Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Marlborough medical cannabis company raises $500k in 2 days

Pledges from the New Zealand public has seen medical cannabis grower Puro reach their minimum crowdfunding target of half a million dollars by Friday, 8 November. Since the weekend they've raised another $320k, bringing the total raise to $820k. They aim to raise $2 million through a retail equity crowdfunding, and an additional $2 million in a wholesale campaign. The capital raised will be used to build a research centre and initial growing facilities.

“Getting to the half a million dollar mark means that this is no longer theoretical. We can now say that Puro will be growing premium medical cannabis in Marlborough,” says Tim Aldridge, Managing Director of Puro.

Puro has purchase agreements in place with seven Australian and New Zealand pharmaceutical companies and extraction partners, and has already obtained its Ministry of Health licence to undertake scientific cannabis research. Puro will operate on 2 growing sites, Waihopai and Kekerengu.

Puro director Sank Macfarlane, whose family has farmed on the Kekerengu site for 130 years, says medical cannabis could become as valuable to Marlborough as Sauvignon Blanc.

The company is seeking to raise up to $4,000,000, which represents 14.58% of Puro's equity. Puro is running two campaigns, one to raise the legal maximum from the public of $2 million, and one to raise $2 million from Wholesale investors. Shares are priced at $1 each with a minimum investment of $500 for the public crowdfunding campaign, and $50,000 for the wholesale campaign. Those that invest over $50,000 will receive voting shares.

Puro chose PledgeMe for capital raising because it “wanted to give the New Zealand public the opportunity to reap the rewards of this fast-growing industry", says Mr Aldridge, adding that the public response has been "humbling".

The equity crowdfunding campaign launched publicly on 6 November, 10am. The offer will close on 6 December 2019. To view Puro’s equity crowdfunding campaign CLICK HERE.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Primary Sector Council Report: Vision To Unite The Primary Sector Launched

Agriculture Minister Damien O’Connor has welcomed the release of a bold new vision for the country’s vital food and fibre sector. More>>


Crown Accounts: Treasury HYEFU Sees Deficit Then Rising Surpluses

An operating balance before gains and losses deficit of $0.9 billion is forecast in the current year, before returning to a small surplus in 2020/21 which then grows to reach $5.9 billion (1.5% of GDP) in 2023/24. More>>


Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>


Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>