MINNEAPOLIS/ST. PAUL BUSINESS JOURNAL: MEDICAL-MARIJUANA START-UP 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 between 17 and 20 more states.

The Minneapolis-based parent company of Minnesota Medical Solutions(MinnMed) is close to reeling in $6 million of that amount, said CEO Dr. Kyle Kinglsey. Vireo is largely targeting individual investors, an approach it used to bankroll its launch in Minnesota and New York.

“Thing are going very well,” Kingsley said of the fundraising effort. “We have a national plan and we’re doing meetings in cities throughout the country. We have between 400 and 500 people in the pipeline with us.”

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