Total Memory capped far below available memory
SQL Server is not guaranteed to allocate the min server memory. If the load on the server never needs the minimum SQL Server will work with less - BOL http://msdn.microsoft.com/en-us/library/ms178067.aspx

As long as your configurations allow for the use of all memory you have allocated (they do), SQL Server will use what it needs, and generally no more. Since you are running a VM I would make sure you allocate 10% for the OS, remove the minimum as it can cause performance problems and let it run. If your CPU is pegged at 100%, queries are slow, and SQL Server is not allocating all of its available memory then it would be time to further troubleshoot.