Burning cash: Cannasouth investors opt for a vote of no confidence

Mark Lucas has been elusive since Cannasouth moved into voluntary administration just before Easter. (Image: Cannasouth)

Brent Melville

Tue, 02 Apr 2024

Cannasouth director and chief executive Mark Lucas has made himself scarce since the firm moved into voluntary administration just ahead of the Easter long weekend.That was after the tap was shut off for future fundraising across the capital-intensive business.The company – which in June 2019 became the first biopharmaceutical cannabis firm in New Zealand to list on the NZ stock exchange – had halted share trading on the exchange earlier in the week. It cited a dispute with its convertible note holders as potentially interferin...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Primary Sector

Pāmu narrows profit forecast, expects record year

Its record year was foreshadowed last month.

Riley Kennedy 12:10pm

Markets

NZX’s Mark Peterson to step down after nine years as CEO

Peterson said the time was right for him to step down.

Staff reporters 10:00am

NZX’s Mark Peterson to step down after nine years as CEO

The Quiz Free

QuiznessDesk, Thursday, July 24

Take a break and try our quiz.

The Quizmaster 9:15am

Sponsored

Global real estate without the passport or paperwork

A global ETF offers access to income-generating real estate like data centres, healthcare and logistics warehouses – all in New Zealand dollars.

Blackrock, Smart Invest

Sponsored

‘Make Today the Day’: Why on-the-job training is the key to NZ’s service recovery

Covid gutted New Zealand’s service workforce. Training is the fix – and the future.

ServiceIQ

More Markets

Markets

Air NZ inks direct partnership with ChatGPT maker OpenAI

Air New Zealand has signed a deal to work with ChatGPT maker OpenAI on multiple projects, including using artificial intelligence to test new products and services before presenting them to a human focus group.The agreement also gives Companion AI – the airline’s deployment of Ch...

Staff reporters 3:10pm