Shareholders of Canadian Securities Exchange-listed shell company Majesta Minerals Incorporated will convene January 27 to review financial information disclosed by Chicago-based multi-state operator Verano Holdings and Florida-based multi-state operator Alternative Medical Enterprises (AltMed).
In November Verano and AltMed announced a definitive merger agreement. Then, in December Verano began circulating an investor deck with the intention to raise $75 million through a reverse takeover with Majesta that would value the combined company at nearly $3 billion.
According to a pro forma table included in Majesta Minerals’ shareholder report, Verano, with operations in 12 states, generated nearly $155 million in revenue during the first nine months of 2020. AltMed, one of Florida’s largest cannabis companies that also has a presence in Arizona, generated more than $87 million during the same period.
Verano co-founder and CEO George Archos, through various entities, will own more than 10 percent of the combined company.
The letter indicates that the transaction is scheduled to close in early February.