Medical cannabis company Puro, described as the “Sauvignon Blanc” of marijuana is raising capital on PledgeMe.
The Malborogh, NZ based company is seeking NZ $2 million in equity representing a 7.9%% equity stake in the company. The minimum investment has been set at NZ $500.
There is an affiliated, side-by-side, wholesale offering for larger investors with a minimum ticket of NZ $50,000. The wholesale offer is for 7.9% ownership in the company as well.
Any money raised will go towards a planned research center and initial growing facilities. Puro is said to be the first medical cannabis company in New Zealand with an approved license to undertake scientific cannabis research prior to commencing a crowdfunding campaign.
The offering launched yesterday and quickly captured about NZ$ 400,000 on a minimum hurdle of NZ$500,000.
Puro reports that it already has purchase agreements in place with seven Australian and New Zealand pharmaceutical companies, and has already obtained its Ministry of Health license to undertake scientific cannabis research.
Puro Managing Director Tim Aldridge explained that having the license and buyers ready is key to their future success.
“Puro has a perfect spot, established industry partnerships, with the research and business savvy to be successful. I think they are poised to become a true world leader in cannabis cultivation,” commented Puro cultivation director and 2018 Churchill Fellow, Tom Forrest.
Tan Huynh, a spokesperson at PledgeMe, said they have seen strong investor support for the medical cannabis market, with PledgeMe’s previous medical cannabis campaign in New Zealand reaching its $2 million target in record time.
The region’s long sunshine hours and high UV rating is said to be ideal for growing marijuana.
“We’ve had enormous interest from major private investors but wanted to give the New Zealand public the opportunity to reap the rewards of this fast-growing industry. That’s why we chose PledgeMe for our first capital raising venture,” explained Aldridge.
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