Leafline Labs, the medical marijuana venture started by members of the family that runs Bachman's Inc. garden centers, has raised nearly $12.4 million in equity financing, reports the Minneapolis/St. Paul Business Journal.
The company is one of two that won rights Monday to become licensed growers and distributors of medical marijuana in Minnesota. The company plans to grow pot in Cottage Grove and open its first dispensary in Eagan on July 1.
Leafline has lined up funding from 113 investors so far and is hunting for an additional $2.7 million in capital, according to a regulatory filing.
The infusion indicates that investors are eager to get involved in the state's medical marijuana industry, notes Marijuana Business Daily.
It also reflects the increasingly high costs of opening cannabis businesses in new medical marijuana states.
Because the highly restricted language of Minnesota's law, the medical marijuana market will be relatively small. The state estimates about 5,000 Minnesotans will be certified to take medical marijuana, said Manny Munson-Regala, assistant commissioner of strategic initiatives for the Minnesota Department of Health, at a presentation earlier this week.
That number would grow to about 33,000 if the state allows people suffering from chronic intractable pain to qualify for medical marijuana treatment, he said.
News Moderator: Shandar @ 420 MAGAZINE ®
Source:Home - Medical Marijuana
Contact:Sarasota Herald-Tribune 1741 Main Street Sarasota, FL 34236
Website: Minnesota medical marijuana company raises $12.4 million - Medical Marijuana
The company is one of two that won rights Monday to become licensed growers and distributors of medical marijuana in Minnesota. The company plans to grow pot in Cottage Grove and open its first dispensary in Eagan on July 1.
Leafline has lined up funding from 113 investors so far and is hunting for an additional $2.7 million in capital, according to a regulatory filing.
The infusion indicates that investors are eager to get involved in the state's medical marijuana industry, notes Marijuana Business Daily.
It also reflects the increasingly high costs of opening cannabis businesses in new medical marijuana states.
Because the highly restricted language of Minnesota's law, the medical marijuana market will be relatively small. The state estimates about 5,000 Minnesotans will be certified to take medical marijuana, said Manny Munson-Regala, assistant commissioner of strategic initiatives for the Minnesota Department of Health, at a presentation earlier this week.
That number would grow to about 33,000 if the state allows people suffering from chronic intractable pain to qualify for medical marijuana treatment, he said.
News Moderator: Shandar @ 420 MAGAZINE ®
Source:Home - Medical Marijuana
Contact:Sarasota Herald-Tribune 1741 Main Street Sarasota, FL 34236
Website: Minnesota medical marijuana company raises $12.4 million - Medical Marijuana
