CannaRoyalty Corp. (CSE: CRZ) (OTCQX: CNNRF) announced this morning that one of its company’s investments, Alternative Medical Enterprises, LLC has closed a private placement financing of $35.4M.
CannaRoyalty Corp. invested $1.5 million in Alternative Medical Enterprises in 2015. According to the press release the investment has helped the companies growth and evolution, raising CannaRoyalty approximately 215% for its shareholders.
CannaRoyalty is a investment company involved in the legal medicinal and recreational cannabis industry located in North American. Their main focus is creating a portfolio of investments involved in manufacturing, distribution, and intellectual property, mostly in the California market which is the 6th biggest economy in the world.
The companies investment of $1.5M into Alternative Medical Enterprises was to expand the companies reach in Florida, where they are headquartered, and the medical cannabis industry in Arizona which recently has been said to have a shot at becoming a recreational state. Alternative Medical owns MUV which is a product development company that designed smoke-free cannabis products including topicals, inhalers, vaping products, shatter and crumble as well as oral sprays and tinctures.
AltMed CEO Mike Smullen gave this statement in the press release:
“The Financing will enable us to build out our 25 licensed dispensaries in Florida, expand 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 patients in Florida and Arizona. We are grateful to CannaRoyalty and CR Advisory for their expertise and assistance in getting our company to this stage.”