AltMed

About AltMed

Alternative Medical Enterprises, LLC, operating as AltMed Enterprises, was a vertically integrated medical cannabis company that applied pharmaceutical industry precision to its operations. The company was founded in 2014 by Michael Smullen, a former pharmaceutical executive. Smullen's entry into the cannabis sector was deeply influenced by personal experiences, including his daughter's struggle with epilepsy and his brother's battle with cancer, which fueled his commitment to developing alternative therapies.

Headquartered in Sarasota, Florida, AltMed managed the entire lifecycle of its products, from research and development to cultivation, production, and dispensing. The company served the medical cannabis markets in Florida and Arizona, operating a chain of dispensaries under its flagship retail brand, MÜV™. The MÜV brand, first launched in Arizona in 2016, gained significant recognition for its product quality and consistency. Its product portfolio included a variety of medical cannabis options, such as transdermal patches, tinctures, and other infused products developed through a science-focused R&D pipeline.

AltMed's business model encompassed both direct-to-patient retail sales through its MÜV dispensaries and wholesale distribution of its products. A key strategic milestone was its partnership with Plants of Ruskin, a multi-generational agricultural leader, which provided the cultivation expertise and licensing pathway crucial for AltMed's expansion in Florida. This collaboration allowed AltMed to handle product development and sales while Plants of Ruskin managed the cultivation. In November 2020, a definitive merger agreement was announced with Verano Holdings, a major multi-state cannabis operator. The acquisition was completed in February 2021, integrating AltMed into Verano and creating one of the largest private cannabis companies in the U.S. Following the merger, the combined entity continued to operate under the Verano name, with AltMed's key leadership, including Michael Smullen and John Tipton, joining the new management team and board.