CHICAGO and SARASOTA, Fla, Nov. 11, 2020 (GLOBE NEWSWIRE) — PRESS RELEASE — Verano Holdings, LLC, a multi-state cannabis owner, operator and manager, has announced the signing of a definitive merger agreement to acquire and combine operations with Alternative Medical Enterprises, LLC, Plants of Ruskin, LLC, and affiliated companies (collectively, AltMed), vertically-integrated cannabis companies that apply pharmaceutical industry standards to developing, cultivating, producing and dispensing medical cannabis and medical cannabis products in Florida and Arizona. The transaction is expected to result in a highly-accretive combination of Verano and AltMed with the resulting company operating under the Verano name.
Two Industry Leaders Join Forces
Verano is a multi-state owner, developer, operator and manager of cannabis cultivation, manufacturing and dispensing licenses offering innovative products to the discerning, high-end customer market. Verano produces a full suite of premium, artisanal cannabis products sold under its consumer brands, including Encore Edibles, Avexia and Verano. Verano’s Zen Leaf branded dispensary environments deliver an elevated cannabis shopping experience in both medical and adult-use markets. Active in 12 U.S. states, with 17 active retail locations and approximately 440,000 square feet of cultivation facilities, Verano has been profitable each year since its founding.
AltMed, founded in 2014 and profitable in recent years, is a fully-integrated medical cannabis company known for its robust research and development pipeline exemplified by its award-winning MÜV products and dispensaries. AltMed offers a full range of premium cannabis options developed in its vertically-integrated operations in Arizona and Florida. With 27 active retail locations, AltMed has 220,000 square feet of cultivation facilities in Florida, and 30,000 square feet in Arizona, which is rapidly expanding by an additional 50,000 square feet to meet increased demand.
This transformative transaction is expected to create a market leader in the United States by combining two profitable, fully-integrated platforms with