legalised medicinal cannabis, such as Australia, Canada and the United States. Deals were in the tens of millions, he said.

Hikurangi ramped up its cannabis operations last year when the Government developed legislation on medicinal cannabis and public perceptions shifted to support it.

Caddie said Hikurangi would initially be a monopoly, but he expected other commercial growers to set up.

'It would be good to have other New Zealand companies doing it in time and create competition, it is good for the consumer. If we can grow it here for cheaper then everyone wins.

'We have an opportunity to be world leaders.'