British producer of medicinal cannabis oils Avida Global exceeds £1m funding target on Seedrs
Avida Global, a British producer of high-quality medicinal cannabis oils, has raised more than £1m through its equity crowdfunding campaign on Seedrs, exceeding its target within just four days of going public.
Based on a pre-money valuation of £15.5m, Avida Global has currently secured £1,107,894 from 307 investors with 31 days left to go before the round closes.
This is Avida Global’s first crowdfunding campaign having already raised more than £6.1m to date. Funds from this latest raise will go towards CapEx to complete its facility in Colombia, business development and working towards EU-GMP certification.
Founded in 2018, Avida Global has spent the last two and a half years obtaining the licences required to cultivate cannabis in North-East Colombia and build a state-of-the art production facility in La Jagua de Ibirico, Cesar, a region which boasts optimum growing advantages due to its equatorial climate and long tradition in horticulture. Drawing on the expertise of its team of scientists and agronomists, Avida Global has perfected its cultivation and production processes to ensure the highest quality and consistency of its oils.
David Kirby, Chief Executive Officer at Avida Global said: “Avida Global is all about bringing quality to life. From the patients who need our oils and the businesses that we serve, to the communities that we work with directly in our growing regions; bringing quality to life is at the heart of everything we do.
“As the market matures, we firmly believe that it is those producers and manufacturers that have focused on ensuring the total quality of their products, that will determine the companies that succeed in this marketplace. We are thrilled to welcome our new investors to join us in our mission to set the industry benchmark for quality and become the pre-eminent global supplier in this lucrative sector.”
Avida Global’s initial focus is on supplying the pharmaceutical, medical, well-being, nutraceutical and cosmeceutical markets in the UK, Europe, Latin America and the US.
The therapeutic properties of the cannabis plant and its potential to improve lives is driving countries to legalise its use – 53 have to date – with recent global events such as the new Biden administration in the US and the UN’s vote to reclassify medicinal cannabis, expected to accelerate this further. As a result, the demand for medicinal cannabis is expected to soar from $33.1bn today to $84bn by 2028 – a CAGR of 14.3%.