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New Zealand: Outrage as auction company shuts out bidders for MMJ company

Prospective buyers of equipment from an embattled medicinal cannabis company were left disgruntled and out of pocket when the online auctions were removed, some after reserves were met.

Christchurch company Medical Kiwi, also known as Aether Pacific Pharmaceuticals Ltd, entered voluntary administration in November citing "significant financial challenges" for why it owed creditors nearly $9 million.

The entire contents of its Christchurch indoor cultivation factory were put up for sale on Turners' website and Trade Me. Several people in the medicinal cannabis industry began bidding on the items, which were required to be picked up from the company's former Christchurch site.

However, despite some leading bidders surpassing the reserve price, the multi-day auctions were removed just hours before they closed and all items sold to an one offline bidder.Turners said it could remove auctions at any time, while Trade Me said an auction could be pulled up to an hour before closing - but its terms and conditions state items that meet the reserve must be sold to the highest bidder.

Read more at The Press

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