The two companies selected to grow and dispense medical cannabis in Minnesota have raised a combined $30 million in investments – an unprecedented amount for startups in a new MMJ market.
Earlier this week, Minnesota Medical Solutions (also known as MinnMed) announced that it has secured $16.6 million in capital ahead of its opening. Most of the backing came from in-state investors, CEO Dr. Kyle Kingsley told the Minneapolis/St. Paul Business Journal.
“There was pretty dramatic support,” Kingsley told the paper.
The news comes a few months after LeafLine Labs, the other company that received a cannabis business license in Minnesota, revealed that it landed $12.4 million in equity financing.
Both companies are on track to open July 1.
MinnMed plans to use its investment money to fund scientific initiatives and bolster its business plan, the Journal reported. The company has already inked deals for dispensaries in Minneapolis, Moorhead and Rochester, and is working on its fourth dispensary in Eden Prairie.
LeafLine Labs previously said it will use the money to build out its cultivation facility and open its first dispensary.