Medicinal cannabis company Montu broke two Australian records last week with an equity raising to support the growth of its network of doctors who prescribe cannabis-based medicines in Australia.
Montu was the fastest stock to ever reach its minimum target ($300,000 in 59 minutes), and the fastest to reach $1 million (36 hours, 36 minutes). Australian crowdfunding platform Birchal is handling the raise.
Montu managing director Christopher Strauch told Stockhead: “Expressions of interest actually exceeded $5 million, so we’re very confident we will fill $2 million in the next few days. It’s good to know you have a market that is very positive towards your business.
“The market certainly appreciates the opportunity for safer and healthier medications. People can relate to cannabis. Everyone has a family member or friend that has had chronic pain, cancer, or other medical conditions [treatable with cannabis], and they understand the need for these products,” said Strauch.
The company has experienced extraordinary rates of growth of around 40 per cent month on month, reflecting the public’s interest and patient uptake of medicinal cannabis.
“We have been very focused on the key pain point in the market, which is access to doctors, and we have used our resources and capacity effectively to achieve tangible results early on,” said Strauch.
Only around 5% of general practitioners are prescribing medicinal cannabis currently, meaning there is significant upside for the business in a fast-growing sector.
In addition to this, Montu has developed its own range of affordable ‘home brand’ medicinal cannabis products under its Circle brand.
The company has relationships with a number of leading cultivators and extraction companies in Canada and Australia, to provide proven medical-grade products that are affordable.