We did it!

6 December 19
We did it!

Puro raises $4 million in four weeks - begins planting today!

Puro, a medical cannabis company that launched just 4 weeks ago, has raised $4 million on PledgeMe, the highest ever equity crowdfunding campaign in New Zealand and Australia.

Nearly 750 kiwis have invested in Puro on PledgeMe, and 135 others have put themselves on the waiting list for future investment opportunities.

Puro managing director Tim Aldridge says the response has been extraordinary.

“Four weeks ago no one knew who we were. We always believed we had the recipe right and the fact that so many people have backed us, a new start up, is incredibly humbling,” says Tim.

The money will be used to build medical cannabis growing facilities and buy state-of-the-art processing equipment.

“We know there are lots of people who wanted to invest but who missed out when we reached the $4million PledgeMe maximum. Given the success we’ve had this time around, we will be offering New Zealanders additional investment opportunities next year.”

Puro director Sank Macfarlane, whose family have farmed Puro’s Kekerengu site for 130 years, says hemp planting will begin today.

“Last week we got our licence to grow low THC hemp and we’ll begin planting at Kekerengu this afternoon. Initially, we will plant three hectares at Kekerengu, and hope to have the entire 25 hectare block planted within two years”.

Next year, they will begin building greenhouses at Waihopai where they will grow medical cannabis.

Sank says Marlborough’s long sunshine hours and high UV rating makes it the perfect place to grow medical cannabis.

“Our sites are ideal for our growing medical cannabis, with high UV ratings, similar to those in California.”

Tim Aldridge says Puro will sell medical cannabis as either dried flower or extracted oil, and already have purchase agreements in place with seven New Zealand and Australian buyers.

“We already have contracts in place with pharmaceutical companies to buy what we grow, to create medicines that will help thousands of people suffering debilitating conditions.”

People can register their interest in future capital raising at https://www.puro.co.nz/invest/.