by Medical cannabis company Medical Kiwi plans to list its shares on the NZX share market.
The South Island-based medicinal cannabis company’s plan still required final NZX approval, its chairman Aldo Miccio said.
Miccio hoped trading on the NZX market would raise public awareness of the company, while providing investors with an efficient market in Medical Kiwi shares.
Were not raising new capital as part of our listing, Miccio said.
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We are seeking to publicly confirm the integrity and credibility of our strategy, and to let the market properly assign value to a business that has substantial growth potential, Miccio said.
New capital would be raised down the track, as and when needed, he said.
A medicinal cannabis company is relieved the cannabis referendum went up in smoke, saying more research into the drug is needed.
The plan would only go ahead if approved by the companys Class A shareholders, who would meet on March 17 to make changes to the company’s constitution to allow the listing to happen.
Medical Kiwi has been quietly working for two years to establish a distinctly New Zealand business with a focus on both export and domestic markets for medicinal cannabis, and for CBD products in particular, Miccio said.
We are well positioned to deliver on the promise of these products and to benefit from market growth potential.
Medical Kiwi holds a medicinal cannabis licence from the Ministry of Health to cultivate, manufacture and supply medicinal cannabis.
It has secured a greenfield site in Nelson for a state of the art facility, and it has completed the fit-out of a Christchurch medical cannabis growing facility, the company said on its website.
Medical Kiwi would not be the first medicinal cannabis company to list on the New Zealand sharemarket.
Cannasouth is a medicinal cannabis company researching the high science end of the cannabis plant.
Cannasouths shares have traded on the NZX since mid-2019.
