Medical Kiwi Limited

Medical Kiwi Limited, a medicinal cannabis company, was admitted to breaching the fair dealing provisions of the Financial Markets Conduct Act (FMCA). In August 2020, Medical Kiwi launched an offer for shares on equity crowdfunding platform PledgeMe Ltd. The accompanying information memorandum and campaign page contained false and misleading statements in relation to Medical Kiwi’s medicinal cannabis licenses and its contractual arrangements. 

December 2021 - Medical Kiwi has given an enforceable undertaking to the FMA, which the FMA has accepted. As part of the enforceable undertaking, Medical Kiwi will make a payment in lieu of a pecuniary penalty in the sum of $250,000, and will also offer to refund and exit shareholders who participated in the crowdfunding offer.  

• Related media release: Medical Kiwi admits to making false and misleading statements.