Compass Cannabis Clinics has just over one day left until its crowdfunding cap-raise campaign comes to an end. The company has set the upper limit to $2M.
In 2019, Australia's medicinal cannabis market expanded by over 650% in the number of active patients using cannabis products. This year, the Australian medicinal cannabis industry is estimated to reach $150,000,000 in value as a result of the projected 70,000 prescriptions set to occur in 2020. As the Australian medicinal cannabis industry continues to show record-high levels of SAS-B approvals and patient growth, one company is looking to expand alongside the industry.
Compass Cannabis Clinics launched its crowdfunding campaign on Birchal on July 2nd, and has two days until the campaign ends, with the upper limit set to $2 million. The campaign has currently attracted 483 investors, well exceeding the 300 needed for an ASX IPO for the company.
Having expanded from Canada, where Compass Clinics currently has eight clinics and has helped 13,000 patients gain access to medicinal marijuana, the company's founder Dave Martyn has set his sights on Australia, which he expects will experience an "explosive period of growth over the next 5-7 years."
Compass Clinics currently has two clinics in Australia, where patients can go to find a holistic approach to medicine, including nutrition, exercise, relaxation, and therapy, using a unique treatment that is tailored to each individual. Compass takes a multifaceted approach to health in which medicinal cannabis plays a role alongside different practices such as chiropractic and nutritional support.
On Compass's cap-raise on Birchal, Dave Martyn told The Green Fund that "we want to build and develop our current operations in Australia before we stretch ourselves thin, trying to do too much."
Mr. Martyn went on to state that "Compass wants to be a key player in expanding patient access and developing products that are high quality and competitively priced. Patient counts will grow faster and at a higher volume than most expect. There are likely to be adult-use opportunities we will explore over time as well. In the next decade, cannabis is likely to grow faster than any non-tech industry on a global scale."
Compass Clinics' crowdfunding campaign has raised the company over $938,000 since July 2nd, with one day remaining until the campaign ends. Click here to check out the campaign.
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