Cannabis cultivator The People’s Plant has raised more than half a million dollars in the first 24 hours of its second Birchal crowdsource funding campaign.
Shares went on sale on Tuesday for $1 a share, with the company valuing itself at A$23.31 million.
The offer, as at 11am today (Thursday), had generated $587,359 from 218 investors. The Sunshine Coast-based company has set a maximum target of $1.5m.
Proceeds from the raise will fund a drying room, post-harvest activities, storage room and a laboratory to go alongside a greenhouse and insect mesh that were constructed following the earlier Birchal campaign which raised just over $1m.
In its offer document The People’s Plant, which is in a pre-revenue stage, reported an after-tax loss of $923,000 in FY23, before more than halving that to $438,000 in FY24.
It plans to enter the market commercially in early 2026.
“We’ve already secured high-level wholesale offtake agreements with current wholesale market prices of around $2 to $3 per gram,” co-founder Ben Risby-Jones wrote in the offer document.
Revenue will initially be generated through white-label deals for the firm’s flower and solventless extracted concentrates, before it launches its own brand into the market.
Medigrowth
A flurry of activity in the final hours of its Birchal fund raising campaign saw Medigrowth close its offer with investment of A$1.6 million from 852 investors.
The amount was half that raised during its first crowdsource funding raise in 2023.
But it was still heralded by chief executive Adam Guskich as testament to the confidence investors felt in the company’s strategy.
Proceeds from the raise will fund research, new products and working capital.
Ecofibre
Ecofibre has appointed Amy Elizabeth Donley as its new chief financial officer following the retirement of Jonathan Brown as CFO and joint company secretary.
The firm described North Carolina-based Donley as “a dynamic finance leader with a track record of driving successful c-suite financial performance… developing and implementing commercial strategy and business improvement plans… and working within regulated industries”.
CEO Ulrich Tombuelt added: “We are very pleased to have an executive of Amy’s
capability and experience join our team. Her commercial financial acumen and people
leadership skills will be a great asset as we drive Ecofibre forward.”
In light of Brown’s departure, group controller Kate Douglass will take on the role of joint company secretary along with Robin Sheldon. Douglass, an Australian resident, will be responsible for communication with the ASX in relation to listing rule matters.
Alma Cannabis
Cannabis industry consultant MiMi Sener has joined Alma Cannabis as the firm’s new general manager.
Sener co-founded Co-Co medical education and consulting in 2023 and previously held business development and medical liaison roles at Montu and Alternaleaf.
