The medical cannabis company has hit its legal maximum raise through equity crowdfunding.
Less than two weeks after the public launch of their campaign, Medical Kiwi has raised the $2 million legal maximum amount for equity crowdfunding. This comes after hitting their minimum target of $500,000 in less than 48 hours and the $1 million mark just five days after launching their campaign. The Nelson-based company has given confidence to investors through a deal they’ve secured with medicinal cannabis company Hektares.
“Our supply agreement with Hektares provides us with a solid financial grounding with up to $30 million worth of medicinal cannabis sales next year and up to $60 million the following year”, says Medical Kiwi Co-founder and Chairman Aldo Miccio.
Over 1000 people have invested in the equity crowdfunding campaign. The Medical Kiwi team is now shifting their focus to the $1 million wholesale raise, which is also being run via PledgeMe. They are aiming to raise a total of $3 million.
“We’ve been seeing a lot of funding activity in the cannabis space over the past year”, says PledgeMe Co-founder Anna Guenther. “With the upcoming referendum on cannabis use in New Zealand, it’s certainly a topic the community cares about”.
Medical Kiwi has partnered with cannabis organisations with strong research credentials such as Vitality CBD, Liberty Herbal Technologies, Empirical Labs, and Hektares.
“Our robust research, innovative product development, partnerships with global industry-leading companies and agreements for future sales put us in a unique position to create value and carve out a significant share of this emerging industry in New Zealand and globally”, says Mr Miccio.
The $3,000,000 they are seeking to raise represents 8.43% of the company. Shares are $1 each with a minimum investment of $500. Investors will receive non-voting shares, and those who pledge over $40,000 will receive voting shares.
Medical Kiwi’s equity crowdfunding campaign launched publicly on 17 August at 12pm.
You can find the public campaign and information memorandum here: https://pledgeme.co.nz/investments/412