CannaRoyalty Investee, AltMed, Partners with Established Cultivator; Awarded Florida Medical Marijuana License
CannaRoyalty Corp. (CSE:CRZ)(CSE:CRZ.CN)(CNSX:CRZ)(OTCQX:CNNRF)("CannaRoyalty" or the "Company"), a fully integrated, active investor and operator in the legal cannabis industry, is pleased to announce that one of its investee companies, AltMed, has agreed to combine its Florida operations with Plants of Ruskin Inc. ("Ruskin"), a multi-generational Florida cultivator, to form AltMed Florida. Ruskin has been granted one of only nine Medical Marijuana Treatment Center ("MMTC") licenses in Florida.
The formation of AltMed Florida will open the entire Florida market to AltMed's award-winning line of MüV™ cannabis infused products, which are anticipated to be available to patients statewide in Q1-2018 via delivery and through MüV by AltMed Florida dispensaries. AltMed Florida will grow its dispensary footprint with up to 25 total dispensaries available to it, as patient demand grows. Ruskin owns and has already received zoning, land use and permitting for its state-of-the-art 150,000-square-foot cultivation and manufacturing facility.
"The Florida medical cannabis market is highly regulated and AltMed has been pursuing a license opportunity in the State since its inception in 2014. AltMed is now uniquely positioned to deliver positive patient outcomes, rapidly gain a strong foothold in this growing market and drive significant value for CannaRoyalty shareholders," said Marc Lustig, CEO of CannaRoyalty. "AltMed's growth over the past two years and the international recognition it has received for its innovative line of MüV™ products, has proven that bringing pharmaceutical-industry standards of research, testing and production to the legal cannabis space, translates into commercial success. We are confident that there is currently no better entity in the Florida market to address the needs of patients in that State."
CannaRoyalty currently holds an 8.2% equity stake in AltMed, a 3.5% revenue royalty extending to December 31, 2025 on a number of its MüV products, as well as the right to license MüV products in Canada, Puerto Rico, California, Nevada, Washington, Oregon, and Massachusetts. CannaRoyalty division CR Advisory Services Inc. also has an active consulting services agreement with AltMed.
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.
About Plants of Ruskin Inc.
Plants of Ruskin was established in 1979 with a focus on quality and attention to detail. Plants of Ruskin founders, the Dickman Family, are fourth generation farmers with a long history of working in conjunction with the University of Florida including an endowed chair specifically dedicated to plant improvement.
CannaRoyalty is a fully integrated, 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.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in CannaRoyalty's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements including the Company's expectations with respect to pursuing new opportunities and its future growth and other statements of fact.
Although CannaRoyalty has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US Federal Laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. CannaRoyalty disclaims any intention or obligation to update or revise such information, except as required by applicable law, and CannaRoyalty does not assume any liability for disclosure relating to any other company mentioned herein.