Cannaponics is now Australia's second only startup to hit the $5m max crowd-sourced funding target
Now also Australia’s biggest medical cannabis campaign of all time!
WA sustainable cannabis cultivator Cannaponics has crushed records on its way to becoming Australia’s second only campaign to reach the $5m maximum funding limit allowed under crowd-sourced funding legislation.
Now also the biggest medicinal cannabis crowd-sourced funding campaign of all time,
Cannaponics joins the Australian top performing campaign hall of fame all time alongside:
Investors rushed at the opportunity with $1m invested within the first 24 minutes and $3m within 24hrs of opening the deal on 02 May 2023.
Strong demand saw it close early with $5m raised from 2771 investors jumping at the chance to help Cannaponnics complete a large-scale biotech facility in WA to meet demand for medical cannabis currently served by imports.
“We’re blown away by the response from our investors,” said Rod Zakostelsky, the CEO and founder of Cannaponics. “We’re a feel-good company and want to do things differently.
“We have the team, the tech and the expertise to change the industry and now we have the backing of more than 2770 Australian investors to make it happen, soon! We’re so thrilled with the results and so happy to welcome our new investors.”
The funds would be used to accelerate the development of Cannaponics site, including its 4,000sqm greenhouse, and ramp up operations to meet the growing demand, with Australian prescriptions predicted to reach 30,000 kg by 2024.
With a $2m government grant and $10m invested privately prior to the campaign, Cannaponics would now combine all funds towards bringing production back to Australia, which has been traditionally served by imports.
The key to the campaign's success had been widespread consumer interest in plant-based medicines, along with Cannaponics' track record and performance to date, according to Birchal CEO & Cofounder Matt Vitale.
“Australian innovators like Cannaponics continue to carve out these remarkable opportunities in growing industries, and investors are ready to back them!” he said.
“Any reluctance earlier in the year about whether it was a good time to raise, has been well and truly quashed with Cannaponics, and there is plenty of activity on the platform right now that also looks set to deliver great results moving forward,” he said.
“This result reflects investors' desire to back the early-stage growth of forward-thinking business, like Cannaponics, even in the current context. Just an amazing outcome, we couldn’t be more pleased for them!”
