LeafLine Labs, one of Minnesota’s two medical cannabis producers and distributors, has begun a new round of fundraising with a goal of reeling in $21 million from investors.
The company already has raised $150,000 toward that end, the Minneapolis/St. Paul Business Journal reported. Last year, it raised nearly $15 million, a sign that investors remain interested in Minnesota’s medical marijuana market despite its slow start.
The state’s other MMJ company, Minnesota Medical Solutions – together with its parent company, Vireo Health – also is seeking investors. MinnMed, as it’s known, is trying to raise $31.5 million to fund expansion throughout the country.
Although the MMJ industry in Minnesota got off to a rocky start, with only a few hundred patients registering for the program, last year’s addition of intractable pain to the list of qualifying conditions is expected to translate into a customer boom for the two companies – once pain patients are allowed to start signing up in August.