Montu Feature in The Australian
Montu, Alternaleaf breaks records as investors splash cash before shares go public
MELBOURNE, 17 November 2021 – An Australian medical cannabis company has broken records with investors splashing cash to get in before shares go public.
The offer for Montu and its platform, Alternaleaf went live at 11am on Tuesday and was instantly met with keen investors, breaking Australian equity crowd-funding records. Montu’s crowd-funding campaign has so far raised $1 million in 13 minutes and 46 seconds and $2 million in five hours and 43 minutes, the second fastest time in Australian history.
The cannabis company’s share offer will go public on Thursday at midday, but shares are expected to be exhausted by then.
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.
Earlier this month, Montu managing director Christopher Strauch said patients had embraced the company’s integrated platform which provides immediate access to qualified prescribers via telehealth.
“Our stellar 12-month growth has come as a result of building a recognised and leading brand and setting new standards in cannabis care.
“Montu’s business has grown by over 1,000 per cent and reached a $14 million revenue run-rate.
“In 2020 we offered $2 million in share equity and closed out in record time. This year we have $3.5 million in shares available at a price of $0.70 per share.
“I am confident investors will look favourably on our unique business model that has proven to be highly scalable in such a short period of time.”
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."
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).
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.
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