Medicine Man Technologies to Bolster Retail Distribution Channels with Planned Acquisition of Colorado Harvest Business
- Colorado Harvest Business operates 3 retail centers in the Denver Metro location and is the Company’s ninth proposed acquisition in 2019
- Business will advantage from added retail scale and cross-promoting possibilities provided its existing approach to obtain a speedy-increasing portfolio of providers and brands
- Sector pioneers Tim Cullen and Ralph Morgan, Co-Founders of Colorado Harvest Business, bring a wealth of retail knowledge and their proprietary, all-all-natural strains to the Business
DENVER, Sept. four, 2019 /PRNewswire/ — Medicine Man Technologies, Inc. (OTCQX: MDCL) (“Medicine Man Technologies” or the “Company”), announced currently that it has entered into a binding term sheet to obtain Colorado Harvest Business (“Colorado Harvest”), an operator of two major cannabis dispensaries in Denver and 1 in nearby Aurora.
Below the terms of the transaction, Medicine Man Technologies will acquire Colorado Harvest for $12.five million, or 1.25 instances its anticipated 2019 income of $10 million. The acquire price tag will consist of $four million in money and $eight.five million in Business 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 business 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 knowledge, Tim and Ralph have perfected their formula for increasing cannabis naturally with a concentrate on utmost high-quality employing environmentally sensitive develop practices that several shoppers love.”
Their combined cannabis understanding even led them to start making CO2-extracted cannabis oil that they later turned into a enterprise known as O.penVAPE, now the major cannabis private vaporizer in the nation.
Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies
Adding their deep retail, cultivation, and solution improvement knowledge to the Business will prove extremely advantageous as we continue with our plans to vertically integrate our organization 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 business by permitting outdoors investors to invest in the Colorado cannabis space,” mentioned Tim Cullen, Chief Executive Officer of Colorado Harvest Business. “Following the passage of this law, the time was under no circumstances far more suitable for us to join the outstanding group at Medicine Man Technologies, who is now free of charge to invest in the business, provided the synergies involved. Their increasing group of Colorado cannabis pioneers is extremely impressive, and we are satisfied to be aligned with their joint efforts, all quickly to be beneath 1 roof. Moreover, 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 approach in their efforts to create the region’s premier cannabis enterprise. We are delighted to join them in this subsequent leg of development.”
For far more info about Medicine Man Technologies, please stop by https://www.medicinemantechnologies.com.
About Colorado Harvest Business
Founded in 2009 by Tim Cullen and Ralph Morgan, Colorado Harvest Business has an comprehensive choice of high-quality concentrates, edibles, and more than 70 strains of in-property cannabis. The dispensaries have a reputation of offering high-quality solutions at a fantastic worth with a knowledgeable and friendly employees. Colorado Harvest Company’s two modern day develop facilities provide the 3 robust retail places with fresh batches of Colorado’s finest indoor strains, many instances per week.
About Medicine Man Technologies
Denver, Colorado-primarily based Medicine Man Technologies (OTCQX: MDCL) is a quickly increasing provider of cannabis consulting solutions, nutrients and supplies. The Company’s client portfolio incorporates active and previous clientele in 20 states and 7 nations all through the cannabis business. The Business has entered into agreements to grow to be 1 of the biggest vertically integrated seed-to-sale operators in the international cannabis business. Present agreements will allow Medicine Man Technologies to supply cultivation, extraction, distribution and retail pharma-grade solutions internationally. The Company’s intellectual house incorporates the “Three A Light” methodology for cannabis cultivation and the pending acquisition-candidate MedPharm’s GMP-certified facility, which has the very first cannabis study license to conduct clinical trials in the United States. Management incorporates decades of cannabis knowledge, a exceptional mixture of very first movers in industrial cannabis and established Fortune 500 corporate executives.
Original press release
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