First PledgeMe milestone met - Puro set to grow!

First PledgeMe milestone met - Puro set to grow!
Puro media release, 10 November 2019

A Marlborough-based medical cannabis start-up reached its minimum target within the first three days of its PledgeMe crowdfunding campaign.

Managing director Tim Aldridge says the $500,000 milestone was reached on Friday, two-and-a-half days after commencing Puro’s PledgeMe campaign. By 10am on Sunday morning, $610,293 had been pledged by 168 people.

“Getting to the half-a-million dollar mark is incredibly significant. We’ve moved from an ideal to a reality. We can now say that Puro will be growing premium medical cannabis in Marlborough,” says Tim.

“While we’ve raised enough capital to get started, we need more investment if we’re going to achieve what we’ve set out to do.

“We have the land, we have a licence and we have buyers lined up to buy what we grow. But we’re not there yet. To become New Zealand’s premium grower we need more people who are passionate about the potential of the medical cannabis market to join us and help us grow,” says Tim.

Tim says the public response has been humbling.

“The feedback we’ve has so far has been incredibly positive – there’s a real mood out there that it’s medical cannabis’ time. There’s so much interest in what we’re doing. Reaching our minimum target sends a strong message that Puro is going to happen, and the time to get on board is now.”

Tim says the medical cannabis market is growing rapidly, and there is potential for significant investor returns.

“There’s no doubt that the medical cannabis industry has the potential to be very lucrative. Based on conservative modelling, we’re anticipating that our PledgeMe investors could get an after-tax return on investment of 34% at the end of our first full year of production.

“If we achieve our plans the upside for investors will be substantial. Our PledgeMe campaign gives New Zealander’s the opportunity to join us and get in on the ground floor,” says Tim.

About the offer:
Puro aims to raise a total of $4 million through its PledgeMe campaign, with $2 million coming from crowdfunding and $2 million from wholesale investors.

Shares are priced at $1 each, and the offer closes on 6 December 2019.

Funds raised will be used to help build research and growing facilities and fund site security and the purchase of extraction equipment.

Visit PledgeMe to view the campaign: https://www.pledgeme.co.nz/investments/378-puro-new-zealand-limited

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