Medical cannabis products maker AltMed picks up $35.4M
Sarasota, Florida-based Alternative Medical Enterprises LLC, a provider of medical cannabis products, has raised $35.4 million in a private placement. The investors included MainLine Investment Partners LLC.
Alternative Medical Enterprises, LLC (“AltMed”), a fully integrated company that brings pharmaceutical industry precision to the development, production and dispensing of medical cannabis, today announced it has closed a private placement financing of $35.4 million with an affiliate of MainLine Investment Partners, LLC (“MLIP”) and other investors.
“This Financing will help us to conduct a robust launch in the massive medical marijuana marketplace of Florida and build out our 25 authorized dispensaries,” said Matthew Duffy, AltMed President and COO. “It will also enable us to accelerate the expansion of our cultivation capabilities and increase our footprint in Arizona. We anticipate significant growth over the next few years as we expand our licensed facilities to meet the needs of medical cannabis patients in Florida and Arizona.”
Additionally, the investment will provide capital to grow AltMed’s award winning MÜV brand of premium cannabis products nationally & internationally. Funding will also clear the balance sheet of debt and allow AltMed’s industry leading R&D to continue to prosper.
MLIP is a sophisticated institutional investor focusing on investments in operating businesses and real estate assets, as well as private wealth management and multifamily residential property management. MLIP has approximately $1 billion of invested capital and assets under management. Its principals have managed over $3 billion of equity capital commitments in alternative investments since 1987.
“We see our investment in AltMed as a rare opportunity to gain a strong foothold in a once in a generation new growth industry,” said William Landman, managing principal of MainLine Investment Partners. “AltMed has demonstrated that they are and will be industry leaders in Florida, Arizona, nationally and globally.”
“The fact that MainLine has chosen AltMed for one of its first strategic investments in the cannabis industry serves as a powerful validation for our results to date, and our potential for future growth,” said Duffy.
AltMed’s award winning MÜV premium cannabis products are sold in dispensaries across Arizona and are expected to be available for Florida patients beginning this summer. AltMed Florida is currently in the process of expanding its state-of-the-art cultivation facility from 50,000 to 150,000 square feet to accommodate anticipated demand.
About AltMed Enterprises – Alternative Medical Enterprises, LLC, headquartered in Sarasota, FL and doing business as AltMed Enterprises, is a fully integrated company that brings pharmaceutical industry precision to the development, production and dispensing of medical cannabinoids.
About MÜV™ – The MÜV brand of cannabis infused products was launched in Arizona in 2016 and has quickly gained international attention and recognition. In its first six months alone, MÜV received four best of Arizona medical cannabis awards, including two first prizes for its proprietary extractions that are the basis of all MÜV products.
About MainLine Investment Partners – MainLine Investment Partners (“MLIP”) and its affiliates focus on investing in operating businesses and real estate assets, as well as private wealth management and multifamily residential property management. MLIP’s principals have managed over $3 billion of equity capital commitments in alternative investments since 1987, have approximately 70 combined years of experience working together, and are currently responsible for directly or indirectly overseeing the management of approximately $1 billion of invested capital and assets under management.