Murray Industrial Hemp has successfully reached its initial capital raising goal and will close its seed funding round on 30 June.
The locally-driven start-up will now look to attract large-scale investors to develop on-site infrastructure.
“We’ve been thrilled that so many shareholders have come on board in this seed funding round,” Murray Industrial Hemp (MIH) Director Leigh Fletcher said.
“Mostly local people – farmers, business owners, retirees and others - who see the potential of this new agribusiness for our region.”
Funds raised in the seed round have established the business, helped the team build networks in the hemp industry both locally and overseas, and support hemp trials in our region.
“Now as we move into our Investment Round 1, our focus will shift to on-site development, and to bringing local growers on board,” Leigh said.
MIH is negotiating with a large equity firm and applying for government grants to fulfil Investment Round 1.
“We are also negotiating with some dedicated hemp industry experts and existing hemp building businesses to fast-track our operations here in Barham,” Leigh said.
Murray Industrial Hemp began after Western Murray Land Improvement Group united farmers to explore the potential for new local industries.
A hemp cluster group was formed, engaging 15 farmers to explore opportunities in the hemp value chain and resulting in the MIH business model.
MIH aims to develop a network of industrial hemp growers, to process hemp (known as decortication) and to manufacture blocks, insulation and other hemp-based building materials in the Barham Koondrook region.
Hemp-based building materials are known to be renewable, biodegradable, and have a lower environmental impact compared to traditional building materials.
Industrial hemp offers growers in an alternative, water-efficient option in their irrigated crop rotations.
There is still time to join the seed funding round before it closes on 30 June. Contact Leigh Fletcher on 0429 144 743 or leigh.fletcher@murrayindustrialhemp.com.au for more information.
