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Home 🌿 Marijuana Business News 🌿 Medical Marijuana Startup Vireo Raising $31.5M to Expand into More States 🌿Medical Marijuana Startup Vireo Raising $31.5M to Expand into More States
Medical marijuana venture Vireo Health is seeking $31.5 million in equity financing as it prepares to expand into more states. According to CEO Dr. Kyle Kingsley, the Minneapolis-based parent company of Minnesota Medical Solutions (MinnMed) is close to reeling in $6 million of that amount.
As of today, Vireo’s staff has a headcount of nearly 50 employees but expects its staff to expand ten-fold in the upcoming years. Vireo is largely targeting individual investors as opposed to institutional funds, an approach it used to bankroll its original launch in Minnesota and New York.
“Thing are going very well,” Kingsley said in regards to their fundraising effort. “We have a national plan and we’re doing meetings in cities throughout the country. We have hundreds of people in the pipeline right now.”
In November, Vireo announced it will expand into developing cannabis-based drugs for Food and Drug Administration review. The business will use...
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