Buyer beware: Cannabis start-up raising funds without mentioning expired licencePosted by MMP News AuthorOn October 16, 2020
Medical Kiwi raised millions of dollars during which time its licence expired. Photo / Getty Images
A medical cannabis company which raised millions of dollars from investors while touting its Ministry of Health authorisation never had an active licence, and the licence it did have expired while the company’s August and September fundraising efforts were ongoing.
In an Investment Memorandum required by regulators for Medical Kiwi’s recent crowdfunding campaign, company founder and chairman Aldo Miccio claimed the company was in a “unique position” as “one of the few licenced [sic] New Zealand companies poised to create value …”
The document says the company received provisional approval for a research licence in June, 2019 and it was granted a licence to cultivate a prohibited plant in August of that year.
The licence was for research purposes and is described as a “milestone,” apparently aimed at convincing investors the company has experience that will…
