Medical Kiwi Not To Be listed On NZX For Now

3 min read | April 09, 2021 08:06 PM AEST | By Team Kalkine Media

Google News:

Medical Kiwi Not To Be listed On NZX For Now

Recent News

Is Origin (ASX:ORG) Testing Utility Trust?

What Makes Santos (ASX:STO) An LNG Gauge?

Why Is Woodside (ASX:WDS) Driving Energy Mood?

What Puts Telstra (ASX:TLS) In Yield Talk?

Make Kalkine Media
My Trusted Source

Source: Stereo Lights, Shutterstock

In the latest update, Medical Kiwi, which is dealing in medicinal cannabis, has not received a greenlight to trade on the New Zealand Stock Exchange.

Medical Kiwi Not To List On NZX

The move came after Medical Kiwi was under investigation by the Financial Markets Authority (FMA) during the Company’s $3 million fundraising in 2020, wherein it also notified the market that it had obtained a license for cannabis cultivation from the Health department.

Medical Kiwi Under Scrutiny

In March 2021, while the Company stated that it was making efforts to get itself listed on the stock exchange, the regulatory authority of NZX, NZ RegCo, opposed the same.

Probing it, Medical Kiwi confirmed that it needed to undergo FMA's examination, and its application would again be assessed by NZX before formally being incorporated into NZX for the trading of its shares.

Chairman of Medical Kiwi, Aldo Miccio, stated that the Company was waiting for the results of the investigation of NZX RegCo and would make all efforts to get itself listed on the stock exchange.

NZ RegCo’s CEO, Joost van Amelsfort, confirmed that there were numerous rules and regulations, which must have been followed by any company to get itself listed on the stock exchange. NZ RegCo does investigate these while deciding if a particular company can trade its shares on the stock exchange.

Medical Kiwi To Come Up With a Comprehensive Business Model

NZ RegCo CEO revealed that FMA had received particulars of Medical Kiwi's capital increase in 2020, which was one of the reasons for not permitting the Company to list on the stock exchange.

Moreover, he mentioned that Medical Kiwi should showcase a better comprehensive operating model to the regulators.

On the other hand, Miccio opined that the stock trading application and procedure was taking more time than expected by the Company.

Medical Kiwi is regularly in touch with the NZX RegCo and working continuously to get itself listed as soon as possible.

An Overview Of New Zealand Medicinal Cannabis Industry

Still, in its nascent stage, NZ's medicinal industry is making all efforts to emerge as a prominent player in the global cannabis market. As per studies, if it continues to grow at 600%-700%, NZ cannabis market will soon become a mammoth sector in the global cannabis space.

Some of the major companies dealing in medicinal cannabis in New Zealand market are:

Cannasouth Limited (NZX:CBD)
Rua Bioscience Limited (NZX:RUA)
Medical Kiwi
Meraki Natural

Currently, NZ cannabis medicinal industry is facing stiff competition with companies from Thailand and North American regions, particularly Canada.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.