Victorian medical cannabis biotech Medigrowth has raised one of the largest equity crowdfunding campaigns in the sector’s six-year history, banking nearly $3.45 million from more than 2000 investors.
The CSF campaign on Birchal is the third largest in the platform’s history, with Medigrowth hitting its minimum target of $500,000 in just 45 minutes before gaining $1.2 million in commitments within 24 hours.
In the end $3,447,393.81 was raised from 2047 investors.
CEO and cofounder Adam Guskich said that it great to see public support for their concept translate into funding.
“From the moment my co-founder Todd and I launched this campaign, the response from our community – as well as people who have only just discovered us through Birchal – has been incredible,” he said.
“We’re so thrilled to have achieved a level of funding that will help us make some really exciting progress in the way medical cannabis is researched, produced and distributed
“This result is a really promising indication of where the industry is headed – it’s a bright future for plant based medicine in Australia, and we’re so excited to be leading the charge.”
Founded in 2017, Medigrowth has posted average monthly growth of 30% over the last 12 months, and is collaborating with Deakin University to find plant-based alternatives to improve the quality of life for patients with neurodevelopmental challenges. As well as being involved in clinical trials investigating CBD and paediatric autism, Medigrowth is looking at clinical interest in advanced oncology care and mental health related indications.
The biotech distributes medicinal cannabis, including THC, CBD and dry cannabis flowers , to customers nationwide
Earlier this year, the Geelong-based company also launched Haiku Health, a direct-to-patient telehealth platform providing Australians with seamless accessibility to plant-based medicine prescription consultations.
The Australian cannabis market is predicted to be worth $1.4 billion by 2032 amid a global market worth US$147 billion.