Collie-based Cannaponics leads Australia in crowdfunding

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Cheyanne EncisoThe West Australian
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Cannaponics is helping Australia realise the full potential of medicinal cannabis for people’s health and wellbeing, according to its boss, after it was revealed the Collie-based company was leading the nation in crowdfunding.

Birchal, which is the biggest player in Australia’s equity crowdfunding industry, said Cannaponics had received the most expressions of interest for a medicinal cannabis company across the nation in its history.

At the time of writing, Birchal co-founder and chief executive Matt Vitale said Cannaponics, which is looking to raise up to $5 million through crowdfunding, had moved into third place for all-time EOI numbers on the platform.

Cannaponics will use the funds to complete its biotech production facility, located in WA’s South West, which turns fresh harvested cannabis into medicine in eight hours.

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“(It’s also received) the most EOIs for a WA-based campaign and the most interest in any campaign that we’ve run so far this calendar year, and there’s been some really great performing campaigns already,” Mr Vitale said.

“All indications are saying that it’s going to be a really well-supported campaign, which is tremendous.”

The average amount of investment interest for Cannaponics is $3179, compared to Birchal’s average of $1600.

Rod Zakostelsky, founder and managing director of Cannaponics, said he hoped to become a key player in helping Australia understand the full potential of the drug.

“It’s a very safe drug, it’s a well-researched alternative to opioids,” he said.

“Over 80 per cent of (medicinal cannabis) products sold in Australia are imported from overseas producers, that’s got to stop.”

Mr Zakostelsky said the interest received so far for the crowdfunding campaign highlighted the shift of attitude towards cannabis acceptance.

“It’s a little bit overwhelming but it just speaks to the nation that there are changes that are coming,” he said.

Mr Vitale said he expected to see more medicinal cannabis companies across Australia receive the same interests as Cannaponics.

“We’ve had a lot of great success with medicinal cannabis businesses (raising funds) on Birchal,” he said.

EOIs on Birchal are scheduled to close on Monday.

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