Sydney-based medicinal cannabis products developer and investor Byron Bay Bio has managed to raise more than $400,000 via an equity crowdfunding campaign that it says will be used to help deliver on its mission of making CBD products accessible to more consumers.
While the total raised exceeded the minimum target, with 197 investors participating, the crowdfunding bid has fallen well short of the $1.5 million maximum sought by the company.
Byron Bay Bio, a startup that is pushing for the national legalisation and standardisation of cannabis for both medicinal and recreational use, is in the process of developing Australia’s first over-the-counter, THC-free cannabis product.
“This new funding will help us ramp up the pressure on the Australian government to legalise over-the-counter cannabis products, such as our flagship Byron Bay CBD product lines.” says Byron Bay Bio founder and industry veteran Will Stolk.
“Australia is missing out on an estimated $28 billion over the next decade by restricting cannabis to prescription use. We believe our innovations can pave the way for this transition, offering a blueprint for how Australia can safely and effectively regulate cannabis.”
Byron Bay Bio’s product development arm sits alongside several investments including California-based cannabis product developer Tioga Green, in which the company has a 10.5 per cent stake and an option to move to 40.5 per cent. Byron Bay Bio estimates the Tioga Green business to be worth about US$12.5 million ($18.6 million).
The company also has a 25 per cent interest in Sydney-based non-alcoholic hemp-infused beer brand Mary Jane Beer and a 35 per cent holding in cannabis flower distributor Pheno Hunts, which was founded in 2023 by Stolk and Cory Zila – both of whom have been at the forefront of cannabis reform in Australia for more than a decade.
Central to Byron Bay Bio’s product offering is Byron Bay CBD, which is developing products that are said to deliver a therapeutic innovation for the medicinal cannabis sector as its CBD oils are produced through a proprietary extraction process that “preserves the beneficial compounds of the cannabis plant”.
Byron Bay CBD, which is based at Byron Bay, was co-founded by Stolk and Jeff Lang, who is the CEO of Byron Bay Bio.
“If you look at alcohol, it’s accessible and regulated,” says Lang.
“Our technology can make that same level of access possible for cannabis, both medicinal and recreational.”
Byron Bay Bio has described the $400,000 equity crowdfunding raise, undertaken on the Birchal platform, as a milestone for the company in its bid to “innovate” the cannabis industry in Australia.
“Our technology is set to unlock the cannabis industry globally, and we believe Australia can benefit significantly by following the US example,” says Lang.
“Just like the liquor industry, cannabis needs to be highly regulated and standardised for widespread acceptance and legalisation.”
Byron Bay Bio sees cannabis legalisation in the US, including Ohio last year becoming the 24th state to legalise recreational marijuana, as a pathway for Australia to tap into the “enormous economic potential” that the industry offers.
The company estimates that in NSW alone, the current restrictions on cannabis will cost the state more than $8 billion over the next decade.
“With proper standardisation and oversight, NSW could easily lead the way for Australia in the cannabis industry,” says Lang.
“With our new funding, Byron Bay Bio is in a prime position to drive that change,” he says, adding that the company is “sitting in a great position to have a huge impact on the cannabis industry globally”.
