It is not often that we will profile startups that operate in what is essentially a completely-new market, but this is one such occasion, as cannabis-focused startup Hanfgarten, which is based near Graz, is looking to become an early success story in the burgeoning cannabis industry.
Taking a tour of their website, I found that you can purchase cannabis plants, hemp tea, CBD, accessories (t-shirts, mugs, gift-cards, etc.), and, soon, cannabis seeds. Tea options can be filtered by price, while those looking for the perfect plant can filter down listings by price, size, plant genus, tea-effect, and tea-taste. The site currently offers 19 plants, 5 teas, and 4 CBD products.
In order to fund the business, Hanfgarten has taken to a crowdfunding-investment platform, where they have picked up more than 782K Euro from 662 investors, with another 7 days to go in the campaign. As to why they decided to turn to crowdfunding, company founder and CEO Andreas Troger told me that, “crowdfunding is the perfect opportunity to give the people a voice and make a statement for a new cannabis politic. We are actually around 680.000 Euro. So this is a statement which will be heard and brought us already high media attention. And its a great alternative to get money you will never get from a bank.” Troger also revealed that they have received inquiries from major investors, but would only be interested in a deal that would include something beyond just funding.
Hanfgarten initially opened its online store last June, but added a physical store within the past few weeks. Troger says that they have had “a few thousand” customers between the two. In order to operate their business, the company partners with Austria’s largest nursery, which cultivates plants in a 10,000m2 greenhouse, as well as works with business experts from the United States.