A group of medical marijuana entrepreneurs in Nevada have taken their business to the next level.
A new company called Valley Medical Group has raised $10 million in seed money from four of the state’s largest medical marijuana companies.
The company, which is seeking to create a medical cannabis business model similar to the ones that are thriving in California, New York and Massachusetts, is looking to expand quickly.
The group says it plans to employ around 10 people, expand to other medical industries and expand to dispensaries and other licensed medical marijuana businesses in Nevada.
“We are building a network of physicians and nurses who will help us scale up our company to meet our clients’ needs,” the company said in a statement.
The state of Nevada is the latest state to allow recreational marijuana sales and is just the latest to be considering the medicinal use of the drug.
It was the first state to legalize medical marijuana in the state, which went into effect on Jan. 1, 2016.
The medical marijuana industry is a lucrative and growing industry in Nevada, which was ranked number two in the country for marijuana sales in 2017, according to Forbes magazine.
The new venture will have access to the state-of-the-art manufacturing facility, which can produce medical marijuana at a cost of $1,500 per kilogram.
The company also plans to partner with a Nevada-based medical marijuana supplier.
“The Valley Medical group is looking forward to joining a growing list of medical cannabis businesses that are poised to capitalize on the new industry that Nevada has opened up,” said Dan Siegel, president of the medical marijuana group, Medical Marijuana Industries Association.