British medical cannabis company Avida Global has raised £1m in just four days via a crowdfunding drive.
The company looked to attract investment via the Seedrs platform and exceeded its target with a month to spare.
Founded in 2018, Avida Global has secured licences and developed facilities in north east Columbia, a region ‘optimum’ conditions for cultivation due to its climate and ‘long tradition in horticulture’.
The company uses the plant material to produce oils for medical market.
David Kirby, Avida Global CEO, 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.”
Based on a pre-money valuation of £15.5m, Avida Global has already secured £1,107,894 from 307 investors with 31 days left to go before the round closes. The company has already attracted £6.1m in funding via private equity.
The funding will work on the Columbia facility, business development and securing EU-GMP certification, the continent’s benchmark for production quality.
Kirby previously told Cannabis Wealth how he went from tech consultant to cannabis industry executive later in his career.
He said: “Now, when I tell them I’m the CEO of a global cannabis company, the whole table goes quiet and wants to find out more, even more so when I tell them I work in Colombia – I’ve become known locally as Don-David the drug lord.”