Australian medical cannabis company Cannaponics is celebrating achieving its maximum target of AUD $5 million in a recent crowdfunding campaign.
Based in the South West of Western Australia, Cannaponics is building a major medicinal cannabis facility near Collie; a project that has received backing from the WA government.
Construction kicked off back in 2021 and once the facility is completed, Cannaponics aims to be one of the only cannabis companies in Australia able to harvest fresh flower in the morning and ship finished packaged medicinal cannabis oil and flowers in the afternoon. One of the technologies enabling this to happen is radiant energy vacuum (REV) technology. This is a low temperature, fast-drying method that among other benefits preserves 20% more cannabinoids than traditional rack drying according to the firm.
In another stage of the facility’s development, the company is looking to pursue advanced manufacturing.
The 3,600 sqm controlled environment greenhouse at the site and the production facility are to be operated entirely on solar energy and rainwater. The solar farm should be fully complete and operational in around 3 months.
“This in tandem with our vertically integrated system, allows Cannaponics to bypass the middlemen costs, and could reduce major costs of goods by up to 60% – while still offering a superior quality product,” says the firm.
All going well, Cannaponics aims to plant its first crop in September/October this year. Its outdoor operations will have the ability to grow 15 tonnes of dry flower a year and the greenhouse around 10 tonnes – so, around 20-30 kgs a day indoors and 25-40 kgs outdoors.
In addition to $2 million from Western Australia’s Government, the company had raised a further 10 million dollars privately. And now with the recent successful crowdfunder, it will have another $5 million in its kit. The crowdfunding campaign kicked off on May 2 and hit $1 million in just 24 minutes, $2 million in 2 hours and was ended on May 18 after reaching its target.
“From all of the Cannaponics Team we would like to thank you, our supporters and over 2,770 Australians that have invested in our company for this outstanding result,” said the firm.
