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Verano Merges With AltMed in Florida and Arizona

November 11, 2020 11:23 am
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Verano Merges With AltMed in Florida and Arizona

Verano Holdings LLC is merging with Alternative Medical Enterprises LLC, Plants of Ruskin LLC and other affiliated entities.

The Chicago-based cannabis company opted to acquire combining operations with AltMed in Florida and Arizona.

The new entity will operate under the Verano name across 14 states. It will also oversee eight cultivation facilities and 44 retail locations, including 17 Verano's and 27 AltMed's stores.

Verano opted to acquire AltMed's cultivation footprint of 220,000 square feet in Florida and 30,000 square feet in Arizona, expanding by an additional 50,000 square feet.

Moreover, Verano currently operates 440,000 square feet of cultivation facilities.

The new combined company intends to launch 32 additional retail locations.

Verano Founder and CEO George Archos touted the merger as a "game changer in the U.S. cannabis industry."

“The combination of Verano and AltMed is expected to create one of the largest private cannabis companies with truly no redundancies in geography or operations,” Archos told Benzinga. "Our cultures are seamlessly aligned and we have a strong commitment to providing a superior, customer-focused cannabis experience across our existing markets.”

AltMed chair and CEO Michael Smullen said they "share Verano's enthusiasm for this transformative business combination."

Verano's & AltMed's Recent Moves

Over the past year, AltMed has been expanding its presence in the country and internationally.

In January the company opened three Florida retail locations within 24 hours. In September it introduced its MÜV medical cannabis line in Ohio via a deal with Main Street Health, and most recently entered into the Canadian market through a distribution deal with Shoppers Drug Mart.

Meantime, earlier this year, Verano ended the merger talks with Harvest Health & Recreation Inc (CSE:HARV) (OTCQX:HRVSF) due to "obstacles" imposed by the regulatory authorities and also a challenging environment for the sale of assets.

Courtesy image