Matt Shales – The West AustralianFounder & Director – MediCann Health
MediCann Health raises $1.5m via crowdfunding as it aims to increase medicinal cannabis awareness.
Pharmaceutical company MediCann Health has raised $1.5 million through crowdfunding in what its boss says will help raise awareness about the full potential of medicinal cannabis for people’s wellbeing.
The funds were raised through Birchal, the biggest player in Australia’s equity crowdfunding industry, and will allow MediCann to increase medicine inventory, introduce new medicines, establish a cannabis dispensary in Perth and continue a clinical trial on concussion, motor-neurone and Parkinson’s disease.
The crowdfunding, which attracted 1170 investors, marks MediCann’s second through the platform. MediCann in September last year raised just over $1m.
The company develops and supplies medicinal cannabis products, including oils and topical creams, across Australia through MediCann Clinics. MediCann’s medicines can be prescribed by any doctor and dispensed by any pharmacy.
“All stakeholder numbers within the industry are continuing to grow but the best thing is, it’s still only getting started,” MediCann founder and chief executive Matt Shales said.
“Less than one per cent of doctors are prescribing and less than 10 per cent of patients have been prescribed.
“We (want to) make sure we continue to get the word out even further so more prescribers on board, more patients, which only leads to more word of mouth and acceptance on cannabis as a whole.”
Mr Shales said MediCann posted an annual revenue of just a little over $3 million in the last financial year, up from $1.3m the year prior.
According to analysts at IBIS World, the medicinal cannabis industry had grown 93.5 per cent a year on average between 2017 and 2022.
But Mr Shales said he saw the “controlled” growth of the industry a “blessing in disguise”.
“A lot companies are struggling to keep up with demand as it is,” he said.
“Being a medicine that many people rely on for quite serious ailments, running out is just not an option.”
Mr Shales said the amount raised was a testament to the company and its growth.
“It’s proving to be a difficult time of the year with investments Australia-wide,” he said.