Medicine Man Technologies Becomes the First Publicly Traded Company Approved for Suitability by Colorado’s Marijuana Enforcement Division
The Company Continues to Make Significant Progress on Outlined Acquisition Strategy
DENVER--(BUSINESS WIRE)-- Medicine Man Technologies Inc. (OTCQX: MDCL) ("Medicine Man Technologies" or “the Company") announced that the Marijuana Enforcement Division (MED), a division of Colorado Department of Revenue, has approved the Company’s application for suitability.
Last year, the Colorado legislature passed, and the Governor signed House Bill 19-1090 which allowed publicly traded companies to own Colorado cannabis licenses. Soon after HB19-1090 went into effect, Medicine Man Technologies submitted a suitability application to begin the process of executing against the Company’s outlined acquisition strategy. This thorough state-mandated review is designed to ensure that the Company and its officers are suitable to run an above-board and compliant cannabis company.
“We are thrilled that Medicine Man Technologies is the first publicly traded company to receive suitability approval. This is a huge milestone in our march to become the largest cannabis company in Colorado,” said Justin Dye, Chief Executive Officer. “We appreciate the responsibility of running a credible cannabis company and are laser focused on merging Colorado’s leading cannabis companies into one organization with a true focus on consumers.”
Medicine Man Technologies has entered into agreements with 11 premier cannabis operators across Colorado to become one of the largest vertically integrated seed-to-sale operators in the global cannabis industry. Upon closing the series of pending acquisitions, anticipated to occur in 2020, the Company will have 13 cultivation operations, five product manufacturing operations, 34 dispensaries, and product development and innovation all under a single entity.
For more information about Medicine Man Technologies, please visit https://www.MedicineManTechnologies.com/.
About Medicine Man Technologies
Denver, Colorado-based Medicine Man Technologies (OTCQX: MDCL) is a rapidly growing provider of cannabis consulting services, nutrients, and supplies. The Company's client portfolio includes active and past clients throughout the cannabis industry in 20 states and seven countries. The Company has entered into agreements to become one of the largest vertically integrated seed-to-sale operators in the global cannabis industry. Current agreements will enable Medicine Man Technologies to offer cultivation, extraction, distribution and retail pharma-grade products. Management includes decades of cannabis experience, a unique combination of first movers in industrial cannabis and proven Fortune 500 corporate executives.
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control and cannot be predicted or quantified. Consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval to market our products and product candidates. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
Senior Director, Corporate Communications
Source: Medicine Man Technologies Inc.
Released March 11, 2020