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Puro smashes PledgeMe’s previous crowdfunding record

More than 700 pledgers have invested a total of $2million in Puro’s Equity crowdfunding campaign.

Devdiscourse News Desk | Wellington | Updated: 02-12-2019 08:40 IST | Created: 02-12-2019 08:40 IST
Puro smashes PledgeMe’s previous crowdfunding record
PledgeMe’s previous record of $2.06 million was raised by Behemoth Brewing, who also ran Equity and Wholesale campaigns. Image Credit: Pixabay

After so far raising $2.9 million, medical cannabis company Puro has smashed PledgeMe's previous crowdfunding record and will start growing low THC hemp in Marlborough this week.

More than 700 pledgers have invested a total of $2million in Puro's Equity crowdfunding campaign. While the Equity campaign is now fully subscribed, there is still one week to go in Puro's Wholesale campaign, which has a minimum investment of $50,000 and has so far raised $900,000.

Puro managing director Tim Aldridge says the investments from everyday kiwis have been humbling and will allow them to start growing.

"With licenses in place and funds secured we're ready to grow - reaching this milestone is huge and were proud to be doing it in Marlborough."

PledgeMe's previous record of $2.06 million was raised by Behemoth Brewing, who also ran Equity and Wholesale campaigns.

Three hectares of low THC hemp will be planted this week at Puro's Kekerengu site.

"We're starting off with 3 hectares, and will look to expand to 25 hectares within the next two years. Kekerengu provides the perfect conditions, with a coastal microclimate that is ideal for hemp production," Aldridge says.

The $2.9 million raised through PledgeMe will be used to build medical cannabis growing facilities and buy state-of-the-art processing equipment.

Aldridge is urging those interested in investing in the Wholesale offer to get in quick.

"With less than a week to go in our Wholesale campaign people thinking about investing need to act quickly - to ensure they get in at the ground floor of this rapidly expanding market," says Aldridge.

Puro's Wholesale campaign has so far raised $900,000. The crowdfunding campaign will close either on 6 December or earlier if it reaches its $2million maximum.


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