'Success story': cannabis pioneer sold out of administration

Mon, 14 Feb 2022

A pioneer in the burgeoning medicinal cannabis sector has been sold out of administration for an undisclosed sum after missing out on a foreign investment that would’ve staved off the liquidators.MedGreen Pharmaceutical, which had 12 staff and a large greenhouse operation on a 62-hectare site in the Bay of Plenty, owed about $7.2 million to its creditors, leaving an expected surplus of $993,000.The company’s assets largely consisted of mortgaged land and buildings and equipment, which accounted for the bulk of its $8.2m of assets, a...

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