Medicine Man Technologies Provides a Positive Outlook for 2018 Financial Performance and a General Corporate Update
Denver, CO, July 25, 2018 (GLOBE NEWSWIRE) -- Medicine Man Technologies Inc. (OTCQB: MDCL) (“Medicine Man Technologies” or “Company”), one of the United States' leading cannabis branding and consulting companies today provided the following update.
The Company projects the following revenue and profitability performance metrics:
- Projects a 14% 2nd quarter revenue growth to $1,380,000 over the $1,120,000 as reported in the 1st quarter of FY 2018
- Projects a 57% 2nd quarter FY 2018 revenue growth to $1,380,000 over the $882,000 as reported in the 2nd quarter in FY 2017
- Projects it will report a 6th consecutive quarter of revenue growth in addition to a 2nd consecutive quarter of profitability related to FY 2018
- Projects a 225% 3rd quarter 2018 revenue growth to $4,500,000 over the $1,380,000 as projected for its 2nd quarter in FY 2018
- Projects a 385% 3rd quarter 2018 revenue growth to $4,500,000 over the $965,000 as reported in the 3rd quarter period in 2017.
- Projects it will report a 7th consecutive quarter of revenue growth in addition to profitability for its 3rd quarter of operations.
- Projects a 156% growth in revenues to $9,000,000 for FY 2018 in comparison to the $3,529,000 as reported in FY 2017.
- Projects profitability for FY 2018 noting the combination of Q1 and projected Q2 profits are projected to reach $100,000 based upon the projection of approximately $2,500,000 of revenues
Since its last client update in mid-April of 2018, the Company has entered several new license and/or service agreements with clients in Arkansas, Oklahoma, and Michigan in addition to the one new Canadian based master licensing agreement as announced earlier this month with the Canada House Wellness Group (CSE: CHV).
The Company expects with its Q2 filing in August to qualify as well as file its application for a QX status listing, having engaged a highly qualified sponsor and as expected to be able to meet the criteria as currently listed for such status on the OTC Marketplace. We expect by the end of the 3rd quarter to have achieved QX status.
The Company expects to file its second quarter 10Q report prior to the published August 14th deadline and will also host an investor call to discuss its performance on a date and time to be announced shortly.
Brett Roper, Medicine Man Technologies’ co-founder and CEO commented, “We are pleased with the continuation of our ability to post solid operational results as projected for the second quarter of 2018, highlighted by the projected achievement of both a sixth consecutive revenue growth quarter and second consecutive profitable quarter in FY 2018. We believe that this performance has the Company firmly on track to achieving its general profitability goals for the year.”
Andy Williams, Chairperson of Medicine Man Technologies’ Board of Directors added, “We are keenly focused on our evolution into a Cannabis or “plant touching” related operating company and feel that next year will provide for an extraordinary opportunity for license holders here in Colorado to flourish. We will initially be exploring equity and operating opportunities outside of Colorado and have already begun to provide initial corporate development strategy services to several businesses here in Colorado in anticipation of a re-vitalized HB 18-1011 initiative moving into 2019. We truly believe the balance of 2018 and moving into 2019 will provide us with a significant number of new opportunities to expand our business both here in the US as well as internationally."
About Medicine Man Technologies, Inc.
Established in March 2014, the Company secured its first client/licensee in April 2014. To date, the Company has provided guidance for several clients that have successfully secured licenses to operate cannabis businesses within their state. The Company currently has or has had active clients in California, Iowa, Oregon, Colorado, Nevada, Illinois, Michigan, Arkansas, Pennsylvania, Florida, Ohio, Maryland, New York, Massachusetts, Puerto Rico, Canada, Australia, Germany, and South Africa. We continue to focus on working with clients to 1) utilize its experience, technology, and training to help secure a license in states with newly emerging regulations, 2) deploy the Company's highly effective variable capacity constant harvest cultivation practices through its deployment of Cultivation MAX, and eliminate the liability of single grower dependence, 3) avoid the costly mistakes generally made in start-up, 4) stay engaged with an ever expanding team of licensees and partners, all focused on quality and safety that will "share" the ever-improving experience and knowledge of the network, and 5) continuing the expansion of our Brands Warehouse concept through entry into industry based cooperative agreements and pursuing other acquisitions as they prove suitable to our overall business development strategy.
Safe Harbor Statement
This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the Securities and Exchange Commission. Among other matters, the Medicine Man Technologies may not be able to sustain growth or achieve profitability based upon many factors including, but not limited to, general stock market conditions. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings. We have incurred and will continue to incur significant expenses in our expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time.
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Contact Information: KCSA Strategic Communications MDCL@kcsa.com
Released July 25, 2018