Two women-owned and women-led cannabis companies have been named finalists in the Australian Women's Small Business Champion Awards.
Astrid Dispensary and CoCo Medical Education and Consulting are among six finalists in the Professional Medical Services category, with the winner set to be announced at a ceremony in Sydney next month.
CoCo co-founder and director Melanie Wentzel said: "One of us would have been good news, but two from the industry is huge."
Astrid is headed by founder and CEO Lisa Nguyen, while CoCo was established earlier this year by Wentzel alongside former Montu business development manager Mimi Sener.
Medigrowth
Medigrowth has secured nearly A$3.5 million through the equity crowdfunding platform Birchal, making it the third-largest campaign in the platform's history.
Three weeks after launching, the campaign has attracted $3.45 million from 2,047 investors.
The Geelong-based company plans to direct the funds toward product development and research, as well as advancing a manufacturing, research and genetics hub that already holds town planning approval and the backing of Deakin University.
Co-founder Adam Guskich said: "We've always been aware of the public support for our work, but to see that translate into funding for our current and future projects is so exciting."
Ecofibre
Ecofibre posted revenue of A$32.51 million for FY23, an 8% increase on FY22, though net losses grew to $39.91 million compared with $14.67 million the prior year.
The company indicated that $11 million in annualised cost savings and the closure of "non-core business lines" would offer a "pathway to positive EBITDA" in H2 FY24.
Cash holdings remained flat at $7.3 million.
UPDATE (August 24, 2023): Ecofibre has received firm commitments to raise $5 million through an institutional placement priced at $0.18c per share.
The proceeds will go toward commissioning and testing new manufacturing equipment and providing working capital to grow its Hemp Black business. CEO and managing director Eric Wang described FY24 as "a watershed year" for Hemp Black.
The board of directors and management intend to subscribe for approximately $500k in tranche two of the placement, pending shareholder approval at the company's upcoming AGM.
Ecofibre will also run a Share Purchase Plan aimed at raising up to $1 million from existing eligible shareholders.
