Left Menu
Development News Edition

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.



China: A savior for emerging markets or a poison pill?

... ...

Future of Urban Planning: Artificial Intelligence guiding the way

Advances in emerging technologies like Artificial Intelligence and Machine Learning can help us understand our cities better and derive useful insights from real-time data collected through automated models....


Latest News

Restructuring Norwegian Air to get government support

Norways government said Thursday it will help ailing low-cost carrier Norwegian Air Shuttle - a U-turn from its previous refusal to do so - as long as the company manages to raise 4.5 billion kroner USD 529 million from other investors.Trad...

Indian apparel industry should aspire for double digit share in global fabric exports: Naidu

Vice President M Venkaiah Naidu on Thursday said the countrys apparel industry must aim to capture double-digit share in global fabric exports from the current level of 5-6 per cent.The Vice President also called for upskilling textile and ...

Lebanon extends all-day COVID lockdown by two weeks

Lebanon said on Thursday that a 24-hour lockdown imposed earlier this month to combat COVID-19 infections overwhelming its medical systems would be extended by two weeks. The tight restrictions on movement across the country, which had been...

R-Day: Delhi Police issues traffic advisory for Full Dress Rehearsal

The Delhi Traffic Police on Thursday issued an advisory on the arrangements and restrictions in place for smooth conduct of Full Dress Rehearsal on January 23 for the Republic Day parade.The parade rehearsal will start at 9.50 am on Saturda...

Give Feedback