Medicinal cannabis company breaks equity crowdfunding record
Medicinal cannabis company breaks AU/NZ equity crowdfunding record with $4 million raise.
Marlborough based medical cannabis company, Puro, has raised the highest amount in New Zealand and Australian equity crowdfunding history. Their combined public and wholesale raise of $4 million has been raised in four weeks on the crowdfunding platform, PledgeMe.
“Based on our previous successes with equity raises for medicinal cannabis companies, we had high hopes for Puro’s campaign and are absolutely delighted Puro’s campaign has set new records. We believe the raise positions Puro to grow the company and medicinal cannabis industry in New Zealand,” says Tan Huynh, PledgeMe spokesperson.
The funds raised will be used to build medical cannabis growing facilities and buy state-of-the-art processing equipment.
Puro expressed its gratitude to its 745 investors for their support to reach the maximum of $4 million.
"We always believed we had the recipe right and the fact that so many people have backed us, a new start up, is incredibly humbling,” says Tim Aldridge, Puro Managing Director.
Puro hopes medicinal cannabis to become as valuable as Sauvignon Blanc to the Marlborough region. With its Ministry of Health licences to conduct scientific research and grow low THC hemp and purchase agreements with a number of New Zealand and Australian pharmaceutical companies already in place, this is a very real possibility.
Puro Director Sank Macfarlane, whose family have farmed Puro’s Kekerengu site for 130 years, says hemp planting will begin today.
“Last week we got our licence to grow low THC hemp and we’ll begin planting at Kekerengu this afternoon. Initially, we will plant three hectares at Kekerengu, and hope to have the entire 25 hectare block planted within two years”.
The $4,000,000 combined raise represents 14.58% of Puro's equity, and was raised through 745 investors. Shares were priced at $1 each with a minimum investment of $500 for the public crowdfunding campaign, and $50,000 for the wholesale campaign. Those that invested over $50,000 have received voting shares.
The equity crowdfunding campaign launched publicly on 6 November, 10am. To view Puro’s retail equity crowdfunding campaign CLICK HERE.