Puro set to grow again with second capital raise
23 March 21
Puro is taking the next step in its staged approach to development, with a second capital raise opening on Thursday 25 March 2021.
Puro’s first capital raise in 2019 was fully subscribed by both retail and wholesale investors, breaking the Australasian crowd-funding record, raising $4 million in just four weeks.
That funding has enabled Puro’s growth to date.
“Thanks to our investors we’ve been able to turn our potential into action, culminating with the planting of New Zealand’s largest medical cannabis crop in the summer of 2020/21,” says Puro Managing Director Tim Aldridge.
That 10-hectare crop was planted in Kēkerengū on the Kaikoura Coast, where Puro is growing according to organic protocols, with organic certification underway. The country’s largest drying facility has also been built on the site and Puro's first commercial harvest is due to start in late March 2021.
In Waihopai, Blenheim, Puro has constructed a research facility where they will grow indoor ‘pharmaceutical grade’ flower products year-round.
Puro’s new capital raise aims to raise $2 million from existing shareholders and waitlist investors so Puro can complete its indoor breeding facility at Waihopai. To register for the waiting list click here.
Once completed, the breeding facility will be a nursery for seed production and provide Puro with its first crops of commercial seedlings, which will be matured in glasshouses once the next phase of development is complete. This raise will also fund working capital.
“With this breeding facility we will be able to grow plants “designed” with the customer in mind - providing manufacturers, wholesalers and specialist extraction partners with the specific cannabinoid, terpene and flavour profiles they require. It’s the natural next step in our planned staged approach to development.”
Tim says considering Puro’s first raise was over-subscribed, and they have a growing waiting list of investors, this raise is expected to be popular.
“In just over two years we have built a solid foundation for growth. Now we are giving Kiwis a chance to be part of our future success. We know the best is yet to come.”
The offer is live from midday on Thursday 25 March and is scheduled to close at 12pm on 14 April 2021, but will end earlier if the $2 million target is reached.
For more information about how to invest in Puro see our Invest page.