MinnMed raises $16.6M ahead of medical marijuana dispensary openings

Minnesota Medical Solutions (MinnMed) has closed on $16.6 million in capital as it prepares to open medical marijuana dispensaries this summer.

The Edina-based startup is one of two licensed medical marijuana growers in the state. MinnMed raised the funding from individual investors, most of whom live in Minnesota, said CEO Dr. Kyle Kingsley.

The 20-employee business was able to raise capital quickly, he added.

"There was pretty dramatic support," Kingsley said.

MinnMed will use the capital to scale its business and fund scientific initiatives. The company has secured dispensary locations in downtown Minneapolis, Moorhead and Rochester, Minn. It's in the final stages of negotiating a lease in Eden Prairie.

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