Greenfern Industries, a medical cannabis firm, has entered receivership with a debt of $3 million owed to creditors. This situation arose after the company failed to meet its financial obligations, leading to its takeover by receivers Waterstone Insolvency. The receivers’ initial report confirms that additional claims from creditors are anticipated.
The company, which was previously listed on the New Zealand Exchange (NZX), faced financial difficulties that culminated in its receivership in February 2023. Debt funders Emdex Ltd initiated the process when it became clear that Greenfern could not fulfill its payment responsibilities.
Greenfern’s financial turmoil has resulted in shareholders losing approximately $10.5 million in capital. This substantial loss highlights the risks involved in the cannabis industry, particularly for companies struggling to establish stability in a competitive market.
As the receivers continue to assess the company’s situation, further developments are expected. Stakeholders are closely monitoring the outcome as Greenfern’s collapse could impact investor confidence in the sector and raise questions about the sustainability of medical cannabis businesses in New Zealand.
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