Montu's equity campaign surpassed expectations, reaching its minimum target of $300,000 in under one hour, and reaching $1 million in just 36 hours and 36 minutes.
Just five days ago, we covered Montu's upcoming equity campaign, which was predicted to be oversubscribed. Now, it's proven that the expectations were indeed correct, as the medicinal cannabis company broke two Australian equity crowdfunding records.
Montu became the fastest stock to reach its minimum target of $300,000 in 59 minutes, and also broke the record for being the fastest company to reach $1 million, which it did so in just 36 hours and 36 minutes. Montu attributes its record-breaking results to the rapidly rising interest in the cannabis industry and its recent national media coverage.
Like many of the early backers in Montu, I couldn't believe my eyes, every time I hit refresh the numbers kept climbing.Alan Crabbe, Co-founder of equity funding platform Birchal
"Wow," continued Crabbe, "59 minutes to reach its minimum target. This is definitely a golden moment for Montu and for equity crowdfunding. Montu also well and truly broke our previously held records to hit $1 million."
"The number of investors so far is 455. Previous records were held by Seabin Project (the ocean garbage cleaner) which took four days to reach $1 million and Shebah (the female-only rideshare service) took 7 days. We must close the investment offer when the $2m maximum target is met, and at this trajectory, it may happen well ahead of the 5th November close date," Crabbe concluded.
Montu's $2 million equity raise is expected to be completely allocated well before its deadline on November 5. Interest in the company spiked after the recent announcement its doctor network had expanded and could now service more than half a million patients. Easy access to medical cannabis is one of Australia's biggest medical cannabis hurdle, which Montu now solves, regardless of the patient's location. The nationwide doctor network includes Australia's leading health providers, such as IPN, Healius, SmartClinics, MyHealth, MyClinic, and Ochre Health.
"Right now there are patients in Australia with a range of conditions that would be perfect for medical cannabis, however, it's still very difficult for them to gain access – Montu is building the infrastructure to change this," said Christopher Strauch, Managing Director of Montu.
"It's difficult because only 5% of Australian doctors are prescribing cannabis medication and of those, on average only 10 patients from that doctor's practice of 1,000 patients are receiving cannabis treatment. And when you consider 77% of Australians have a preferred GP they rarely switch from, if that GP is unfamiliar with the type of medical cannabis treatments and the conditions they cover, or even worse – dispense out of date opinions, a patient's access can be stopped dead in the water.
"These GP roadblocks are definitely out of sync with the average person, with 84% of Australians supporting medicinal legalisation. We help doctors to become confident prescribers by offering them a suite of services. We provide practical education, access to high-quality products, and an online prescribing platform to ensure they have a seamless experience.
"We see our unique solution as the reason for our record breaking equity funding results. Australians have seen the success of medicinal cannabis overseas and want to invest in the industry at the grass-roots level."
As a result of the company's recent media coverage, Montu's website fielded more inquiries in the subsequent weeks than it ever has. The revenue of the company is growing at 40% each month.
The cash injection from this investment round will fund further expansion plans that will capitalise on Australia and New Zealand's $1.7 billion cannabis industry.
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