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NZ's first crowdfunded commercial property development had hundreds of investors, but the ambitious project in Christchurch's port town was deemed too risky.
“Major headwinds have caused us to rethink the project and whether we can deliver it as planned,” Young’s letter says. “We have recently learned about increased risks to the project due to changes in the lending landscape, higher construction costs and slow apartment sales.” Shareholders were given until June 2 to vote on whether they wanted construction to go ahead. Votes would be weighting according to shareholding size, but the vote would be non-binding. “We have a small window to halt the project now, or continue on in light of the increased risks,” the letter says.
Iain McGregor/Stuff The project had been budgeted $14 million, but costs had increased another $1m, it says.
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High Tide Inc is a downstream focused retailer of cannabis products, distributor, and seller of smoking accessories and cannabis lifestyle products. It is a vertically-integrated company in the Canadian cannabis market with portfolio subsidiaries including RGR Canada Inc., Famous Brandz Inc., Kush West Distribution Inc., Smoker s Corner Ltd., Grasscity.com, Canna Cabana Inc. and the majority of KushBar Inc. High Tide s aim to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value. It generates most of the revenue from retail stores and e-commerce platform.
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