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Hikurangi Bioactives is freeing up capital to establish a kānuka industry.
Rua Bioscience founder and major shareholder Hikurangi Bioactives has sold nearly half a million more shares in the NZX-listed cannabis company as it plots its next investment.
Hikurangi Bioactives Limited Partnership (HBLP) originally owned 100% of Rua Bioscience Ltd and held 16.8% after the company listed on the NZX in a 50c IPO in October.
HBLP was subject to full escrow until the company released its first set of half-year results to the NZ, which happened on February 26.
At this point, it was able to sell up to 25% of its shareholding, equating to around 5.9m shares. Between March
Taking root: New Zealand's nascent medical cannabis industry enters a year of production
23 Jan, 2021 12:00 AM
7 minutes to read
Rua Bioscience co-founder Manu Caddie (left) with chief executive Rob Mitchell. Photo / Supplied
NZ Herald
By: Kate MacNamara
Rob Mitchell, CEO of Rua Bioscience, and co-founder, Manu Caddie, who is also chair of the New Zealand Medical Cannabis Council, are working to reach first revenue this year and shape New Zealand's cannabis rules as they go.
2020 was a defining year for New Zealand's nascent medical cannabis industry. Legislation passed in late 2018 created the legal basis for the sector, but it was just last April that new regulations allowed companies to begin to grow medical cannabis commercially and manufacture products for both the domestic and international markets.