Hikurangi Cannabis signs $160mn, multi-tonne deal to supply USA’s Rhizo Sciences
New Zealand pharmaceutical cannabis firm Hikurangi Cannabis has agreed to produce and export tonnes of medical cannabis to American company Rhizo Sciences.
Based in Ruatoria, Hikurangi will produce three tonnes next year, rising to 12 tonnes a year by 2021. Currently, it has a crop of around 5,000 plants.
Rhizo Sciences works with licensed processors and investors to develop large scale production and export facilities to supply the growing demand for medical cannabis.
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The Seattle-based company is developing a global network of growers, manufacturers and distributors to of wholesale cannabis flower, extracts and cannabis medicines to distribute internationally including the United States, Canada, Australia, Israel, Europe, the UK, Africa and South America.
Hikurangi Hemp managing director Manu Caddie said: “Having a partner with deep industry knowledge and global customers provides exciting opportunities for our young company. This relationship will enable us to export product potentially worth tens of millions every year.”
Rhizo Sciences Co-founder and President Dr Dallas McMillan added: “Hikurangi have demonstrated their commitment to world class production standards and the clinical trials they have planned for this year will be world-leading.
“We want to be able offer our customers clean, green New Zealand product and an integrated company like Hikurangi Group offer the perfect partner.”
The deal is subject to legislation being passed in New Zealand, something which both parties appear confident will happen without any mishaps.
Timeline: India takes unicorn leap with six in five days
We chart an historic week in India’s tech industry, where in just five days, between 5-9 April 2021, the country achieved six new unicorns, bringing India’s total to 10 in 2021 to date, an immense unicorn leap from just seven in 2020 and six in 2019.
April 5: Meesho
India’s first social commerce unicorn, Meesho raised US$300m from SoftBank, Facebook and Shunwei Capital, giving the Bangalore-based startup a US$2.1bn valuation, a threefold jump from its previous funding round in 2019. Founded in 2015 by two IIT-Delhi graduates, Meesho connects producers and resellers, helping small businesses sell through social media. It has 45m customers and has enabled 13m entrepreneurs to start their online businesses with no investment.
April 6: CRED
Founded just over two years ago, Bangalore-based credit card repayment app CRED raised US$215m from Falcon Edge Capital and Coatue, nearly trebling its valuation to US$2.2bn from its January US$80m round. Allowing customers to pay off their credit card debt while earning CRED coins which they cash in for rewards, CRED has grown rapidly during COVID-19, doubling its customer base to nearly 6 million in a year.
April 7: API Holdings / Groww
The first epharmacy startup to gain unicorn status, PharmEasy (API Holdings), which has digitised 60,000 brick and mortar pharmacies and 400 doctors across India, raised US$350m in a round led by Prosus Ventures. Founded by four former Flipkart employees as a way of making investing simple, investment platform Groww became India’s second-youngest fintech unicorn, raising US$83m in Series D funding led by Tiger Global, quadrupling its previous round in September.
April 8: ShareChat
New Delhi-grown social media startup ShareChat, founded in 2016 by Mohalla Tech raised US$502m from Lightspeed Ventures, Tiger Global, Twitter and Snap taking its raised total over six rounds to US$766m and pushing its valuation to US$2.1bn. The funding will be used to grow its user base and short video platform Moj, which launched in 2020 following TikTok’s ban in India. The regional language startup claims 280m users.
April 9: Gupshup
AI-led conversational message startup joined the unicorn club after raising US$100m from Tiger Global giving it a ten-fold valuation of US$1.4bn. The smart messaging platform, which has seen accelerated growth during the pandemic, was founded in Bangalore in 2005 by serial entrepreneur Beerud Sheth, whose online freelancing platform Elance is now listed. Gupshup’s API enables 100,000+ businesses to build messaging and conversation experiences across 30+ communication channels.