Regional Victoria-based medicinal cannabis cultivator seeks $6Mil Series A investment to secure first Australian license.
Announcement posted by One10 07 Jun 2016
The Federal and Victorian passing of the (Narcotics Drug Amendment Bill 2016 & Victorian Access to Medicinal Cannabis Bill 2015) opens the way for licence applications to be made in late 2016 for cultivators and manufacturers to be granted licences to operate.
A number of companies are already positioning themselves to meet the stringent licence application requirements which are likely to be administered by the Federal Health Department and the Victorian government has established the Medicinal Cannabis task force within their Health Department.
One of the first expected to apply for a cultivation licence is privately owned, regional Victoria-based startup, LeafCann. Founded in 2015 by Chris Nasr following the death of his Aunty (Mariette Mansour) who, 5 years earlier, had a stroke and then 2 years ago went down hill following constant daily use of pain killers, medication and morphine patches.
Mid last year Chris said to his brother, Anthony Nasr, he wanted to see how they could create an impact, “We know medicinal cannabis helps and everyone saw that it could provide relief, why was it not legalised, why don't we try and get it to market.” Chris said.
“We want to create impact for people that don't have access to alternative medicine, an alternative solution for chronic disease management and pain relief that can't be addressed by synthetic medications.”
Chris stepped away from the lebanese-background family electrical contracting business and said “I need to focus 100% on the viability of the cultivation business, I have a passion for it and am going to do this regardless of people saying I can't. It helps that we have the suitable farm land ready for development, but that was an interesting conversation with my father”Chris said.
Over the next 12 months Chris went on a search, researching legalised models, looking at countries like USA and Israel that had a regulator, to better understand the system, and discovered that Canada was most aligned. Over the same period talks in Australia were happening, the Greens had released a bill (The Regulator for Medicinal Cannabis Bill 2015) which was influential in the development and subsequent passing of the Federal and State Bills.
The research included calls, skypes, emails and conversations with many consultants and he came across a helpful Canadian-based collaboration between (NHP Consulting, AMA Management and David Hyde & Associates) that were sympathetic with his position, they were the best, with a track-record securing licenses, and providing the required documentation, Standard Operating Procedures, Security and Business strategy.
The early stages of LeafCann development was also spent trying to find organisations that could assist to bring this idea to realization. Chris approached Geoff Gourley, Impact investor and Founder of Social Enterprise Accelerator One10, to support LeafCann and Chris to advance the project and prepare the business to raise approximately $6Mil in funding (which could come from local or overseas investors) for the development and construction of the cultivation facility.
“We started working with Leafcann because we believe in the legalisation of medicinal cannabis and the passion Chris has to make a positive impact on the lives of others through providing medicinal cannabis as a natural form of pain relief,” said Geoff Gourley.
“It was positive to see Victorian Government supporting medicinal cannabis through the announcement of $28Mil in funding for medicinal cannabis trials and setting up the Victorian regulatory framework”,Mr Gourley said.
Although the framework is not finalised yet, regulatory bodies are being established and government is expected to release the framework for license applications by end 2016. Federal level will approve cultivation licenses with State level approving manufacturing licenses.
Following the successful capital raising LeafCann’s focus will be on researching different genetic compositions and cultivation of a variety of strains and then growing volume crops for the Australian manufacturing market.
About LeafCann
LeafCann Medical Cannabis is an Australian based Cultivator and Manufacturer of Medicinal Cannabis Whole Plant Medicines. Situated in beautiful country Victoria, Australia -LeafCann Medical Cannabis will strive to be the first triple P (people, planet, profit), medical cannabis cultivator in Australia.
The primary focus will be to provide high quality, organic cannabis products to patients across Australia and the globe, growing a loyal base of customers with fair prices, sustainable commitment to community and environment.
Harvesting natures healing power. www.leafcann.com.au
Investors interested in receiving a copy of the LeafCann investment memorandum can contact Geoff Gourley via email at investors@oneten.com.au @OneTenTeam
INTERVIEWS:
Chris Nasr – Founder, LeafCann – chrisn@leafcann.com.au +61 431 115 699
Geoff Gourley – Founder, One10 – geoff.gourley@oneten.com.au +61 428 317 387
@geoffgourley
MEDIA:
Deb Cupitt – Manager, Communications & Marketing, One10
+61 488 436 719