Medical cannabis tech platform Montu has launched its second capital raise via the Birchal crowdfunding platform.
With less than a week to go in the expression of interest phase of the campaign, the Australian company plans to use the funds to consolidate its market leading position as a medical cannabis prescriber, add to its technological infrastructure and grow patient awareness.
The company’s integrated platform provides patients with immediate access to highly qualified prescribers without having to leave their home.
In a market where only 5% of doctors prescribe cannabis, the increased adoption of telehealth, home-delivery of medications and electronic scripts, has boosted Montu’s strong growth, posting a 10-fold increase in prescriptions over the past 12 months.
Montu has seen its business grow by 1,000% in a year to hit a $10 million revenue run rate.
Christopher Strauch, Managing Director of Montu, said telehealth has been a game changer for the many Australians with conditions that can be treated with medical cannabis.
“Prior to telehealth, our company was already a pioneer in helping patients gain easy access via a nationwide network of doctors that could service half a million Australians. With telehealth – we can now service every Australian,” he said.
“Before Montu, it was difficult for patients to speak to a doctor about medical cannabis. Stigma was a big problem and, as you would expect, doctor’s experience was limited. We have trained over 1,000 Australian doctors on medical cannabis, and provided them with education and support.”
The company has built an integrated cannabis ecosystem, which connects more than 15,000 Australians annually to highly qualified doctors via its alternaleaf telehealth platform. Supported by a patient care team of clinically trained nurses, patients are guided throughout the process, from online booking, to tele-consultation, product selection and dispensing of medication.
Strauch said Montu’s growth trajectory for is massive, with revenues increasing by more than 250% in the last quarter.
“We are the fastest growing medical cannabis company in Australia and have a highly scalable business model,” he said.
“We’re already managing 15,000+ patient consultations per year and prescribe 50,000+ units of medical cannabis annually – and that is just scratching the surface of Australia’s potential.
The Australian and New Zealand market for medical cannabis is predicted to reach $1.7 billion by 2023.
Details on the Birchal campaign are available here, with investments starting at $250.
As Montu’s capital raising campaign got underway, the Startup Daily show spoke to Christopher Strauch about the company and its plans.
Hear what he had to say by clicking below.
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