Here comes a fable we all already know if we’ve been paying attention to the US market. Stuff.co reports on Medicann in New Zealand
Before we get to the Stuff report we always find Instagram the best place to start as with all these people they can never help but show off on instagram so here’s Ross Henry Smith’s, Insta, he’s the self styled Wolf of Weed Street and his interests ..well it’s not hard to guess !
The ‘Wolf of Weed’ and the bitter collapse of a medical marijuana venture
When a character calling himself the Wolf of Weed Street announced he was starting a medical cannabis venture, some of the biggest names in the Bay of Plenty business world became investors. Two years later, the company is in liquidation; more than $1m gone. Tony Wall investigates.
When Brendon Ogilvy saw the job advertised on Seek in March 2018, he was intrigued. A new Bay of Plenty-based medical marijuana company, Medicann, was looking for a chief executive.
The company aimed to take advantage of the forthcoming Medical Cannabis Bill to become “the market leader in medical cannabis in New Zealand”.
The pay was good – $150,000-$200,000 a year – although Ogilvy had been earning more than that as a market researcher with companies in the Middle East. Now back in Tauranga, he had taken time off to build a house and was looking for work.
He texted his wife: “Check out this job I found for myself”. She thought he was joking.
“I’m serious,” he wrote. “Could be interesting, certainly a growth industry.”
Ogilvy’s interest saw him drawn into the chaotic world of Ross Henry Smith, a serial entrepreneur who had made and lost millions in Australia while garnering a reputation as a loose cannon who would fire vile online abuse at anyone who crossed him.
Ogilvy describes the next two years as a nightmare, as Smith – aka The Wolf of Weed Street – accused him of trying to steal his company, police became involved and investors’ money was eaten up by lawyers and liquidators.