ATLANTA, Dec. 11, 2018 /PRNewswire/ -- Surterra Wellness (Surterra), one of the fastest growing health and wellness companies in the United States (U.S.), today announced its expansion into Nevada and partnership with Las Vegas-based The Apothecary Shoppe, a premiere, vertically integrated cannabis company. The all-cash transaction allows Surterra to expand beyond Florida and Texas into a third market to offer its brands and to continue The Apothecary Shoppe's commitment to providing natural, high-quality cannabis-based products to a growing market in Nevada.
"Adding The Apothecary Shoppe marks another milestone in our rapid expansion and our progress in becoming a global health and wellness company," said Surterra Chief Executive Officer William "Beau" Wrigley, Jr. "Founded by a team of physicians, The Apothecary Shoppe reflects our commitment to bringing life enhancing products to individuals seeking the health, wellness or enjoyment benefits of cannabis. We look forward to adding their premium cannabis products and world class retail service and experience to those who live in, and the 40 million who visit, Las Vegas."
Adding The Apothecary Shoppe to Surterra's existing markets of Florida and Texas gives Surterra access to one of the most important cannabis markets in the world and significantly expanded access to consumers due to the Nevada's adult use regulatory framework. Surterra is currently evaluating additional opportunities to expand in the Nevada market following the announcement. This transaction is subject to the State of Nevada Department of Taxation and local county regulatory approval.
"This partnership presents an extraordinary opportunity for Surterra to provide a best-in-class offering to Nevada customers from two trusted brands – The Apothecary Shoppe and Surterra," said Dr. Nick Spirtos, CEO and Founder of The Apothecary Shoppe. "There is clear alignment with The Apothecary Shoppe's values. We are excited that Surterra Wellness's experience and brand savvy will accelerate the growth of the cannabis market in Las Vegas and beyond."
With operations in Florida, Texas and now Nevada, Surterra is one of the largest U.S. providers of medical, wellness and lifestyle cannabis products. The company operates 16 Surterra Wellness Centers and over 300,000 square feet of canopy throughout Florida and is under contract to expand to over 500,000 square feet of cultivation by mid-2019. Demonstrating the company's rapid progression in an evolving wellness industry, Surterra expanded from 100 to over 550 employees in 2018 and anticipates continued aggressive expansion through organic growth as well as by entering new markets throughout 2019.
The partnership with The Apothecary Shoppe follows recent transformative milestones for Surterra, including:
In November, business leader and entrepreneur William "Beau" Wrigley Jr., former CEO of the Wrigley Co., became the company's CEO, in addition to being the Company's Chairman.
In September, Surterra reached a landmark global licensing deal with Jimmy Buffett's Margaritaville team to create a new medical marijuana brand, Coral Reefer.
About Surterra Wellness Founded in 2014, Surterra Wellness is one of the fastest growing and health and wellness cannabis companies in the United States. With licenses in Florida, Texas and Nevada, Surterra brings a broad portfolio of high-quality brands to meet the needs of individuals who choose the natural medical relief, wellness enhancing or lifestyle enjoyment benefits of cannabis products.
Surterra offers a wide variety of medical, health and wellness products in multiple delivery options including vaporizer pens, tinctures, oral sprays, topical creams, time released transdermal patches, and soon-to-be-launched softgels.
About The Apothecary Shoppe The Apothecary Shoppe was founded in 2014 by a team of physicians with a vision to bring health pain management alternatives to those in need. Based in Las Vegas, Nevada, The Apothecary Shoppe is an award winning medical and recreational cannabis dispensary offering a variety of cannabis-infused brands ranging from gourmet culinary to more traditional cannabis delivery options. The company was awarded the Best Cannabis Selection award in 2017 by the Las Vegas Medical Marijuana Association. It currently is the only cannabis store that operates 24/7 near the Las Vegas strip.