After a successful 2024, research-led medicinal cannabis biotech company Medigrowth Australia has just launched an Expression of Interest period for its second equity crowdfunding campaign.
Medigrowth supplies medical cannabis-derived products including THC, CBD and dry cannabis flower. The company also has a telehealth platform, Haiku Health, that launched in 2023. Last year was a busy one for the firm, launching nine new products across oils, dried flowers, cartridges, and pastilles. Revenue growth in 2024 was significant, with a 133.57% year-over-year increase.
A paediatric autism research trial with Deakin University was also completed last year. Phase I/II of the cannabinoid trial saw improvements in social relating and anxiety scores when compared with a placebo, as well as significantly reduced parenting stresses during the Medigrowth treatment period according to the firm.
“We’re not just building a business; we’re transforming healthcare and improving lives through innovative medical cannabis solutions,” said Adam Guskich, Medigrowth CEO and Co-founder.
The firm set its sights on further expansion in 2025. Among it, Medigrowth Australia has just launched its new medicinal cannabis veterinary care brand, Kindred. Kindred provides solutions for pets and aims to support veterinarians with the tools, resources, and education to improve pet health with supplements and medicinal cannabis by prescription.
The firm says the Australian cannabis market is forecast to reach $1.4 billion AUD by 2032 and the global market to be an estimated USD $127 billion.
“Medigrowth aims to be a key player in this billion-dollar industry, bridging the gap between supply and demand, supplying products to patients and working towards TGA-registered medicines for global markets.”
To help fund its plans, Medigrowth launched a crowdfunder EOI last week. This follows a crowdfunding campaign in 2023 that raised over $2.3 million.
“Our university-backed research and product development are pushing the boundaries of medical cannabis therapeutics and our second equity crowdfunding campaign represents an opportunity for Australians to be part of this booming industry which supports a new generation of medical research and Australian patient care and wellbeing.”
The EOI period closes on the 24th of February 2025 and further details can be found on the Birchal platform.
Crowdfunding has been a popular way for companies in the cannabis space to raise funds. But as with any investment, research is crucial. If something doesn’t feel quite right, ask questions. If there’s no response or the response doesn’t adequately address your questions, keep your cash for another day and opportunity.
