Minnesota Medical Solutions (MinnMed) has raised $16.6 million to fund its opening of medical marijuana dispensaries in the state. MinnMed is one of two Minnesota companies licensed to grow & distribute medical cannabis in the Minnesota. The capital raise follows LeafLine Labs, Minnesota’s other cannabis grow licensee, which raised $12.4 million in December 2014.
MinnMed, which employees 20 people, stated it was able to raise the money quickly from individual investors with “pretty dramatic support” for their venture. The company is expected to open 4 medical marijuana dispensaries in Minnesota (downtown Minneapolis, Moorhead, Rochester, Eden Prairie) when the Minnesota’s medical marijuana program launches on July 1, 2015. MinnMed expects to use part of the raised capital to fund scientific initiatives.
Although Minnesota’s medical marijuana market is projected to be relatively small with approximately 5,000 Minnesotans initially expected to be certified, it has still attracted interest and money from investors looking toward the future and further loosening of the marijuana laws in Minnesota and the U.S.
Here is a company promo video from Minnesota Medical Solutions (MinnMed):