On Jan. 20, 2016, Vireo Health, a medical marijuana holding company, filed Form D with the Securities and Exchange Commission, notifying the SEC of its 506(c) offering and sale of securities valued at $31.5 million.
Vireo Health is the parent company of Minnesota Medical Solutions, better known as MinnMed, one of the two medical marijuana companies permitted to cultivate and sell medical marijuana within the state of Minnesota. Vireo Health also owns Vireo Health of New York, one of the five licensed medical marijuana providers in New York, whose products were recently certified kosher by The Orthodox Union.
With a $100,000 investment minimum, only one purchaser has invested in Vireo’s $31.5 million offering so far, per the SEC filing; however, according to the Minneapolis/St. Paul Business Journal, Vireo Health is close to securing $6 million of the total offering amount, focusing most of its capital raising efforts on individual investors, with the funding slated to support national expansion and medical research.
“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,” said Dr. Kyle Kingsley, CEO of Vireo Health.