Minneapolis-based Vireo Health raised $16 million forward of its plans to take the corporate public in Canada.
The firm accomplished a personal placement of greater than 357,000 of its Series D shares, yielding gross proceeds of $16 million.
A last tranche of the providing is predicted to shut in the approaching weeks, which is predicted to deliver the whole quantity raised to $17.2 million, the corporate stated in a information launch.
Vireo, which has subsidiary companies in Minnesota, New York and Pennsylvania, plans to use the capital to increase in its present U.S. places and transfer into new markets.
The providing additionally will permit the corporate to “execute on our aggressive growth plans leading to a public listing in Canada,” Kyle Kingsley, Vireo’s chairman and CEO, stated in the discharge.
Additional particulars concerning the firm’s timing for pursuing its public itemizing on the Canadian Securities Exchange was not instantly out there.