Announcement
ANNREP: GFI: Greenfern Releases Annual Report
02:50pm
GFI
01/07/2022 14:50
ANNREP
PRICE SENSITIVE
REL: 1450 HRS Greenfern Industries Limited
ANNREP: GFI: Greenfern Releases Annual Report
Greenfern Industries Limited (NZX:GFI) is pleased to release its first annual
report as a listed company.
The report demonstrates that GFI is progressing steadily with the development
plan set out in its listing profile. This is demonstrated by:
o GACP certification on the 22/06/2022
o Entry into its initial offtake agreement of medical cannabis flower product
on the 28/06/2022
o Power JV on the 15/12/2021
The company is now able to provide more detail of the offtake agreement it
has entered into with Ampyl Sciences Limited. The agreement enables the
buyer to purchase from GFI's production up to 300kg per annum of medical
cannabis flower at agreed prices. GFI has projected that its existing
facilities have the capacity to produce 120kg per annum and that on
completion of its planned stage 2 facility that capacity will increase to
600kg per annum across both facilities.
The completion of the stage 2 facility and continuation of GFI's other
initiatives will require GFI to undertake further equity raising and GFI is
progressing with plans to seek that funding in the near future.
The agreement is also subject to usual licencing and quality conditions.
Greenfern also wishes to announce that it has entered into a non-material
related party transaction with CFS Debt Fund L.P. This is a related party
transaction because Marvin Yee, a director of Greenfern Industries, controls
the general partner of CFS Debt Fund L.P.
The transaction is a line of credit loan for up to NZD$600,000 with an
interest rate per annum of 18.3%, a term of 12 months and a one off
establishment fee of $15,000. There is also a general security against the
loan.
ENDS
About Greenfern
Greenfern Industries Limited is an entrepreneurial led licensed medicinal
cannabis, research and biotechnology company that also has operations
spanning into the industrial hemp and hemp food space. They operate primarily
from their medicinal cannabis research facility in Normanby, South Taranaki
which is powered by their own onsite hydropower station. They also have
operations and revenue generating streams within the Australian medicinal
cannabis sector. With an arm in the clinical research space Greenfern is
currently writing clinical trial protocols to pursue over the counter low
dose CBD registered medicines in Australia through the Therapeutic Goods
Association. Having a pillar of commitment to environmental sustainability,
Greenfern is both a Toitu carbon net zero certified organisation and Bcorp
certified.
For further information
Contact
Dan Casey
Managing Director
Mobile 0274202476
Email dan@gfi.nz
End CA:00394743 For:GFI Type:ANNREP Time:2022-07-01 14:50:59
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