Home Australia Montu medical cannabis breaks records with $5.5M crowd-funding #englishheadline #Montu #medical #cannabis #breaks #records #55M #crowdfunding

Montu medical cannabis breaks records with $5.5M crowd-funding #englishheadline #Montu #medical #cannabis #breaks #records #55M #crowdfunding

by englishheadline
0 comment

As the company works to tackle the “stigma” surrounding the drug, it wants to give Aussies easier access to it if they need it.

Medical cannabis prescriber Montu now holds the record for the most amount of funds raised through crowd-funding in Australia as a result of 2020 and 2021 campaigns attracting the backing of a whopping $5.5 million.

In November, it hit its maximum target of $3.5 million in just over one day – the second largest single raise in Australian history, with investors raising the first million dollars in 13 minutes, even crashing the Birchal crowd-funding site.

Montu develops cannabinoid-based products and makes them accessible to patients through a nationwide network of doctors, originally starting in Canada before launching in Australia in 2019.

Christopher Strauch, managing director of Montu, said the company’s aim is to make medical cannabis more widely available to Aussies, while also breaking down the stigma surrounding it.

“Not only is it a new medication but also it’s a medication historically known as a drug, so stigma is the biggest barrier in Australia for adoption,” he told news.com.au.

“It’s simply people have misconceptions. Back in medical school it was educated on the basis it was a drug of dependency and how can we help people stop using cannabis and get away from cannabis.

“Now doctors and people have to change their mind entirely and now it offers therapeutic good and it’s safety profile is significantly better than opioids or SSRIs, which are used with depression or anxiety.”

Mr Strauch said chronic conditions are ideal for treatment with medicinal cannabis, such as chronic pain, epilepsy, Alzheimers and migraines, as many people build up a tolerance to other drugs, which raises the potential of overdoses.

“There are no recorded deaths due to overuse of cannabis, it’s significantly safer and with a better side effect profile,” he said.

“With opioids people can feel groggy, drowsy and have other types of side effects that impact their quality of life and where they can’t go back to work or enjoy hobbies, but medical cannabis significantly improves that from side effect profile and they can enjoy life again, there is very limited downside.”

Yet according to Montu, only 5 per cent of doctors prescribe medicinal cannabis in Australia, with uptake slow as they only give it to the most extreme cases.

However, huge changes have been occurring in the space this year including allowing CBD products to be made available over the counter at pharmacies provided clinical trials have taken place and Tasmania joining other states by no longer restricting medical cannabis prescribing to specialists.

Montu has experienced 1000 per cent growth in the last 12 months, raking in $14 million aided by increased adoption of telehealth, home-delivery of medications and electronic scripts, according to the company.

It is managing more than 15,000 patient consultations a year and prescribing 50,000 units of medical cannabis annually.

“Telehealth has been a game changer for the many Australians with conditions that can be treated with medical cannabis,” Mr Strauch said.

“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.”

Montu has trained over 1000 Australian doctors on medical cannabis and provided them with education and support he added.

“This has seen doctors become more confident prescribers,” he said.

“Their wealth of real-life Australian patient experience will benefit those who want the very best advice. We manage the medical cannabis supply chain vertically from doctor education, clinical care, product supply and distribution, to dispensing of medication.”

Proceeds from the fundraising will be used to further invest in its technological infrastructure and grow patient awareness.

The medical cannabis industry in Australia and New Zealand are predicted to reach a market size of $1.7 billion by 2023.


#Montu #medical #cannabis #breaks #records #55M #crowdfunding

You may also like

Leave a Comment