Medigrowth raises $2.3 million…and counting – lead by patient drive
After receiving more expressions of interest than any other CSF campaign in 2023, the campaign reached its minimum goal of $500,000 in 45 minutes
Melbourne, Australia, August 2023 — Medigrowth, a fully licensed Australian medicinal cannabis biotech, has raised over $2.3 million through the company’s equity crowdfunding campaign via Birchal – with the offer still open, but closing soon (Thursday 17th August 10pm AEST). The campaign became one of the most exciting opportunities of the year, with more than 6,000 expressions of interest — the most for any in 2023 — submitted before funding even opened.
The campaign, which raised more than $1 million in under 6 hours, has been backed by both wholesale and retail investors – with strong investment support by medical cannabis patients. Through an equity crowdfunding campaign, any Australian can buy their stake in Medigrowth and Australia’s medical cannabis future. At the moment of writing, the campaign has raised $2,345,375.88 from over 1,400 investors.
“The vast majority of people we’ve spoken to who have contributed to the campaign are patients or are close with someone who has felt the positive effects of medical cannabis,” said Adam Guskich, CEO and Co-founder of Medigrowth. “Some people recognise the cannabis industry as a highly valuable one and are buying their stake in a highly lucrative industry, and we’ve also seen hundreds of smaller investments from people who know and understand the medicine they’re investing in from first hand experience. Investing via a crowd sourced funding capital raise ensures the opportunity is available to everyday Australians.”
One of the investors who is a medical cannabis patient said they contributed to Medigrowth as both a short and long-term investment.
“I’ve used medical cannabis for years and experienced first hand how difficult the process to get a prescription and medicine can be. Using medical cannabis has dramatically increased my quality of life and allowed me to be happier, healthier and more comfortable in my everyday life, so why wouldn’t I invest in a company that is making the process easier for everyone. And with so much momentum around changing attitudes towards legalisation, they could really grow really fast, so I’m very proud to call myself an investor.”
An Australian-owned and operated company, Medigrowth is an innovative medicinal cannabis biotech that distributes medicinal products – including THC, CBD and dry cannabis flowers around Australia. Since launching in 2017, the company has helped thousands of Australian patients. The company has experienced 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. In addition to clinical trial involvement investigating CBD and pediatric autism, Medigrowth is pursuing clinical interest in advanced oncology care and mental health related indications.
With the Australian cannabis market forecasted to reach $1.4bn AUD by 2032 and a worldwide estimate of USD $147 billion, Medigrowth aims to be a key player in this billion-dollar industry. The company aims to bridge the gap between supply and demand, providing products and knowledge to empower patients and simplify patient access.
As well as supporting further product development for Aussie patients, funds from the Birchal campaign will also fuel their research capabilities and advance Australia’s global position in the medical cannabis industry, and will contribute to the progression of the Medigrowth Centre for Excellence. The purpose-designed manufacturing, research and genetics hub in Geelong has already received town planning approval and has the support of Deakin University.
Earlier this year, the company also launched Haiku Health, a direct-to-patient telehealth platform providing Australians with seamless accessibility to plant-based medicine prescription consultations.
For Australians interested in investing in Australia’s green future, the Medigrowth crowdfunding campaign on Birchal is live, and anyone can become a shareholder until 10 PM AEST Thursday August 17.