Verano Merges With AltMed in Arizona
AltMed, Alternative Medical Enterprises, LLC, founded in 2014, is a fully-integrated medical cannabis company known as MÜV™ products and dispensaries. AltMed offers a full range of premium cannabis options developed in its vertically-integrated operations in Arizona and Florida.
Verano Holdings, LLC (“Verano”) is a leading multi-state owner, developer, operator, and manager of cannabis cultivation, manufacturing, and dispensing licenses.
Verano Holdings LLC is merging with Alternative Medical Enterprises LLC, Plants of Ruskin LLC, and other affiliated entities. Merging these two companies will advance Verano’s development in Arizona which is one of the fastest-growing markets in the United States.
The newly combined company intends to launch 32 additional retail locations throughout the US.
Verano Founder and CEO George Archos touts this merger as a “game-changer in the U.S. cannabis industry.”
“This combination will create a significant opportunity to expand our business into limited-license markets and scale both our wholesale and retail operations,” he says.
George Archos – Verano Founder and CEO
AltMed chair and CEO Michael Smullen said they “share Verano’s enthusiasm for this transformative business combination.”
We had a brief interview with Mike Smullen, the Chairman, CEO and co-founder of AltMed’s Alternative Medical Enterprises.
AZ Cannabis News asked
“How do you plan on grabbing Arizona consumers’ attention?”
“I think the announcement of two great operators coming together in Arizona – both Verano and Alt Med, I think will trigger some excitement. What will get more people more excited is when we start talking about the large array of products that we’re going to have available to them. Verano is known for producing high end flower out of their facilities, we will bring a lot of that to Arizona as well. It comes down to two things that we’ve done very well, having great products and great customer service. Both Muv and Verano are really committed to that. We are really impressed with their customer focus, it is very similar to what we have. Getting a larger footprint in Arizona and being able to bring all of what I just described to you to the patients,” said Mike Smullen.
Mike Smullen – Mike Smullen, the Chairman, CEO and co-founder of AltMed’s Alternative Medical Enterprises.
“How many active locations are in Arizona and how many do you plan on having in the future?”
“Right now we only have one store in Arizona. We’re in the midst of moving that store across the street to a large bank building that we bought. We are going to go from 1,500 to 6,500 sq. ft. That is going to be a terrific space for us. We would like to secure probably anywhere from 2-4 stores over the course of the next several months. Of course at the same time to support that, particularly in the face of adult use just being approved in Arizona, we’ve had to build out our grow facility. We are in the process of adding 50,000 sq. ft. of high end greenhouse on our property where we have our indoor grow. The goal would be to get us in the range of 150,000 sq. ft. of grow facility.”
Mike Smullen, the Chairman, CEO and co-founder of AltMed’s Alternative Medical Enterprises.