Waiapu Investments has reached its $2 million public investment target for Hikurangi Cannabis Company, despite technical challenges.
Waiapu Investments Limited (WIL) is a new investment company established by Hikurangi Enterprises to raise capital to invest in economically, socially and environmentally sustainable businesses based in Te Tairawhiti. Based in Ruatorea, Hikurangi Cannabis aims to be the first producer of pharmaceutical grade cannabis in New Zealand, the first to conduct a clinical trial of a New Zealand made medical cannabis product and the first to export medical cannabis products from New Zealand.
The money raised by WIL through this equity crowdfunding campaign will be invested into Hikurangi Cannabis in order for the company to build a pharmaceuticals processing facility and plant growing operations in Ruatorea and to carry out phase one clinical trials for a New Zealand made medical cannabis product.
This idea turned out to be quite popular. Record numbers would-be medicinal cannabis investors visited the funding website Pledgeme, after what the website crashed.
"We expected an amazingly fast campaign with the powerful support of Hikurangi’s crowd. What happened was our website went down 10 minutes before Waiapu Investments (who are investing in Hikurangi Cannabis) even went live. We’re really sorry for the confusion and frustration it caused," Pledgeme states. "We have well and truly learnt today that medical cannabis is more exciting than organic unbaked goods, chocolate, and craft breweries. Huge apologies to Manu, Panapa and the team."
The campaign closed on Thursday morning, after raising a total of $2.2m.