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


Record breaking medical cannabis company planting first crop

After so far raising $2.9 million, medical cannabis company Puro has smashed PledgeMe’s previous crowdfunding record and will start growing low THC hemp in Marlborough this week.

More than 700 pledgers have invested a total of $2million in Puro’s Equity crowdfunding campaign. While the Equity campaign is now fully subscribed, there is still one week to go in Puro’s Wholesale campaign, which has a minimum investment of $50,000 and has so far raised $900,000.

Puro managing director Tim Aldridge says the investments from everyday kiwis have been humbling and will allow them to start growing.

“With licences in place and funds secured we’re ready to grow - reaching this milestone is huge and were proud to be doing it in Marlborough.”

PledgeMe’s previous record of $2.06 million was raised by Behemoth Brewing, who also ran Equity and Wholesale campaigns.

Three hectares of low THC hemp will be planted this week at Puro’s Kekerengu site.

“We’re starting off with 3 hectares, and will look to expand to 25 hectares within the next two years. Kekerengu provides the perfect conditions, with a costal micro-climate that is ideal for hemp production,” Aldridge says.

The $2.9 million raised through PledgeMe will be used to build medical cannabis growing facilities and buy state-of-the-art processing equipment.

Aldridge is urging those interested in investing in the Wholesale offer to get in quick.

“With less than a week to go in our Wholesale campaign people thinking about investing need to act quickly - to ensure they get in at the ground floor of this rapidly expanding market,” says Aldridge.
Puro’s Wholesale campaign has so far raised $900,000. The crowdfunding campaign will close either on 6 December or earlier if it reaches its $2million maximum.

Check out Puro’s wholesale campaign:

© 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>>