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AU: Billionaire families back early stage medical cannabis company

Billionaire families including the Libermans, Smorgons and Waislitzs are backing an early stage producer of medical cannabis for clinical trials, plant science and eventually the pharmaceutical industry.

CannaPacific is hoping to capitalise on the increasing acceptance of the medical cannabis industry, which is tipped to reach $US1.2 billion ($1.7 billion) in value by 2024.

The company has snared an interesting leadership team and board led by Peter Gunning, who was previously chief operating officer and financial officer at cancer care specialist GenesisCare. Mr Gunning also spent two decades working in consumer goods companies such as Beam Suntory beverages.

CannaPacific has already raised $4.5 million from wealthy investors but is now seeking further $4 million to $10 million of fresh funds. Mr Gunning admitted it was not easy to tap investors for early stage companies in the COVID-19 environment.

Read more at afr.com


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