Cannabis biotech Medigrowth has successfully raised a staggering $3.44 million in a crowdfunding campaign, making it one of the largest equity crowdfunding campaigns in the industry’s history. With over 2,000 investors, Medigrowth surpassed its minimum target of $500,000 within just 45 minutes and went on to raise a total of $3,447,393.81. The CEO and co-founder of Medigrowth, Adam Guskich, expressed his excitement and gratitude for the overwhelming support, stating that this funding will enable the company to make significant progress in the research, production, and distribution of medical cannabis. Medigrowth, established in 2017, has seen steady growth and is collaborating with Deakin University to explore plant-based alternatives for patients with neurodevelopmental challenges. With the Australian cannabis market projected to be worth $1.4 billion by 2032, Medigrowth’s crowdfunding success highlights the promising future of plant-based medicine in the country.
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Cannabis biotech Medigrowth achieves $3.44 million crowdfunding campaign
Introduction
Congratulations to Medigrowth, a Victorian medical cannabis biotech, for successfully raising one of the largest equity crowdfunding campaigns in the cannabis sector. With over $3.44 million raised from more than 2000 investors, this achievement demonstrates the growing support and interest in the medical cannabis industry. In this article, we will explore the details of the campaign, discuss Medigrowth’s growth and collaborations, examine their distribution and platform, and highlight the potential impact of the funding on medical cannabis research and distribution. Additionally, we will touch on the predicted worth of the Australian cannabis market and the global market worth of the cannabis industry.
Background
Overview of Medigrowth
Founded in 2017, Medigrowth is a Victorian medical cannabis biotech company that focuses on researching, producing, and distributing plant-based medicine. The company has experienced remarkable growth, with an average monthly growth of 30% over the past 12 months. Medigrowth is committed to improving the quality of life for patients with neurodevelopmental challenges through collaborations with Deakin University to find plant-based alternatives. They are also involved in clinical trials investigating the use of CBD for paediatric autism and have a keen interest in advanced oncology care and mental health-related indications.
Achievement of one of the largest equity crowdfunding campaigns in the cannabis sector
Medigrowth’s equity crowdfunding campaign on Birchal has set a record in the cannabis sector. It is the third-largest campaign in Birchal’s history and surpassed its minimum target of $500,000 within just 45 minutes. The campaign gained immense traction within the first 24 hours, raising $1.2 million in commitments. In total, Medigrowth raised an impressive $3.44 million from 2047 investors. This accomplishment highlights the public support for Medigrowth’s concept and the growing interest in plant-based medicine research and distribution.
Campaign Details
Amount raised
Medigrowth’s equity crowdfunding campaign successfully raised a total of $3,447,393.81. This significant amount of funding reflects the strong support and belief in Medigrowth’s mission to advance medical cannabis research and distribution in Australia.
Number of investors
Over 2000 investors participated in Medigrowth’s crowdfunding campaign, contributing to the remarkable success of the campaign. This high level of investor participation demonstrates the widespread interest in the cannabis sector and the recognition of Medigrowth’s potential impact.
CSF campaign on Birchal
Medigrowth conducted its crowdfunding campaign on Birchal, an equity crowdfunding platform that connects businesses with potential investors. The campaign on Birchal allowed Medigrowth to reach a wide audience and attract a large number of investors, ultimately contributing to the campaign’s success.
Ranking of campaign on Birchal
Medigrowth’s crowdfunding campaign on Birchal achieved the third-largest rank in the platform’s history. This achievement is a testament to the compelling nature of Medigrowth’s mission, the trust investors have in the company, and the growing interest in the medical cannabis industry.
Reaction from Medigrowth founders
Co-founder and CEO of Medigrowth, Adam Guskich, expressed his excitement and gratitude for the public support and funding received during the campaign. He emphasized the significance of the funding in advancing medical cannabis research, production, and distribution. Guskich also highlighted that this achievement reflects a promising future for plant-based medicine in Australia.
Potential impact of funding on medical cannabis research and distribution
The significant funding raised through the crowdfunding campaign has the potential to make a substantial impact on medical cannabis research and distribution. Medigrowth aims to utilize the funding to further develop their research collaborations and expand their distribution network. This will enable them to reach a larger number of patients and improve access to plant-based medicine in Australia.
Medigrowth’s Growth and Collaborations
Average monthly growth over the last 12 months
Medigrowth has experienced an impressive average monthly growth of 30% over the past year. This growth demonstrates the increasing demand for medical cannabis and the effectiveness of Medigrowth’s strategies.
Collaboration with Deakin University
Medigrowth has partnered with Deakin University to explore and develop plant-based alternatives that can improve the quality of life for patients with neurodevelopmental challenges. This collaboration brings together the expertise and resources of both organizations to drive advancements in medical cannabis research.
Focus on plant-based alternatives for neurodevelopmental challenges
Medigrowth’s collaboration with Deakin University underscores their commitment to finding plant-based alternatives that can address neurodevelopmental challenges. By focusing on this area, Medigrowth aims to provide patients with innovative and effective treatment options.
Participation in clinical trials for CBD and paediatric autism
Medigrowth is actively involved in clinical trials investigating the use of CBD for paediatric autism. By participating in these trials, Medigrowth aims to contribute to the growing body of evidence supporting the efficacy of medical cannabis in treating autism spectrum disorders.
Interest in advanced oncology care and mental health-related indications
In addition to their collaborations and clinical trials, Medigrowth has a keen interest in advanced oncology care and mental health-related indications. By exploring these areas, Medigrowth aims to expand the applications of medical cannabis and provide patients with more treatment options.
Medigrowth’s Distribution and Platform
Distribution of medicinal cannabis products
Medigrowth distributes a range of medicinal cannabis products, including THC, CBD, and dry cannabis flowers. Their distribution network spans nationwide, ensuring that patients across Australia have access to these plant-based treatments.
Launch of Haiku Health telehealth platform
Medigrowth has also launched Haiku Health, a direct-to-patient telehealth platform. This platform enables Australians to have seamless accessibility to plant-based medicine prescription consultations. The launch of Haiku Health improves the accessibility and convenience of receiving medical cannabis prescriptions, further supporting Medigrowth’s mission to make plant-based medicine more accessible to patients.
Australian Cannabis Market
Predicted worth of the Australian cannabis market
The Australian cannabis market is predicted to reach a worth of $1.4 billion by 2032. This prediction reflects the growing acceptance and demand for medical cannabis in Australia. The success of Medigrowth’s crowdfunding campaign and their focus on research, production, and distribution positions them well in this rapidly expanding market.
Global market worth of cannabis industry
The global cannabis industry is estimated to be worth US$147 billion. This significant market worth highlights the substantial opportunities available for companies like Medigrowth. As the industry continues to grow, Medigrowth’s expertise and focus on plant-based medicine position them well to thrive in the global market.
Conclusion
Medigrowth’s achievement of raising $3.44 million through their equity crowdfunding campaign is a significant milestone not only for the company but also for the medical cannabis industry. The success of the campaign reflects the growing support and interest in plant-based medicine research and distribution. With their strong growth, collaborations, distribution network, and innovative telehealth platform, Medigrowth is poised for further success in advancing medical cannabis in Australia and the global market. As the Australian cannabis market is predicted to grow to a worth of $1.4 billion and the global cannabis industry estimated to be worth US$147 billion, Medigrowth is well-positioned to play a leading role in the future of the industry.
