Sharemarket-listed medicinal cannabis company Greenfern Industries has been put into receivership.
The Taranaki-based company listed its shares on the NZX in October 2021, but has followed several other medicinal cannabis companies into insolvency, including Canterbury's Medicinal cannabis company Medical Kiwi earlier this month.
The receivership is being handled by Auckland-based Waterstone Insolvency. Waterstone's Damien Grant believed it was unlikely Greenfern would be sold as a going concern, and its assets, including a mini-hydro power station and research center in Normanby, are likely to be sold.
"They simply struggled in a market that was not developing quickly enough," Grant said.
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