Alternative Medical Enterprises, LLC (doing business as AltMed Enterprises), a Sarasota, Fla.-based integrated company that brings pharmaceutical industry precision to the development, production and dispensing of medical cannabis, closed a private placement financing of $35.4m.
Backers included an affiliate of MainLine Investment Partners and other investors.
The company intends to use the funds to launch in the medical marijuana marketplace of Florida, build out our 25 authorized dispensaries, grow its MÜV brand of premium cannabis products nationally & internationally and conduct R&D activities.
Led by Matthew Duffy, President and COO, Alternative Medical Enterprises is a fully integrated company that brings pharmaceutical industry precision to the development, production and dispensing of medical cannabinoids.
The company is currently in the process of expanding its cultivation facility from 50,000 to 150,000 square feet to accommodate demand.
Its MÜV cannabis products are sold in dispensaries across Arizona and are expected to be available for Florida patients beginning this summer.