Puro New Zealand Limited - Wholesale

By Puro New Zealand

PledgeMe.Investment

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NZ $2,000,000 pledged


24 people pledged


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NZ$2,000,000

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Pledges will only be confirmed if the target is reached by: 06/12/2019 at 10:00 AM (NZDT)

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About

Puro New Zealand Limited - Wholesale

Puro's equity crowdfunding and wholesale campaigns are now fully subscribed. To be on the waiting list and be kept in the loop on possible future capital raising, please register your interest by clicking here.

The information below relates to Puro's Wholesale campaign - please refer to IM for explainer, and in footer of this campaign page for definition of wholesale investor.

Puro is setting out to become New Zealand’s best cultivator of medical cannabis and hemp.

We have secured two premium growing sites in sunny Marlborough and have formed a world-class team of experts to drive us forward. 

We are the first medical cannabis company in New Zealand to have an approved cannabis licence prior to conducting a PledgeMe crowdfunding campaign, and already have purchase agreements with seven pharmaceutical manufacturers and wholesalers.

With land secured, a licence in place and letters of intent signed with large buyers, there’s only one thing we need to get growing: You.

We invite you to join us on our journey now. An investment with us positions you for considerable growth in this exciting industry. With Puro, you’ll be at the forefront of pioneering new medicine.

 

 

Growth Sauv

Offer at a glance

Puro is undertaking an equity crowdfunding campaign to raise $2million from New Zealand residents. Concurrently, a wholesale campaign is also being undertaken to raise a further $2million from wholesale investors. Shares are priced at $1 each for both offers.

  • The crowdfunding offer equates to 7.29% of the investor shares available. The minimum investment amount is $500.
  • The wholesale offer is separate to the crowdfunding offer and is also for a 7.29% stake in Puro New Zealand Limited. The minimum investment amount is $50,000. 

Our land

Puro has secured two premium growing sites in Marlborough. These sites provide us with the capacity to be the largest cultivator in New Zealand.

We handpicked our sites due to their high sunshine hours, intense UV ratings, and its clean environment. Couple that together with rich soils and a unique micro-climate give us the perfect locations.

Marlborough already produces some of the world’s premium food and wine, our product will be equally world-class.

 

Destined to become Puro's research headquarters, this 9-hectare property is currently part of an existing cherry orchard nestled in a quiet area of the Waihopai Valley in Marlborough. We plan to build high-security greenhouses for growing medical cannabis and establish research facilities in existing buildings.

This will enable us to produce premium indoor cannabis — a product that we anticipate will be among the best in the world.

We expect to grow up to 200 plants in our secure facility at Waihopai, and undertake research on all strains and cultivars including high-THC genetics

  • Optional expansion: 33.5 ha
  • Site crop: Premium medicinal cannabis
  • Facilities: 400m2 research facility with three vegetative growing room and commerical greenhouses covering 10,000-30,000m2 
  • Potential output: 20,000—60,000 kg dried flower PA
  • Lease duration: 21 years plus right to purchase

Our research has shown this coastal site is high in sunshine hours and receives a gentle salt spray from the ocean, which our botanists say will ward off pests naturally, and improve plant health. This natural self-defence has another benefit: it will also increase the cannabinoid profile of our plants. This should translate into higher yields, which makes for greater returns for our investors. 

  • Optional expansion: 80 ha
  • Site crop: Low THC hemp
  • Potential output: 40,000—160,000 kg dried hemp flower PA
  • Lease duration: 20 years

Licenced to grow

Under current New Zealand law, growing, extracting, and manufacturing cannabis for therapeutic use can only be undertaken for scientific research. This will change soon with the introduction of the Medicinal Cannabis Scheme, which we expect will be operational in March 2020.

Puro is the first medical cannabis company in New Zealand with an approved licence to undertake scientific cannabis research prior to commencing a crowdfunding campaign.

We currently have our licence pending with the Ministry of Health to cultivate low-THC hemp at Kekerengu, and we anticipate this to be granted in advance of our planned planting in December 2019.

Beehive

Potential

A rapidly growing market

The global medical cannabis market is big and getting bigger. With governments around the world increasing access for those with chronic health conditions, it’s one of the fastest-growing industries in the world. 

While it is clear that the global medical cannabis market is increasing, estimates of the exact size of the international medical cannabis market vary greatly.

For example:

Closer to home, research from The AgriBusiness Group into the New Zealand market concluded that if 1% of those who could benefit from medical cannabis in New Zealand obtained a prescription, the market could be worth $379 million each year.

Valuation, growth plans and revenue

Given the rapidly growing nature of the medical cannabis market, it is not surprising there is potential for significant investor returns.

Puro has been conservatively valued at $25million, using an EBITDA multiplier of just 2 and an implied revenue multiplier of only 1.1.  If the average Canadian multipliers (revenue multiplier of 4.8 and EBITDA multiplier of 15.9) were used to value Puro it would result in valuations between $98.9 million - $199.4 million, demonstrating the potential significant upside for investors.

Based on conservative profitability assumptions, we anticipate PledgeMe investors can expect an after-tax return on investment of 34% at the end of our first full year of production (at March 2021), and 66% by March 2022. 


Use of Capital 

Funds raised through our PledgeMe campaign will be primarily used to:

  • Build our research facility
  • Invest in security
  • Purchase extraction equipment
  • Greenhouse development
  • Expand further into international market 
  • Adminstration and capital raising costs

 

Capitalisation Table 

Shareholding details for pre- and post-offer shall be as follows:

About our Team

Puro was setup in 2018 by passionate South Islanders and since then we have formed a formidable team with considerable business, finance and cultivation expertise.

 

Tim Aldridge (managing director): Tim was born and raised in Blenheim and worked in business consultancy before setting up Party Warehouse in 2001, which he grew to become the South Island’s largest marquee and event company. HireKING was Tim’s next success, and in 2017 it was named as one of the top 50 fastest growing companies in New Zealand. Tim was also a founding director of Team Event, which runs some of the largest annual events in the South Island including the Great Kiwi Beer Festival and Electric Avenue.

        

 

Sank Macfarlane (Director): A 5th generation Marlbourian, Sank’s family have farmed the Winterhome Farm, at Kekerengu on the Kaikoura Coast, for 130 years. Prior to his current role, Sank enjoyed a 16-year career in international banking, which provided him with a deep understanding of global financial markets. Sank is also a board member of the Marlborough Kaikoura Trail Trust which is funding, designing and building a cycleway from Picton to Christchurch.

 

 

Wayne Bailey (director): With more than 40 years’ experience as a chartered accountant, Wayne is the Executive Director of financial consultancy Taurus Group. He is a specialist in corporate restructuring, financial and succession planning as well as developing, growing and advising businesses. Wayne is an astute businessman, a clear thinker and a smart communicator.

   

 

Tom Forrest (cultivation director, agronomist): An Australian 2018 Churchill Fellow, author of ‘A Global Analysis of Cannabis Cultivation’, and a leading consultant in the global cannabis space, Tom is leading Puro’s agronomic team to produce quality high-yielding cannabis and hemp at scale. Tom, who is co-founder of Indicated Technology, has also been instrumental in connecting Puro with pharmaceutical manufacturers and international buyers.

 

Puro is surrounded by a talented team with proven track records across a range of sectors – from start-ups, investment and investor relations to governance, finance, horticulture and farming. Add to this the expertise of our internationally respected botany, agronomy and research partners, and you’ll see Puro is perfectly positioned for success.

Puro has partnered with the leading experts and brightest lights in the medical cannabis industry.

By aligning ourselves with the best in the world, we aim to generate the highest yields whilst reducing our costs of production. Ultimately, this will help us to increase profits and provide optimum returns for our shareholders.

Puro's achievements and what lies ahead

 

Our financial modelling will to take advantage of lucrative short-term pricing, which will put Puro into a cashflow positive position once our commercial facilities are built and operational (commencing mid-2020).  This cashflow could be used to pay a dividend to all shareholders including, of course, our PledgeMe investors, although our anticipation is to use all surplus cash to expand and bolster our commercial facilities in order to scale quickly and enter global markets. We believe that reinvesting any dividends will leverage our growth and strengthen the company.

Any dividend payments made will be distributed equitably to shareholders, including, of course, our PledgeMe and Wholesale investors. Likewise, any increase in company value as we move into commercial cultivation and expand globally will be reflected in the value of your shareholding.

The directors have not outlined any exit strategy and nor can we make any promises around our intentions or possible directions in this space.  Saying that, if Puro can achieve its plans of producing the “Sauvignon Blanc of Cannabis” becoming a NZ’s best and potentially biggest cultivator, with a global brand recognised for its quality, trust and consistency, our company could possibly become appealing to a larger buyer.  This may potentially include another company wanting to enter the market or to leverage our branding and success into their existing operations and distribution channels.

The directors are unlikely to list Puro on the NZ or Australian stock exchanges (NZX or ASX).

 

Risks and mitigation

 

Note from PledgeMe 

We have completed a Veda check on the company and their Director, as well as a Google check. There were no adverse findings.  

The Directors's have all passed Police vetting and responsible person's tests as part of the cannabis research license approval.

Definition of wholesale investor

A wholesale investor can be defined as people who meets any one of these 5 criterion:

  1.  are an investment business, in that their principal business involves investing in financial products, acting as an underwriter, providing financial advisory services, providing broking services or trading financial products;
  2. have, during the previous two year period, owned a portfolio of, or carried out transactions to acquire financial products of a value of at least $1 million;
  3. have, in the previous two years, materially participated in the investment decisions made by an investment business;
  4. have, or any entities controlled by them, have, as at the last day of the two most recently completed financial years, net assets or total consolidated turnover exceeding $5 million;
  5. are "eligible investors", and have certified that they have previous experience in acquiring or disposing of financial products that allows them to assess:
  • the merits of the transaction;
  • their own information needs in relation to the transaction;
  • the adequacy of the information provided, that they understand the consequences of so certifying, and the grounds for this certification; or
  • an authorised financial adviser, a chartered accountant, or a lawyer signs a written confirmation of the certification. 

 

 

 

Updates 2

We did it - $4million raised!

06/12/2019 at 11:09 AM

THANKS!

 

In four weeks we’ve gone from being an unknown start-up to raising $4 million on PledgeMe - the highest ever equity crowdfunding campaign in New Zealand and Australia. 

 

And today we are planting!

 

And we have you to thank for it – thank you for believing in us.

 

We’ve raised $2million in our equity campaign and $2million in our wholesale campaign, and we will use the money to build medical cannabis growing facilities and buy state-of-the-art processing equipment.

 

Nearly 750 people have backed us and there’s already 135 people on our waiting list for future investment opportunities (people can sign up here https://www.puro.co.nz/invest/).

Once again thank you so much for your support. It’s been incredibly humbling.

 

We have the land, we have the team, we have the licences and the buyers. And now, thanks to you, we have the capital we need to get growing.

 

Let’s do this!

 

The Puro team

 

Tim, Sank, Wayne and Tom

You need to pledge to see this update.

    Details

    Offer Details

    Current Valuation 23,417,862
    Raise Minimum 0
    Raise Maximum 2,000,000
    Share Price 1.00
    Maximum Shares Offered 2,000,000
    Explanation of valuation:

    An independent valuation of Puro New Zealand Ltd by Taurus Group has valued the company shares at $23,417,862. This has been determined by using a forecasted equity value analysis using an EBITDA (Earnings Before Interest, Tax, Depreciation & Amortisation) multiple of 2 for the 2021 year and accumulated losses from the initial 2020 year.

    Another common method to value a company, particularly for crowdfunding in New Zealand, is to use a revenue multiplier (4-5 times revenue is often adopted). International benchmark data for the cannabis industry has determined multiples of 0.9 to 10.5, with an average of 4.8.
    Applying a conservative multiplier of 1-2 times to forecast 2021 revenue would result in a valuation of Puro shares of between $20.6million – $41.2million. If the average multiple of 4.8 was applied, the valuation of Puro would lift to $98.9million, demonstrating the potential upside to investors.

    The Directors have valued the total shares pre-raise at $23,417,862 in accordance with our independent valuation. Post-raise, if both our crowdfunding and wholesale offers are fully subscribed the valuation for Puro will be $29,347,845. We believe this provides excellent potential returns for our shareholders with forecasted return on investment on the above valuation being 34% (after tax) for the first full year trading 2021.

    Financial Summary

    Prev Year Current Year Est. FY 2021 Est. FY 2022
    Revenue NZ $0 NZ $172,080 NZ $20,596,560 NZ $37,585,200
    Operating Expenses NZ $0 NZ $1,713,672 NZ $6,857,624 NZ $11,149,009
    EBITDA NZ $0 -NZ $1,596,592 NZ $13,305,523 NZ $25,363,818
    Net Profit NZ $0 -NZ $1,703,354 NZ $12,267,735 NZ $24,047,187

    Company Details

    Company Name: Puro New Zealand Ltd

    Company Number: 7148653

    Company details are currently being synced with the Companies Office, please wait.

    Company Documents

    Documents no longer available to download, as this campaign has closed

    Director Details

    Name Role Profile URL Invested?
    Timothy James ALDRIDGE Managing Director https://www.linkedin.com/in/tim-aldridge-080586179/
    Sandford Samuel MACFARLANE Director https://www.linkedin.com/in/sank-macfarlane-14747674/
    Errol Wayne BAILEY Director https://www.linkedin.com/in/wayne-bailey-15994710/

    Questions 1

    Ask a Question (You must login to ask a question)


    Hi Tim, you have mentioned future capital raising,will this be done in a pledge me setting and the shares you will be offering come from the current share holders stakes or do you intend to down water down the investors share as well who have purchased shares in this pledge me campaign as well ? cheers

    Posted on 29-11-2019 by sean

    Hi sean. The exact details of any future capital raising have not yet been determined. Whatever decisions are made will be informed by what is in the best interests of our shareholders.

    Answered on 03-12-2019 by Puro New Zealand

    Pledgers 24

    Camia
    2020-01-08 09:38:24 +1300
    wholesale waitlist placeholder
    2019-12-17 12:05:52 +1300
    Hamish
    2019-12-04 13:22:34 +1300
    Eleanor
    2019-12-04 11:01:56 +1300

    "Faith, Trust and Angle Dust"

    ULMER
    2019-12-04 05:24:13 +1300
    Kenneth
    2019-12-03 20:33:48 +1300
    John
    2019-12-03 11:16:22 +1300
    keryn
    2019-12-03 10:18:09 +1300
    Dawnielle
    2019-12-02 12:20:49 +1300
    JEANNEAU
    2019-12-02 12:16:18 +1300
    Blair
    2019-12-02 10:43:28 +1300
    Richard
    2019-11-29 15:30:26 +1300
    James
    2019-11-27 20:22:40 +1300
    Anna
    2019-11-27 10:46:53 +1300
    James
    2019-11-25 10:12:29 +1300
    Brad
    2019-11-22 12:58:06 +1300
    Niven
    2019-11-22 11:41:02 +1300
    Michael
    2019-11-22 11:26:34 +1300
    Philippe
    2019-11-22 10:45:32 +1300
    Camia
    2019-11-21 16:52:49 +1300
    Cathy Robinson
    2019-11-21 10:33:08 +1300
    Libby
    2019-11-21 10:31:50 +1300
    Mike
    2019-11-20 19:06:56 +1300

    "Part of Horne Family Pledge."

    Sam
    2019-11-17 06:02:44 +1300

    Followers 4

    Followers of Puro New Zealand Limited - Wholesale

    Puro New Zealand Limited - Wholesale

    Puro's equity crowdfunding and wholesale campaigns are now fully subscribed. To be on the waiting list and be kept in the loop on possible future capital raising, please register your interest by clicking here.

    The information below relates to Puro's Wholesale campaign - please refer to IM for explainer, and in footer of this campaign page for definition of wholesale investor.

    Puro is setting out to become New Zealand’s best cultivator of medical cannabis and hemp.

    We have secured two premium growing sites in sunny Marlborough and have formed a world-class team of experts to drive us forward. 

    We are the first medical cannabis company in New Zealand to have an approved cannabis licence prior to conducting a PledgeMe crowdfunding campaign, and already have purchase agreements with seven pharmaceutical manufacturers and wholesalers.

    With land secured, a licence in place and letters of intent signed with large buyers, there’s only one thing we need to get growing: You.

    We invite you to join us on our journey now. An investment with us positions you for considerable growth in this exciting industry. With Puro, you’ll be at the forefront of pioneering new medicine.

     

     

    Growth Sauv

    Offer at a glance

    Puro is undertaking an equity crowdfunding campaign to raise $2million from New Zealand residents. Concurrently, a wholesale campaign is also being undertaken to raise a further $2million from wholesale investors. Shares are priced at $1 each for both offers.

    • The crowdfunding offer equates to 7.29% of the investor shares available. The minimum investment amount is $500.
    • The wholesale offer is separate to the crowdfunding offer and is also for a 7.29% stake in Puro New Zealand Limited. The minimum investment amount is $50,000. 

    Our land

    Puro has secured two premium growing sites in Marlborough. These sites provide us with the capacity to be the largest cultivator in New Zealand.

    We handpicked our sites due to their high sunshine hours, intense UV ratings, and its clean environment. Couple that together with rich soils and a unique micro-climate give us the perfect locations.

    Marlborough already produces some of the world’s premium food and wine, our product will be equally world-class.

     

    Destined to become Puro's research headquarters, this 9-hectare property is currently part of an existing cherry orchard nestled in a quiet area of the Waihopai Valley in Marlborough. We plan to build high-security greenhouses for growing medical cannabis and establish research facilities in existing buildings.

    This will enable us to produce premium indoor cannabis — a product that we anticipate will be among the best in the world.

    We expect to grow up to 200 plants in our secure facility at Waihopai, and undertake research on all strains and cultivars including high-THC genetics

    • Optional expansion: 33.5 ha
    • Site crop: Premium medicinal cannabis
    • Facilities: 400m2 research facility with three vegetative growing room and commerical greenhouses covering 10,000-30,000m2 
    • Potential output: 20,000—60,000 kg dried flower PA
    • Lease duration: 21 years plus right to purchase

    Our research has shown this coastal site is high in sunshine hours and receives a gentle salt spray from the ocean, which our botanists say will ward off pests naturally, and improve plant health. This natural self-defence has another benefit: it will also increase the cannabinoid profile of our plants. This should translate into higher yields, which makes for greater returns for our investors. 

    • Optional expansion: 80 ha
    • Site crop: Low THC hemp
    • Potential output: 40,000—160,000 kg dried hemp flower PA
    • Lease duration: 20 years

    Licenced to grow

    Under current New Zealand law, growing, extracting, and manufacturing cannabis for therapeutic use can only be undertaken for scientific research. This will change soon with the introduction of the Medicinal Cannabis Scheme, which we expect will be operational in March 2020.

    Puro is the first medical cannabis company in New Zealand with an approved licence to undertake scientific cannabis research prior to commencing a crowdfunding campaign.

    We currently have our licence pending with the Ministry of Health to cultivate low-THC hemp at Kekerengu, and we anticipate this to be granted in advance of our planned planting in December 2019.

    Beehive

    Potential

    A rapidly growing market

    The global medical cannabis market is big and getting bigger. With governments around the world increasing access for those with chronic health conditions, it’s one of the fastest-growing industries in the world. 

    While it is clear that the global medical cannabis market is increasing, estimates of the exact size of the international medical cannabis market vary greatly.

    For example:

    Closer to home, research from The AgriBusiness Group into the New Zealand market concluded that if 1% of those who could benefit from medical cannabis in New Zealand obtained a prescription, the market could be worth $379 million each year.

    Valuation, growth plans and revenue

    Given the rapidly growing nature of the medical cannabis market, it is not surprising there is potential for significant investor returns.

    Puro has been conservatively valued at $25million, using an EBITDA multiplier of just 2 and an implied revenue multiplier of only 1.1.  If the average Canadian multipliers (revenue multiplier of 4.8 and EBITDA multiplier of 15.9) were used to value Puro it would result in valuations between $98.9 million - $199.4 million, demonstrating the potential significant upside for investors.

    Based on conservative profitability assumptions, we anticipate PledgeMe investors can expect an after-tax return on investment of 34% at the end of our first full year of production (at March 2021), and 66% by March 2022. 


    Use of Capital 

    Funds raised through our PledgeMe campaign will be primarily used to:

    • Build our research facility
    • Invest in security
    • Purchase extraction equipment
    • Greenhouse development
    • Expand further into international market 
    • Adminstration and capital raising costs

     

    Capitalisation Table 

    Shareholding details for pre- and post-offer shall be as follows:

    About our Team

    Puro was setup in 2018 by passionate South Islanders and since then we have formed a formidable team with considerable business, finance and cultivation expertise.

     

    Tim Aldridge (managing director): Tim was born and raised in Blenheim and worked in business consultancy before setting up Party Warehouse in 2001, which he grew to become the South Island’s largest marquee and event company. HireKING was Tim’s next success, and in 2017 it was named as one of the top 50 fastest growing companies in New Zealand. Tim was also a founding director of Team Event, which runs some of the largest annual events in the South Island including the Great Kiwi Beer Festival and Electric Avenue.

            

     

    Sank Macfarlane (Director): A 5th generation Marlbourian, Sank’s family have farmed the Winterhome Farm, at Kekerengu on the Kaikoura Coast, for 130 years. Prior to his current role, Sank enjoyed a 16-year career in international banking, which provided him with a deep understanding of global financial markets. Sank is also a board member of the Marlborough Kaikoura Trail Trust which is funding, designing and building a cycleway from Picton to Christchurch.

     

     

    Wayne Bailey (director): With more than 40 years’ experience as a chartered accountant, Wayne is the Executive Director of financial consultancy Taurus Group. He is a specialist in corporate restructuring, financial and succession planning as well as developing, growing and advising businesses. Wayne is an astute businessman, a clear thinker and a smart communicator.

       

     

    Tom Forrest (cultivation director, agronomist): An Australian 2018 Churchill Fellow, author of ‘A Global Analysis of Cannabis Cultivation’, and a leading consultant in the global cannabis space, Tom is leading Puro’s agronomic team to produce quality high-yielding cannabis and hemp at scale. Tom, who is co-founder of Indicated Technology, has also been instrumental in connecting Puro with pharmaceutical manufacturers and international buyers.

     

    Puro is surrounded by a talented team with proven track records across a range of sectors – from start-ups, investment and investor relations to governance, finance, horticulture and farming. Add to this the expertise of our internationally respected botany, agronomy and research partners, and you’ll see Puro is perfectly positioned for success.

    Puro has partnered with the leading experts and brightest lights in the medical cannabis industry.

    By aligning ourselves with the best in the world, we aim to generate the highest yields whilst reducing our costs of production. Ultimately, this will help us to increase profits and provide optimum returns for our shareholders.

    Puro's achievements and what lies ahead

     

    Our financial modelling will to take advantage of lucrative short-term pricing, which will put Puro into a cashflow positive position once our commercial facilities are built and operational (commencing mid-2020).  This cashflow could be used to pay a dividend to all shareholders including, of course, our PledgeMe investors, although our anticipation is to use all surplus cash to expand and bolster our commercial facilities in order to scale quickly and enter global markets. We believe that reinvesting any dividends will leverage our growth and strengthen the company.

    Any dividend payments made will be distributed equitably to shareholders, including, of course, our PledgeMe and Wholesale investors. Likewise, any increase in company value as we move into commercial cultivation and expand globally will be reflected in the value of your shareholding.

    The directors have not outlined any exit strategy and nor can we make any promises around our intentions or possible directions in this space.  Saying that, if Puro can achieve its plans of producing the “Sauvignon Blanc of Cannabis” becoming a NZ’s best and potentially biggest cultivator, with a global brand recognised for its quality, trust and consistency, our company could possibly become appealing to a larger buyer.  This may potentially include another company wanting to enter the market or to leverage our branding and success into their existing operations and distribution channels.

    The directors are unlikely to list Puro on the NZ or Australian stock exchanges (NZX or ASX).

     

    Risks and mitigation

     

    Note from PledgeMe 

    We have completed a Veda check on the company and their Director, as well as a Google check. There were no adverse findings.  

    The Directors's have all passed Police vetting and responsible person's tests as part of the cannabis research license approval.

    Definition of wholesale investor

    A wholesale investor can be defined as people who meets any one of these 5 criterion:

    1.  are an investment business, in that their principal business involves investing in financial products, acting as an underwriter, providing financial advisory services, providing broking services or trading financial products;
    2. have, during the previous two year period, owned a portfolio of, or carried out transactions to acquire financial products of a value of at least $1 million;
    3. have, in the previous two years, materially participated in the investment decisions made by an investment business;
    4. have, or any entities controlled by them, have, as at the last day of the two most recently completed financial years, net assets or total consolidated turnover exceeding $5 million;
    5. are "eligible investors", and have certified that they have previous experience in acquiring or disposing of financial products that allows them to assess:
    • the merits of the transaction;
    • their own information needs in relation to the transaction;
    • the adequacy of the information provided, that they understand the consequences of so certifying, and the grounds for this certification; or
    • an authorised financial adviser, a chartered accountant, or a lawyer signs a written confirmation of the certification. 

     

     

     

    We did it - $4million raised!

    06/12/2019 at 11:09 AM

    THANKS!

     

    In four weeks we’ve gone from being an unknown start-up to raising $4 million on PledgeMe - the highest ever equity crowdfunding campaign in New Zealand and Australia. 

     

    And today we are planting!

     

    And we have you to thank for it – thank you for believing in us.

     

    We’ve raised $2million in our equity campaign and $2million in our wholesale campaign, and we will use the money to build medical cannabis growing facilities and buy state-of-the-art processing equipment.

     

    Nearly 750 people have backed us and there’s already 135 people on our waiting list for future investment opportunities (people can sign up here https://www.puro.co.nz/invest/).

    Once again thank you so much for your support. It’s been incredibly humbling.

     

    We have the land, we have the team, we have the licences and the buyers. And now, thanks to you, we have the capital we need to get growing.

     

    Let’s do this!

     

    The Puro team

     

    Tim, Sank, Wayne and Tom

    You need to pledge to see this update.

      Offer Details

      Current Valuation 23,417,862
      Raise Minimum 0
      Raise Maximum 2,000,000
      Share Price 1.00
      Maximum Shares Offered 2,000,000
      Explanation of valuation:

      An independent valuation of Puro New Zealand Ltd by Taurus Group has valued the company shares at $23,417,862. This has been determined by using a forecasted equity value analysis using an EBITDA (Earnings Before Interest, Tax, Depreciation & Amortisation) multiple of 2 for the 2021 year and accumulated losses from the initial 2020 year.

      Another common method to value a company, particularly for crowdfunding in New Zealand, is to use a revenue multiplier (4-5 times revenue is often adopted). International benchmark data for the cannabis industry has determined multiples of 0.9 to 10.5, with an average of 4.8.
      Applying a conservative multiplier of 1-2 times to forecast 2021 revenue would result in a valuation of Puro shares of between $20.6million – $41.2million. If the average multiple of 4.8 was applied, the valuation of Puro would lift to $98.9million, demonstrating the potential upside to investors.

      The Directors have valued the total shares pre-raise at $23,417,862 in accordance with our independent valuation. Post-raise, if both our crowdfunding and wholesale offers are fully subscribed the valuation for Puro will be $29,347,845. We believe this provides excellent potential returns for our shareholders with forecasted return on investment on the above valuation being 34% (after tax) for the first full year trading 2021.

      Financial Summary

      Prev Year Current Year Est. FY 2021 Est. FY 2022
      Revenue NZ $0 NZ $172,080 NZ $20,596,560 NZ $37,585,200
      Operating Expenses NZ $0 NZ $1,713,672 NZ $6,857,624 NZ $11,149,009
      EBITDA NZ $0 -NZ $1,596,592 NZ $13,305,523 NZ $25,363,818
      Net Profit NZ $0 -NZ $1,703,354 NZ $12,267,735 NZ $24,047,187

      Company Details

      Company Name: Puro New Zealand Ltd

      Company Number: 7148653

      Company details are currently being synced with the Companies Office, please wait.

      Company Documents

      Documents no longer available to download, as this campaign has closed

      Director Details

      Name Role Profile URL Invested?
      Timothy James ALDRIDGE Managing Director https://www.linkedin.com/in/tim-aldridge-080586179/
      Sandford Samuel MACFARLANE Director https://www.linkedin.com/in/sank-macfarlane-14747674/
      Errol Wayne BAILEY Director https://www.linkedin.com/in/wayne-bailey-15994710/

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      Hi Tim, you have mentioned future capital raising,will this be done in a pledge me setting and the shares you will be offering come from the current share holders stakes or do you intend to down water down the investors share as well who have purchased shares in this pledge me campaign as well ? cheers

      Posted on 29-11-2019 by sean

      Hi sean. The exact details of any future capital raising have not yet been determined. Whatever decisions are made will be informed by what is in the best interests of our shareholders.

      Answered on 03-12-2019 by Puro New Zealand

      Followers of Puro New Zealand Limited - Wholesale

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      "Faith, Trust and Angle Dust"

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      "Part of Horne Family Pledge."

      Sam
      2019-11-17 06:02:44 +1300
      This campaign was successful and got its funding on 04/12/2019 at 4:55 PM.

      This campaign has closed, but this company may choose to do more equity raises on PledgeMe in the future. If you're interested in investing in Puro New Zealand Limited - Wholesale, you can sign up to be notified when a new equity campaign from this company is published.

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      Investor Perks

      Harvest Investor

      NZ $50,000.00+

      Seedling and Flowering rewards PLUS voting rights. Invite to AGM and investors evening hosted by our Directors and cultivation team, with drinks and nibbles provided. This will be an amazing opportunity to meet our team and learn everything there is to know about cannabis cultivation and the market opportunity nationally and globally. All investors to have their name on a placard displayed prominently in our cannabis research facility. Private tour of our cannabis research facility and commercial cultivation site.

      Warning statement about equity crowdfunding

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