Stanley Brothers came within reach of the A$1 million mark before its crowdfunding offer on Birchal came to a close, ultimately stopping short of the threshold.
The US company, which entered the Australian market through a joint venture with FoliuMed, secured A$974,915 from 645 investors.
Shares were offered at 35c each, with the company targeting a maximum raise of $3m. Stanley Brothers has placed a $35m valuation on the business.
The capital raised will go toward expanding education efforts for prescribers and patients, with co-founder Jesse Stanley focused on building an "army of advocates" to lobby for reform.
Separately, Perth-based Cannaponics has attracted $1.37m from 893 investors through its second Birchal campaign, with seven days still remaining in the offer period.
The company's management has assigned the firm a valuation of $77m.
