November 08, 2018
Cannabis factory out of cow paddock
Hikurangi Cannabis is expanding its operations to Gisborne as it draws in further share capital to realise its dream of creating a medical cannabis industry on the East Coast.
Chief executive Manu Caddie says it’s burning through the $2 million raised earlier in the year through crowd funding, and it has raised another $7 million from experienced investors in a wholesale round.
That will allow it to build an indoor growing facility near Ruatoria and a processing factory and research centre in Gisborne.
"We were planning to do it all up the coast but trying to build a pharmaceutical factory in the middle of a cow paddock is a little bit challenging, not impossible, but the timing for us is critical so being able to build closer to the city means we can do it faster and some of the people we need to recruit were willing to move to the Coast but when we thought about where they wouldlive and so on it's probably going to be a lot easier to have them in Gisborne so Tūranganui ā Kiwa will benefit from our activities as well," Mr Caddie says.
Hikurangi Cannabis has so far hired 15 staff, including four with PhDs and some of New Zealand’s most experienced pharmaceutical professionals.
Copyright © 2018, UMA Broadcasting Ltd: www.waateanews.com