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

 

Medical cannabis company, Puro, breaks crowdfunding record

South Island medical cannabis company, Puro, breaks crowdfunding record

Medical cannabis start-up Puro has already raised just under $2.2 million on PledgeMe, the highest amount ever raised in PledgeMe’s crowdfunding history.

Christchurch businessman Tim Aldridge, Puro’s managing director, says the response so far has been incredible.

“There’s a big appetite out there to become part of our journey and make a real difference to the lives of hundreds of thousands of New Zealanders,” say Aldridge.

“Before we went to PledgeMe we worked really hard to get all our ducks in row. We were the first medical cannabis company to undertake an equity crowdfunding campaign with a licence, we secured premium Marlborough land, built an expert team, and had buyers lined up”.

“The fact that so many kiwis are backing us feels like a real vote of confidence in what we’re doing. It’s also a sign that investors recognise this is a rapidly growing industry with enormous economic potential for New Zealand.”

Puro is running two simultaneous PledgeMe campaigns. They are seeking to raise $2 million in an equity crowdfunding campaign (minimum investment of $500) and another $2 million in a wholesale campaign (minimum investment of $50,000).

With 14 days still to go, they have raised $1,641,069 in their equity crowdfunding campaign and $550,000 in their wholesale campaign.

PledgeMe spokesman Tan Huynh says Puro has surpassed the $2.06 million raised by brewer Behemoth Brewing, who also ran two simultaneous campaigns.

“We knew craft beer was an exciting for investors but Puro have taken medicinal cannabis to the next level.”

Huynh says by raising $2.19 million Puro have also eclipsed the Australian PledgeMe record of $2.15million AUD.

Aldridge says it’s not too late to invest.

“We’re positioned to become New Zealand’s largest grower of premium medical cannabis grower, and are delighted kiwis can see our potential.”

The money raised will be spent on building a research centre and initial growing facilities, site security and expansion into overseas markets.

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

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>>

ALSO:

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>>

ALSO:

Aerospace: Christchurch Plan To Be NZ's Testbed

Christchurch aims to be at the centre of New Zealand’s burgeoning aerospace sector by 2025, according to the city’s aerospace strategic plan. More>>

ALSO:

EPA: Spill Sees Abatement Notice Served For Tamarind Taranaki

The notice was issued after a “sheen” on the sea surface was reported to regulators on Thursday 21 November, approximately 400 metres from the FPSO Umuroa. A survey commissioned by Tamarind has subsequently detected damage to the flowline connecting the Umuroa to the Tui 2H well. More>>

Taskforce Report: Changes Recommended For Winter Grazing

A Taskforce has made 11 recommendations to improve animal welfare in intensive winter grazing farm systems, the Minister of Agriculture Damien O’Connor confirmed today. More>>

ALSO: