The Indiegogo for Weed? Fundanna is a platform that aims to change and foster the perception of cannabis as a legitimate business and investment. The company uses its web presence to connect start-ups with investors that want in on the ground floor of this booming business. It’s crowdfunding weed start-ups from medical marijuana to hemp.
420 Pony sat down with Fundanna’s CEO and Co-Founder, Victor Petrescu to talk about what Fundanna does and the vision behind it.
Victor’s Description of Fundanna
VP: We are an equity crowdfunding platform for the cannabis and hemp industry. Any US -based company within the industry can use $1 million from investors is welcomed to raise money from anyone.
How Long Has Fundanna Been Crowdfunding Weed Start-Ups?
VP: We got our approval from FINRA on January, 2017. Since then, we have three live offerings. We also have several in the pipeline.
Why Is Fundanna Special?
VP: We are the only Reg CF portal dedicated exclusively to Cannabis and Hemp. There are other portals dedicated to the industry but they do not accept non-accredited investors. At Fundanna, anyone can invest as little as $100 in Cannabis and Hemp deals.
The Fundanna Mission
VP: We think that the Cannabis and Hemp industry is artificially underfunded because the federal government is not updated with the benefits of Cannabis Sativa. Our goal is to help the industry with the capital formation function. We also want to give anyone the opportunity to invest in deals that were [previously] accessible only to the few and rich.
Fundanna’s Origin Story
VP: Nobody [on] our team is a medical or otherwise user of Cannabis, but we learned very fast about its benefits (medical, environmental and for the economy). [W]e decided to go there, against our lawyers’ advice that told us to wait a little bit until Cannabis [is legalized at the] federal level too.
Vincent added that all but one of the attorneys he consulted were against his endeavor. They were wary of his desire to create Fundanna for crowdfunding weed start-ups.
That dissenting lawyer had different advice. He suggested Vincent follow his instincts and cited trailblazers Uber and AirBNB. In other words, sometimes you have to take chances. Victor did and hasn’t looked back.
How Fundanna Works
VP: From the investor perspective [it] is very simple: create an online account by providing some personal info and their bank account. After that, each investment is few clicks away.
From the company (issuer) perspective, things are a bit more complicated, but we help each issuer step by step until they get listed. Also, we help them in finding a media/advertising partner that will get equity in that company in exchange for advertising.
To get listed, an issuer has to complete and file with EDGAR , get Reviewed Financials – if they want to raise more that $100,000, open and escrow account, and sign up with a Stock Transfer Agent. It might sound complicated, but we can get a company listed in less than 10 days.
An Insider View Of The Cannabis Economy
VP: The companies that we get listed undergo a Due Diligence process before getting listed and they go through a very serious vetting process by the crowds that are investing. There is a feature in the regulation that the investors can change their mind at any time before the offering is closed. That is, if anyone finds anything not OK about a company they can posted on the Q&A section of the offering for everyone else to see it.
I think, a company funded via crowdfunding should be seen as a company that was able to convince lots of people that they are good.
Fundanna For Investors
VP: We expect to have many deals on the portal so investors can build a nice portfolio. They can become nano-angel investors and they can follow the same investing philosophy: diversify the funds available to the crowdfunded asset into as many as possible, with the expectation that some companies will fail, some will be just OK and a few will hit really big.
How Fundanna Helps The Cannabis Industry
VP: We are working to create forCannabis.org – a 501(c)(3) non-for-profit organization that will collect 1% of the revenues of its members. [It] will use that money to give grants for all types of Cannabis and Hemp related advocacy and activism activities and events.
Victor hopes joining this cause will feel like a badge of honor to those who get involved. It certain takes commitment to a deeper level than just crowdfunding weed start-ups. It will also help them network with others in their industry.
Fundanna’s Predictions About The Cannabis Market
VP: Looking at the mondial trends, I am confident that Cannabis will be legalized soon. The plant has so many benefits and the government will save even more by not [enforcing] Cannabis prohibition. We – as an industry – have to keep the pressure on.
Keep An Eye On Fundanna
We can learn quite a lot from keeping an eye on Fundanna while it’s crowdfunding weed start-ups. After all, it should reflect the pulse of the budding cannabis economy. It’s a wonderful place to learn about new innovations and back those that excite you. After talking to Vincent, it’s clear that’s by design.
Maybe we can’t all come up with our own amazing idea for the cannabis industry. We can at least get involved by crowdfunding weed start-ups at Fundanna. You an literally toss your two cents into the cannabis economy.
You can stay connected with Fundanna’s efforts toward crowdfunding weed start-ups through social media and their website.