AU: Cannaponics raises $3M in just 24 hours

Western Australia-based medical cannabis company Cannaponics has smashed capital raising records for the Birchal platform in the state after securing $3 million from investors in just 24 hours.

The vertically integrated producer of cannabinoids reached its minimum of $500,000 in just 25 minutes in a closed funding round ahead of opening to the public, with the latest raise valuing the company at $58.6 million.

Birchal says that with the capital raising now sitting at $3.2 million, Cannaponics has become the biggest crowd-funding campaign in WA for the platform and the largest of any medical cannabis company in the platform’s history.

It also ranks as the biggest crowd funding raise of the year for Birchal.

Cannaponics’ record-breaking run was backed by 1,643 investors after the platform recorded 5,603 expressions of interest ahead of the campaign’s launch.


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