Collie River Valley Bulletin, May 4, 2023

Page 1

BULLETIN

COLLIE RIVER VALLEY Published by LOCALS for LOCALS

Investors flock to cannabis project EDITION No. 131

$2.50

Thursday, May 5, 2023

Strong interest as cannabis company kicks off crowdfunding MEDICAL cannabis company Cannaponics has kicked off its crowdfunding campaign, attracting strong initial investor interest. As at Wednesday morning, the campaign had raised over $3.2 million dollars, with over 1600 investors committing to providing funding. The company is aiming to raise $5 million to complete construction of its Collie biotech production facility. The company's managing director, Rod Zakostelsky, said the response so far has been “amazing”. “We couldn’t have asked for a better start,” Mr Zakostelsky said. “It’s a bit overwhelming. The phone’s been ringing all day.” Mr Zakostelsky said the investor interest speaks volumes of the fact that people want to see the industry progress.

“We’re able to facilitate that,” he said. “We’ve got real assets and we’ll have real people on the ground.” Mr Zakostelsky said it has been an involved process for the company to get to this point, both seeking to build its facility and navigate the regulatory landscape. He said the company will be spending $11 million in the next six to nine months as it continues to move forward with the facility. Cannaponics is seeking to power the construction of its cannabis farm with 100 percent renewable energy, having committed to building a one megawatt solar farm. “The extra money is great,” Mr Zakostelsky said. “It allows us to fast-track our renewables.”

INSIDE TODAY

KIDS TURN UP FOR TRACTORS Finn Forrest and Brax Johnson were among the excited children who attended a special story time at the library on Monday. More photos on page 11.

Electoral changes proposed

COLLIE-PRESTON MLA Jodie Hanns has slammed a submission to the WA Electoral Commission suggesting Collie be taken out of her electorate and allocated to Roe. Page 3.

Call for coal certainty

SHADOW State Development Minister David Honey says the Collie community deserves greater certainty amid the ongoing transition from coalfired power generation. Page 4.

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