Canadian company Compass Cannabis has launched a public equity crowdfunding offer in Australia in an effort to raise up to A$2 million and boost its regional marketing capacity.

Compass has two clinics in New South Wales and partnerships to supply white labelled products with Medipharm Labs in Australia and Medigrowth in New Zealand. It has five clinics in Canada.

Compass president Dave Martyn told Stockhead: “We’ve far exceeded the top end of what we expected to raise, based on the 800 or so expressions of interest we received. We have a nice mix of investors from fund managers right through to people who had a spare $200 they wanted to put in.”

Compass makes money in Australia through cannabis-focussed consults in its clinic network, partnerships with medical specialists and product sales. In New Zealand the company is anticipating a positive outcome in the September cannabis referendum will boost business.

As well as more aggressive regional marketing, the company will use the capital raised to fund its complementary telehealth system.