2 months ago Share Finding the right business partner can be daunting and costly if it goes south. A $100 million company’s road to bliss started out with some bumps.
Sarasota medical cannabis company AltMed Enterprises had a rough go the first time it entered into a partnership agreement with another company.
Back then, in 2014, the then-new company invested $850,000 in a potential partnership with a company in Arizona, to grow and develop products together. Soon after AltMed cut the check, the would-be partner made off with the money. “That was probably $850,000 more than we really had,” AltMed Founder Michael Smullen recalls. “It was like the wild, Wild West when we started out. We found there are a lot of people in this industry you wouldn’t want to do business with.”
Verano Holdings Enters into an Agreement for a Go-Public Transaction in Conjunction with AltMed omaha.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from omaha.com Daily Mail and Mail on Sunday newspapers.
One of Florida s leading medical cannabis providers is merging with a Chicago-based cannabis company and the combined firm is going public in Canada.
AltMed, based in Sarasota, is combining with Verano Holdings LLC of Chicago. Verano, according to a news release, does business in 12 states and sells artisanal cannabis products under the consumer brands Encore, Edibles, Avexia and Verano.
The company also plans to go public in Canada by participating in a reverse takeover of Alberta-based reporting issuer Majesta Minerals Inc. The Canadian reporting company resulting from the transaction will be called “Verano Holdings Corp.”
The reverse takeover, which includes the AltMed/Verano merger, is expected to close in the first quarter of 2021. The combined company will operate under the Verano name and become one of the three largest multi-state operators of cannabis products in the U.S. It will have a total of eight cultivation facilities and 48 active retail locations
December 15, 2020 at 7:28 am Published by NCV Newswire
Verano Holdings Enters into an Agreement for a Go-Public Transaction in Conjunction with AltMed Merger
CHICAGO, Dec. 15, 2020 (GLOBE NEWSWIRE) Verano Holdings, LLC (“Verano” or the “Company”), a leading multi-state cannabis operator, today announced it has entered into a definitive agreement to consummate a go-public transaction in Canada (the “Transaction”). The Transaction will be effected by Verano participating in a reverse takeover (the “RTO”) of Majesta Minerals Inc. (“Majesta”), a reporting issuer in Alberta, Canada, with the resulting Canadian reporting company being named “Verano Holdings Corp.” (the “Resulting Issuer”). The consummation of the Transaction is subject to the approval of Majesta’s shareholders, antitrust and other regulatory approvals, court approval and other customary closing conditions. It is a condition of closing that the subordinate voting shares of the Re