Administrators from Cor Cordis have been appointed to Queensland medicinal cannabis cultivator Tikun Oceana, formerly known as Medifarm, with the company conceding there were not enough sales to cover operating costs.
Medifarm was founded by Adam Benjamin, who left the business more than two years ago. After being taken over by new management, it changed its name to Tikun Oceana in 2020, trading as Tikum Australia, to reflect its partnership with Israeli firm Tikun Olam.
Tikun Olam still lists Tikun Australia as a global partner, but a link to the local operation takes users to an error page.
An initial report to the Australian Securities and Investments Commission (ASIC) said the company failed as there were “not enough sales” to cover operating costs.
The situation became apparent on June 1, the report stated, although as of July 18 it had yet to cease trading.
Tikun Oceana’s director is listed as Edward Harris, with Katy Williams Day named as its chief executive. Neither could be reached for comment.
The company only launched a new website a month ago, with the firm declaring it was “grounded in research and focused on quality and innovation”.
Medifarm’s multimillion-dollar facility on the Sunshine Coast was officially opened by then federal health minister Greg Hunt in 2019.