Talk about planning big.
Minnesota-based Vireo Health, the parent company of Minnesota Medical Solutions, announced this week that it’s attempting to raise $31.5 million in equity financing in order to fund expansion into between 17 and 20 new states, according to the Minneapolis/St. Paul Business Journal.
To that same end, Vireo also plans to get approval from the U.S. Food and Drug Administration for cannabis-based medicines it has in development.
On the fundraising end, Vireo CEO Kyle Kingsley told the Journal that he’s got 400-500 individual investors “in the pipeline with us.” Kingsley said the company is already close to raising $6 million of its new goal, on top of $16.6 million it had previously raised.
With the rise of adult use cannabis, experts see medical marijuana dominated by two distinct markets.
Thank you New York Governor Andrew Cuomo for screwing New York based farmers and businesses who won’t get an opportunity to compete. Thanks for creating opportunities for a Minnesota Company!