Western Australian cannabis company Cannaponics has reached the A$5 million cap on its equity crowdfunding campaign through Birchal, with 2,771 investors participating in the raise.
The Collie-based company secured more than $3m within the first 24 hours of launching the campaign, which was designed to bolster its finances and fund the completion of its WA facilities.
The company is building a 3,600 sqm greenhouse alongside a 2,000 sqm manufacturing facility on a 165-acre property in the state's south-west.
In a separate development, Cannaponics has brought Perth-based cardiologist and investor Dr Michael Nguyen onto its board as a non-executive director.
Dr Nguyen is a specialist in cardiovascular medicine and interventional cardiology, and previously held the role of director of clinical trials and research in the Department of Cardiology at Fiona Stanley Hospital.
He is also a founding director of FundWA, a venture capital fund focused on technology-enabled businesses in the state, and has founded a number of his own companies.
Dr Nguyen said: "Medical cannabis is an industry ripe for expansion and Cannaponics have proven themselves to have the expertise, technology and infrastructure to easily transition from greenhouse to clinical practice and commercialisation."
Cannaponics said Dr Nguyen brings a blend of medical research and business acumen to the board, adding: "He has seen first-hand – and [via] direct patient feedback – [how] cannabis has been making a real difference in improving people's lives."
CEO and founder Rod Zakostelsky added: "Now we have a key voice on our board who can advise both internally and externally to the medical community, government bodies, and key stakeholders on the benefits that cannabis can have for our health and economy."
