WA firm Cannaponics’ capital raise via crowdfunding platform Birchal has hit its maximum target of A$5 million from 2,771 investors.
The Collie-based company raised more $3m in the first 24 hours of the campaign, which it launched to top up its finances and complete construction of its facilities in WA.
It is constructing a 3,600 sqm greenhouse and 2,000 sqm manufacturing facility on 165 acres of land in the state’s south-west.
Meanwhile, the firm has appointed Perth cardiologist and investor Dr Michael Nguyen to its board as a non-executive director.
A leader in cardiovascular medicine and interventional cardiology, Dr Nguyen was previously director of clinical trials and research in the Department of Cardiology at Fiona Stanley Hospital.
He is also a founding director of FundWA, a venture capital fund that invests in technology-enabled businesses in the sate, and has started several companies of his own.
Dr Nguyen said: “Medical cannabis is an industry ripe for expansion and Cannaponics have proven themselves to have the expertise, technology and infrastructure to easily transition from greenhouse to clinical practice and commercialisation.”
Cannaponics said Dr Nguyen brings a combination of medical research and business expertise to the board, adding: “He has seen first-hand – and [via] direct patient feedback – [how] cannabis has been making a real difference in improving people’s lives.”
CEO and founder Rod Zakostelsky added: “Now we have a key voice on our board who can advise both internally and externally to the medical community, government bodies, and key stakeholders on the benefits that cannabis can have for our health and economy.”
