CannaRoyalty Investee, AltMed, Opens First Arizona Dispensary
AltMed plans to open additional MüV by AltMed dispensaries in Arizona and Florida
Ottawa, Canada – September 5, 2017 – CannaRoyalty Corp. (CSE: CRZ) (OTCQX: CNNRF) (“CannaRoyalty” or the “Company”), an active investor and operator in the legal cannabis industry, is pleased to announce that one of its investee companies, Alternative Medical Enterprises LLC (“AltMed”), has opened its inaugural MüV by AltMed dispensary in Phoenix, Arizona. The dispensary launch represents an important milestone as both AltMed Arizona and AltMed Florida expand to become fully integrated leaders in medical cannabis production and dispensing. In Florida, MüV products are expected to be available for patients during the first quarter of 2018. CannaRoyalty receives a 3.5% royalty on the net sales of MüV products until July 2026. CannaRoyalty also currently holds an 8.3% ownership stake in AltMed, as well as the right to license MüV products in Canada, California, Nevada, Massachusetts, Washington, Oregon, and Puerto Rico.
“This is a significant milestone toward the achievement of AltMed’s strategic objectives and value creation for CannaRoyalty shareholders,” said Marc Lustig, CEO of CannaRoyalty. “We are proud to be partnered with the experienced team at AltMed, we congratulate them on this significant step and look forward to continuing to work closely together on the outstanding opportunities that exist within the Arizona and Florida markets.”
AltMed Enterprises CEO Michael Smullen added, “we are in the very enviable position of being able to master all facets of fully integrated operations with our experience in the development, production and now dispensing of medical cannabis in Arizona. Our Arizona platform will also enable us to transfer our expertise and proven success in that market, to Florida.”
AltMed’s first dispensary in Phoenix will make the entire line of MüV cannabis infused products available in one location for Arizona patients. It will offer order-ahead pickup and delivery, and beyond the MüV line, a wide selection of flower strains and products will be available to meet every patient’s needs. Beyond the new dispensary, AltMed will also continue to offer its popular MüV products wholesale to many other dispensaries throughout the state.
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.
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.
CannaRoyalty is an active investor and operator in the legal cannabis sector. Our focus is building and supporting a diversified portfolio of growth-ready assets in high-value segments of the cannabis sector, including research, consumer brands, devices and intellectual property. Our management team combines a hands-on understanding of the cannabis industry with seasoned financial know-how, assembling a platform of holdings via royalty agreements, equity interests, secured convertible debt, licensing agreements and its own branded portfolio.
For further inquiries, please contact:
Marc Lustig, CEO
Jonathan Ross, CFA
LodeRock Advisors Inc.