Australian Medical Marijuana Company Secures $3.3M Via Crowdfunding Campaign

Australian medical cannabis company Cannaponics raised AU$5 million ($3.3 million), in an equity crowdfunding campaign via Birchal, reported Cannabiz.

The campaign to secure finances to complete the construction of its facilities, it lasted for two weeks and raised AU$3 million within 24 hours.

“We’re a feel-good company and want to do things differently. Everything – from our sustainable operations to our hiring approach to our pursuit of creating an affordable supply chain for customers – is built around the idea that we want to lift the industry up, and be the Australian leaders in both quality and quantity,” Rod Zakostelsk, Cannaponics founder and CEO told startupdaily.

2771 investors backed the development of the company’s site in southwest WA, including a 4,000 sqm greenhouse.

Board of Directors Changes

Dr Michael Nguyen was appointed to the company’s board as a non-executive director.

About Cannaponics

Cannaponics, a vertically integrated medicinal cannabis company, with 165 acres of land in southwestern Australia, is a manufacturing tech company for large-scale, on-site production.  The company uses 100% renewables to run its site thanks to its subsidiary CannaEnergy.

Photo by Giorgio Trovato on Unsplash

Related News

Cannabis Goes Global: Czech Republic, Australia, Nepal, Costa Rica And Canada Updates

Australian Cannabis Activists Speak Out Against THC Ban, Want Drug Policy Reform