Cannabis cultivator The People's Plant has surpassed half a million dollars in the opening 24 hours of its second Birchal crowdfunding campaign.
Shares became available on Tuesday at $1 each, with the company carrying a self-assessed valuation of A$23.31 million.
By 11am on Thursday, the offer had drawn $587,359 from 218 investors. The Sunshine Coast-based company has capped the raise at a maximum of $1.5 million.
Funds raised will go toward building a drying room, post-harvest processing infrastructure, a storage room, and a laboratory — additions that will complement a greenhouse and insect mesh facility constructed using proceeds from the earlier Birchal campaign, which brought in just over $1 million.
In its offer document, The People's Plant — currently in a pre-revenue stage — disclosed an after-tax loss of $923,000 in FY23, which it more than halved to $438,000 in FY24.
The company is targeting a commercial market entry in early 2026.
"We've already secured high-level wholesale offtake agreements with current wholesale market prices of around $2 to $3 per gram," co-founder Ben Risby-Jones wrote in the offer document.
Initial revenue is expected to come through white-label arrangements covering the company's flower and solventless extracted concentrates, ahead of the eventual launch of its own brand.
Medigrowth
A surge of activity in the closing hours of its Birchal fundraising campaign helped Medigrowth close out the offer with A$1.6 million secured from 852 investors.
The total came in at half the amount the company raised during its first crowdfunding round in 2023.
Even so, chief executive Adam Guskich pointed to the result as evidence of investor confidence in the company's direction.
The funds will be directed toward research, new product development, and working capital.
Ecofibre
Ecofibre has named Amy Elizabeth Donley as its new chief financial officer, following Jonathan Brown's retirement from the CFO and joint company secretary roles.
The company described North Carolina-based Donley as "a dynamic finance leader with a track record of driving successful c-suite financial performance… developing and implementing commercial strategy and business improvement plans… and working within regulated industries".
CEO Ulrich Tombuelt added: "We are very pleased to have an executive of Amy's
capability and experience join our team. Her commercial financial acumen and people
leadership skills will be a great asset as we drive Ecofibre forward."
With Brown's departure, group controller Kate Douglass will assume the joint company secretary role alongside Robin Sheldon. Douglass, who is based in Australia, will oversee communications with the ASX on listing rule matters.
Alma Cannabis
Cannabis industry consultant MiMi Sener has taken on the role of general manager at Alma Cannabis.
Sener co-founded Co-Co medical education and consulting in 2023 and previously held business development and medical liaison positions at Montu and Alternaleaf.
