Hikurangi to export medical marijuana worth USD 160mn to Rhizo
Date: 2018-02-26   Author: Saipriya Iyer  Category: #news

Hikurangi to export medical marijuana worth USD 160mn to Rhizo

Hikurangi Cannabis, a New Zealand based medical cannabis firm, has signed a conditional offer worth USD 160 million with Rhizo Sciences, a cannabis brokerage firm headquartered in Seattle, for manufacturing 3,000 kg medical marijuana products next year and nearly 12,000 kg by 2021. The agreement includes cannabidiol & THC extracts and Whole flowers, but its final execution this year is possible only when the cannabis production is made for commercial purpose.

According to Scoop, the deal is subject to change with a new legislation predicted to be passed in the parliament of New Zealand by the end of the year. The Managing Director of the firm has announced that with Canada medical marijuana market estimated at USD 10 billion, there is a wider scope for New Zealand to develop high quality medical cannabis for the global industry, which is forecast to hit the revenue of nearly USD 60 billion over the next five years.

One of the key officials of Hikurangi has declared that the firm was in the establishment stage and is likely to launch an IPO via PledgeMe crowdfunding equity tool in March this year to collect funds estimated at USD 2 million. He further stated that the firm is planning to set up its medical marijuana product manufacturing unit this year. Hikurangi carries out its cannabis manufacturing operations with an industrial hemp license that permits it to derive cannabinoids from the marijuana plants for R&D activities.

Earlier this year, Rhizo and Hikurangi declared to establish a unit in New Zealand for manufacturing THC-free medical marijuana products. For the record, Hikurangi has also decided to collect funds worth USD 4 million from a single investor this year. The cofounder of Rhizo Sciences has stated that with the presence of reputed cannabis producers such as Hikurangi, New Zealand has a huge opportunity to create a strong CBD hemp sector and be a leading manufacturer of medical marijuana across the globe.



About Author


Saipriya Iyer

Saipriya Iyer

Saipriya Iyer currently works as a content developer for AlgosOnline. A computer engineer by profession, she ventured into the field of writing for the love of playing with words. Having had a previous experience of 3 years under her belt, she has dabbled with website...

Read More

More from Saipriya


Post Recommendents

ICU IV Medication Safety Solution Market Detail Analysis focusing on Application, Types and Regional Outlook
Author: Ashwin Naphade

The ' ICU IV Medication Safety Solution market' research added by Market Study Report, LLC, is essentially an exhaustive review of present and future trends of this business sphere. The report also collates a concise outline of industry sh...


Latest Study explores the Network Simulation Software Market Witness Highest Growth in near future
Author: Ashwin Naphade

The ' Network Simulation Software market' research report now available with Market Study Report, LLC, is a compilation of pivotal insights pertaining to market size, competitive spectrum, geographical outlook, contender share, and consump...


Health Care Facility Cleaning Services Market Comprehensive Analysis, Growth Forecast from 2020 to 2025
Author: Ashwin Naphade

Market Study Report, LLC, adds a thorough analysis of the ' Health Care Facility Cleaning Services market', offering a comprehensive report emphasizing every vital aspect of the business vertical. The study has collectively presented refin...