Operating under one of the two licenses for medical cannabis in Minnesota and one of five in New York, Vireo Health is in the process of raising up to $31.5mm to expand into up to twenty additional states.
States Vireo will target next include Maryland, Georgia and Pennsylvania, plus those with large populations, like Texas and Florida.
The company reports a strong start to its efforts, receiving positive responses from wealthy individuals interested in investing in the medical cannabis industry. Vireo Health stated its intentions to conduct clinical trials with the FDA after announcing a licensing agreement with Ligand Pharmaceuticals (NASDAQ: LGND) in November.
Read Katharine Grayson’s “Medical-marijuana startup Vireo raising $31.5M to expand into more states”: http://www.bizjournals.com/twincities/news/2016/01/26/medical-marijuana-startup-vireo-raising-31-5m-to.html