Well, just to put some context on it... There was a co-op for selling honey in the 1920s that collapsed about 1930 when too many of the co-op members did not comply with their assurance of providing supplies of honey. Another co-op formed in the 1930s (Percy Hillary, Sir Ed's father was a major mover) and did OK for a few years. It got bogged down in a somewhat political squabble, as the co-op had imported, in a very bad season, some Australian honey to fill existing orders. That co-op was dissolved in the late 1930s.
At that point the Internal Marketing Division (IMD) took (a governmental) role in the marketing of honey both NZ and overseas. It could not strictly be called a co-op, but for many purposes sort of acted like one, selling the honey and pooling the results for payout. In the early 1950s the Honey Marketing Authority took over, working in a similar manner to the IMD - but with the assurance of beekeeper elected members to provide better control and confidence. The HMA remained in place (with an export monopoly) until the end of the 1970s. Upon its demise, a good portion of the equalisation fund/seals levy that had accrued were loaned to a newly formed (mostly SI) co-op. Those moneys were repaid (they form the capital of the NZ Honey Industry Trusts) and the Co-op traded successfully for quite some number of years. I do not know why it was wound up - perhaps someone else could clue me in?
My own take on it? Any form of 'co-op' is going to need enough funds to start so that there can be confidence in an initial payout to beekeepers, early enough to provide adequate planning. Only after all the 'pool' honeys are sold would the final realisations be paid out. For the IMD and HMA, the buffer capital was either 1% government loan money and/or the money collected as the seal's levy. For a co-op to survive it would need to having marketing 'nous' beyond average...
A co-op needs more than co-operative intent. It needs commitment to the organisation and confidence in its capabilities to sell all the honey at the best realisations. It needs the full confidence of the supplying beekeepers that it will be accountable and best work on their behalf.