Medicine Man Technologies to Bolster Retail Distribution Channels with Planned Acquisition of Colorado Harvest Firm
- Colorado Harvest Firm operates 3 retail centers in the Denver Metro location and is the Company’s ninth proposed acquisition in 2019
- Firm will advantage from added retail scale and cross-promoting possibilities provided its present tactic to obtain a rapidly-developing portfolio of organizations and brands
- Business pioneers Tim Cullen and Ralph Morgan, Co-Founders of Colorado Harvest Firm, bring a wealth of retail practical experience and their proprietary, all-all-natural strains to the Firm
DENVER, Sept. four, 2019 /PRNewswire/ — Medicine Man Technologies, Inc. (OTCQX: MDCL) (“Medicine Man Technologies” or the “Company”), announced nowadays that it has entered into a binding term sheet to obtain Colorado Harvest Firm (“Colorado Harvest”), an operator of two top cannabis dispensaries in Denver and 1 in nearby Aurora.
Below the terms of the transaction, Medicine Man Technologies will obtain Colorado Harvest for $12.five million, or 1.25 instances its anticipated 2019 income of $10 million. The obtain cost will consist of $four million in money and $eight.five million in Firm stock, equating to two,881,356 shares issued at $two.95 per share. The terms of the transaction can also be referenced in the Company’s eight-K, which outlines the closing situations and are conditioned upon the satisfaction or mutual waiver of specific situations, which includes regulatory approval.
“Tim and Ralph are early sector pioneers that constructed an avid following for their proprietary naturally grown strains when recreational cannabis was legalized in Colorado,” mentioned Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. “Given their several years of underlying cultivation practical experience, Tim and Ralph have perfected their formula for developing cannabis naturally with a concentrate on utmost high-quality employing environmentally sensitive develop practices that several customers love.”
Their combined cannabis understanding even led them to start making CO2-extracted cannabis oil that they later turned into a corporation referred to as O.penVAPE, now the top cannabis individual vaporizer in the nation.
Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies
Adding their deep retail, cultivation, and item improvement practical experience to the Firm will prove quite useful as we continue with our plans to vertically integrate our small business and appear for future cross-promoting possibilities from our expanding operations.
“Colorado HB 19-1090 has ushered in the subsequent phase of improvement for the Colorado cannabis sector by permitting outdoors investors to invest in the Colorado cannabis space,” mentioned Tim Cullen, Chief Executive Officer of Colorado Harvest Firm. “Following the passage of this law, the time was by no means additional ideal for us to join the outstanding group at Medicine Man Technologies, who is now cost-free to invest in the sector, provided the synergies involved. Their developing group of Colorado cannabis pioneers is quite impressive, and we are pleased to be aligned with their joint efforts, all quickly to be below 1 roof. In addition, the management group at Medicine Man Technologies is extremely achieved, and they are executing effectively on their program to bring monetary discipline and a clear tactic in their efforts to construct the region’s premier cannabis corporation. We are delighted to join them in this subsequent leg of development.”
For additional details about Medicine Man Technologies, please pay a visit to https://www.medicinemantechnologies.com.
About Colorado Harvest Firm
Founded in 2009 by Tim Cullen and Ralph Morgan, Colorado Harvest Firm has an in depth choice of high-quality concentrates, edibles, and more than 70 strains of in-residence cannabis. The dispensaries have a reputation of giving high-quality solutions at a excellent worth with a knowledgeable and friendly employees. Colorado Harvest Company’s two contemporary develop facilities provide the 3 robust retail places with fresh batches of Colorado’s finest indoor strains, a number of instances per week.
About Medicine Man Technologies
Denver, Colorado-primarily based Medicine Man Technologies (OTCQX: MDCL) is a quickly developing provider of cannabis consulting solutions, nutrients and supplies. The Company’s client portfolio consists of active and previous consumers in 20 states and 7 nations all through the cannabis sector. The Firm has entered into agreements to turn into 1 of the biggest vertically integrated seed-to-sale operators in the worldwide cannabis sector. Existing agreements will allow Medicine Man Technologies to present cultivation, extraction, distribution and retail pharma-grade solutions internationally. The Company’s intellectual house consists of the “Three A Light” methodology for cannabis cultivation and the pending acquisition-candidate MedPharm’s GMP-certified facility, which has the initial cannabis study license to conduct clinical trials in the United States. Management consists of decades of cannabis practical experience, a distinctive mixture of initial movers in industrial cannabis and verified Fortune 500 corporate executives.
Original press release
For truth-primarily based details on Medicine Man Technologies, view the company’s sponsored Investor Dashboard.
Get ahead of the crowd by signing up for 420 Investor, the biggest & most complete premium subscription service for cannabis traders and investors considering that 2013.