Montu, Alternaleaf breaks records as investors splash cash

An Australian medical cannabis company has smashed crowdfunding records with investors eager to invest in the growing empire.

An Australian medical cannabis company has broken equity crowdfunding records with investors splashing cash to get a piece of the growing empire.

The offer for Montu and its platform, Alternaleaf went live at 11am last Tuesday and was instantly met with keen investors.

The amount raised through crowd-funding — a whopping $5.5 million — was Australia’s largest total ever and the second fastest of all time.

Eager investors crashed the Birchal site, raising $1 million in 13 minutes and 46 seconds and $2 million in five hours and 43 minutes, the second fastest time in Australian history.

Christopher Strauch says patients had embraced the company’s integrated platform which provides immediate access to qualified prescribers via telehealth.

Christopher Strauch, managing director of Montu, said patients had embraced the company’s integrated platform which provides immediate access to qualified prescribers via telehealth. “What a difference a year makes – our investors have really gotten behind us once again, seeing us break more records than our 2020 raise. Our early investors have seen their shares grow 5-fold in the past year so we are thrilled to further expand our investor base and continue to deliver strong results,” he said

“Our stellar 12-month growth has come as a result of building a recognised and leading brand that sets the standard in cannabis care. To have raised a total amount of $5.5million across both crowdfunding raises and breaking Australian records is a testament to both the success and growth of our company over the past 12 months. The business has grown by over 1,000 per cent and reached a $14 million revenue run-rate. This has solidified investors’ confidence in Montu and the future growth to come.”

Montu services more than 15,000 Australians every year, providing access to qualified doctors trained in prescribing medical cannabis, through its Alternaleaf platform.

These doctors are supported by a patient care team of clinically trained nurses, who guide patients through online bookings, telehealth consults, product selection and dispensing of medication.

The cannabis medical market is growing at a rapid pace.

Earlier this month, Mr Strauch said telehealth had been a “game-changer” for Australians with conditions that could be treated with medical cannabis.

“Prior to telehealth, our company was already a pioneer in helping patients gain easy access via a nationwide network of doctors that could service half a million Australians. With telehealth – we can now service every Australian.

“We are the fastest growing medical cannabis company in Australia and have a highly scalable business model. The cannabis market is evolving at a rapid pace, with growing patient awareness, an improving regulatory environment, and increasing real-world evidence of patients that have benefited from medical cannabis.”

Proceeds from this equity raise will be used to solidify the company’s leading position, further invest in its technological infrastructure and grow patient awareness.

The medical cannabis manufacturing sector produces a range of medicines based on two cannabinoids found in the cannabis plant: cannabidiol (CBD) and tetrahydrocannabinol (THC).

Revenue in the medical cannabis manufacturing sector has risen since last December when the Australian Therapeutic Goods Administration gave the green light for low-dose cannabidiol to become available over-the-counter at pharmacies without a prescription.

IBISWorld senior industry analyst Will Chapman, said domestic production was still ramping up, but medicines derived from cannabis would eventually appear on pharmacy shelves.

According to IBISWorld, medical cannabis manufacturing revenue is projected to rise at an annualised 79 per cent over the five years through 2025-26, to $575.2 million, with employment in the industry set to reach 1,500 by 2025-26.

Originally published as Montu, Alternaleaf breaks records as investors splash cash