Kiwi medical cannabis company breaks crowdfunding record

Kiwi medical cannabis company breaks crowdfunding record

Medical cannabis start-up Puro has already raised just under $2.4 million on PledgeMe, the highest amount ever raised in PledgeMe’s crowdfunding history.

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,” says 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 $1,793,569 in their equity crowdfunding campaign and $600,000 in their wholesale campaign.

PledgeMe spokesman Tan Huynh says Puro has surpassed the $2.06 million raised by 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 $2.4 million Puro have also eclipsed the Australian PledgeMe record of $2.15million AUD.

Aldridge says the maximum amount Puro can raise for each campaign is $2 million.

“It’s not too late to invest but time is running out,” says Aldridge. “We’re perfectly positioned to become New Zealand’s largest grower of premium medical cannabis, and every pledge helps us to get there.”

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

Visit PledgeMe to view the campaign:

• Equity crowdfunding campaign: http://pldg.me/puro
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• Wholesale campaign: http://pldg.me/purowholesale
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