Greenfern Medicinal Marijuana Limited (GMM), based in Normanby, launched a crowdfunding campaign in December to garner financial support for the business. The company has raised more than $1.2 million to kick-start its business in the region.
The crowdfunding campaign was due to close on Friday, but an extension had been granted to February 14 due to high investor demand.
At the moment, the company has more than 700 shareholders, some of them are ex-pat New Zealanders living in Australia or Europe.
The location for GMM's Normanby operation is on land next to the hydropower station, which the company hoped would give it an economic and environmental advantage. Information provided by GMM in a written statement following news of the crowdfunding extension highlighted the appeal of this element to investors.
"Many investors told us that our focus on environmental sustainability and experience in renewable energy aligned to their personal values and this also inspired them to invest."
With a focus on business-to-business operations, rather than customer sales, GMM hoped to develop materials for use in tablets, vaporisers, creams and oils.
Money raised from the crowdfunding campaign will be used to set up the company, which is working with the Ministry of Health regarding licensing requirements.
Read more at stuff.co.nz
For more information:
Greenfern Medicinal Marijuana
Normanby, Taranaki, New Zealand
gmm.nz
