Puro breaks crowdfunding record

22 November 19
Puro breaks crowdfunding record

Puro has raised just under $2.2 million on PledgeMe - the highest amount ever raised on PledgeMe.

Christchurch businessman Tim Aldridge, Puro’s managing director, says the response so far has been incredible.

“There’s a big appetite out there to become part of our journey and make a real difference to the lives of hundreds of thousands of New Zealanders,” say Aldridge.

“Before we went to PledgeMe we worked really hard to get all our ducks in row. We were the first medical cannabis company to undertake an equity crowdfunding campaign with a licence, we secured premium Marlborough land, built an expert team, and had buyers lined up”.

“The fact that so many kiwis are backing us feels like a real vote of confidence in what we’re doing. It’s also a sign that investors recognise this is a rapidly growing industry with enormous economic potential for New Zealand.”

Puro is running two simultaneous PledgeMe campaigns. They are seeking to raise $2 million in an equity crowdfunding campaign (minimum investment of $500) and another $2 million in a wholesale campaign (minimum investment of $50,000).

With 14 days still to go, they have raised $1,641,069 in their equity crowdfunding campaign and $550,000 in their wholesale campaign.

PledgeMe spokesman Tan Huynh says Puro has surpassed the $2.06 million raised by brewer Behemoth Brewing, who also ran two simultaneous campaigns.

“We knew craft beer was an exciting for investors but Puro have taken medicinal cannabis to the next level.

Huynh says by raising $2.19 million Puro have also eclipsed the Australian PledgeMe record of $2.15million AUD.

Aldridge says it’s not too late to invest.

“We’re positioned to become New Zealand’s largest grower of premium medical cannabis grower, and are delighted kiwis can see our potential.”

The money raised will be spent on building a research centre and initial growing facilities, site security and expansion into overseas markets.