New Zealand medicinal cannabis company Organic Genetics has kicked off a crowdfunding campaign using investment platform PledgeMe to raise NZ$4m.
Funds will be used to accelerate growth plans including the development of an EU GMP (European Union Good Manufacturing Practices) certified indoor cultivation facility in Auckland.
The facility will house on-site extraction, processing and manufacturing facilities with the capacity to process 3,628kg of dried cannabis flower per annum.
Organic Genetics co-founder and director Holly Wright said the company is positioned to capitalise on the strong growth of the global medicinal cannabis market.
She added: “I’m fiercely determined that Organic Genetics will pave the way to a more holistic and wellness-centred approach to treating people suffering from chronic pain and mental health challenges.
“With our international network of professionals, doctors, scientists and cultivation experts, we have the capacity to develop medicinal cannabis products that will disrupt the industry, while also contributing substantial economic growth and providing jobs and opportunities for Kiwis.”
Established in 2019, Organic Genetics is led in partnership with Kind Futures, founded by Weedmaps vice executive president Jonathan Jones.
Jones said: “Joining forces with Organic Genetics keeps us focused on purpose above all else. Our commitment to integrity and quality without compromise puts us into a position to be the industry leaders in New Zealand, and also set the precedent globally for how cannabis should be grown and utilised.”
Organic Genetics has partnered with pharmaceutical and nutraceutical company iX Biopharma to offer its medicinal cannabis products to the New Zealand market following approval by the Ministry of Health.
PledgeMe CEO Dr Claire McGowan said medicinal cannabis campaigns account for more than NZ$10m of capital raised on the platform.