- Australian medicinal cannabis company Greenfield MC Global has opened up an equity crowdfunding round.
- Investors are able to buy a stake in the company – which plans to research, cultivate and distribute in New Zealand, South Korea and the Philippines – for as little as $242.
- Greenfield focuses on the Asia market, which is tipped to grow to $US5.8 billion by 2024.
A few years ago it was entirely illegal. Now, the medicinal cannabis sector is growing quicker than ever, as the number of new patients gaining access to cannabis products increases by thousands each month. 20,000 more patients are expected to be added over the next 12 months.
The relatively new legality of the drug means new relief for patients with epilepsy, chronic pain, chemotherapy-induced nausea, multiple sclerosis and some 39 other conditions.
It's an opportunity that Sydney-based importer and distributor Greenfield MC Global has seized on.
“We are passionate about the potential of medicinal cannabis to positively impact patients’ lives and we want to ensure that every Australian who needs it, can get it,” chair and president, Arjun Chhabra said in a statement issued to Business Insider Australia.
"If the worldwide opioid epidemic has shown us anything, it’s that the status quo approach to patient healthcare, treatment and management needs to change, and we want to be a part of that change."
Namely, Greenfield is focusing on using Australia as a base in order to cultivate and distribute medicinal cannabis both locally and throughout Asia -- where the market is expected to exceed $US5.8 billion by 2024.
Having just finished a series B funding round worth $1.75 million, Greenfield is now offering a share of the business to all Australians. It's opened an equity crowdfunding round with Capital Labs allowing would-be investors to get in for a minimum of $242.
"We’re excited to invite Australians who also believe in the power of medicinal cannabis to join us on our mission to revolutionise healthcare in this country," Chhabra said.
Hoping to raise between $500,000 and $1.5 million, the round has around three weeks left to run. It's currently raised nearly half of its minimum subscription, collecting around $80,000 in the first 24 hours of the offer.
It's not the first to go down the route, with Cannabis Doctors Australia (CDA) raising just shy of $1.5 million earlier this year on crowdfunding platform PledgeMe.
Greenfield says it's already seeing attitudes change in Australia with the Series B round attracting "medical experts, lawyers, [and] high profile business leaders".
Quite a turnaround.