Cannabis firm cops $250k fine over misleading claims

Staff reporters
Wed, 22 Dec 2021

Exaggerating the facts: Medical Kiwi made false claims (Image: supplied)
Exaggerating the facts: Medical Kiwi made false claims (Image: supplied)
Staff reporters
Wed, 22 Dec 2021
Medical Kiwi will pay $250,000 to the Financial Markets Authority (FMA) and offer to refund shareholders after overselling a 'letter of supply intent' as part of its $3 million fundraising campaign last year.The medicinal cannabis and nutraceutical firm, founded by former Nelson mayor Aldo Miccio, admitted to breaching the Financial Markets Conduct Act after making misleading references to contractual arrangements between it and Australian 'global cannabis company' Hektares.The firm had claimed it had a partnership agreement wit...

Not convinced yet?

Subscribe to our Daily News Update free newsletter.

My Net Worth FREE
My Net Worth: Zac Stephenson, managing director, MediaCom
Daniel Dunkley | Sun, 03 Jul 2022

MediaCom managing director Zac Stephenson says he's proud of surviving in the media industry, which can be stressful and intense. 

Finance FREE
Money Answers: what's the best share investing strategy in a recession?
Frances Cook | Sat, 02 Jul 2022

Spreading your money through good quality companies, then leaving it alone for a few years is the boring but most likely way to build wealth for most of us. 

On the Money
On The Money: Air NZ's feeding frenzy, Kerry Prendergast's movie date, and more
Pattrick Smellie | Sat, 02 Jul 2022

In this week's OTM: Greg Foran's preference for pies, Kerry Prendergast's future at the film commission, a blast from the past from Enable Networks, and more...

Sponsored
Digital innovation could shape the future of NZ

The digital age allows us to collaborate on some of our greatest scientific and environmental challenges

Sponsored
Investments to sustain the momentum of building in NZ

Classic Capital has opened its Land & Build fund to qualified wholesale and eligible investors.