Verano Holdings Acquires Florida Medical Player AltMedNovember 17, 2020
Chicago, Illinois-based Verano Holdings has struck a deal to acquire Alternative Medical Enterprises, a medical cannabis company generally referred to as AltMed. Founded in 2014, AltMed operates in Arizona and Florida as a cultivator, product manufacturer, and retailer with 300,000 square feet of cultivation space, the majority of which is in Florida, and 27 active retail locations. Verano is active in 12 states through its brands Encore, Avexia, and Verano, as well as through its Zen Leaf dispensaries. Terms of the deal were not disclosed.
The combined company will be led by Verano founder and CEO George Archos. “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,” he said. “AltMed is an ideal partner to accelerate our shared vision to be one of the most innovative and profitable cannabis operators in the country.” Michael Smullen, chairman, CEO, and co-founder of AltMed will join the board of the combined company, which will also bring on Bill Petron of AltMed Arizona.
Once the deal closes, the company will continue to operate under the Verano name, boasting operations in 14 states, eight cultivation facilities, 44 active retail locations, and 32 additional retail locations planned.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.