DENVER, CO / ACCESSWIRE / June 8, 2018 / Medicine Man Technologies Inc. (OTCQB: MDCL) ("Medicine Man Technologies" or "Company"), one of the United States' leading cannabis branding and consulting companies today provided a significant update regarding new client as well as other elements associated with our corporate development.
Since its last update in mid-April, the Company is pleased to announce that one of its two Ohio dispensary clients has won a license, three clients in Pennsylvania having just completed their filings of cultivator/processor applications in mid-May, a cultivation client in Arkansas, a cultivation client in Canada, a cultivation client in California, and two clients in Michigan. The Company is also beginning to field multiple qualified inquiries from groups in Oklahoma, Missouri, and New Jersey for which it is confident new clients will be onboarding once regulatory elements are better defined.
Andy Williams, Chairperson of Medicine Man Technologies' Board of Directors stated, "We are pleased with our continuing expansion into new states as well as growth in our existing client base both here in the US and internationally. We were once again impressed with the quality of new leads generated as the result of our participation in the MJ Business NEXT conference (www.mjbizdaily.com) held this past month in New Orleans where Mr. Roper, our CEO was a featured presenter and participant in the invitation-only, CEO Executive Summit."
The Company is pleased to announce it has just raised an additional $1.0M in equity through a Board approved extension of its existing Regulation D offering to a single accredited investor and will be closing out this funding option in the very near future.
Joshua Haupt, Medicine Man Technologies' Chief Revenue Officer stated, "Based upon the depth and strength of our management team's experience, we are actively preparing to take advantage of various qualified plant touching opportunities nationally and internationally as we to work expand our core business. As we noted in our mid-April press release, we are in the final stages of due diligence in consideration of partnering with a publicly traded Canadian LP License holder for the exclusive deployment of both our nutrient line as well as our cultivation intellectual property with a focus on the Micro-Cultivator and Micro-Processor license types in Canada. We are confident that such operators utilizing our combined guidance will enjoy the lowest cost of operations as they take advantage of our proven indoor cultivation practices to produce quality and tested safe Cannabis related products."
Brett Roper, Medicine Man Technologies' co-founder, and CEO commented, "I am very disappointed with this week's veto of HB 18-1011 by John Hickenlooper, one that would have allowed fully reporting public companies to hold Cannabis licenses here in Colorado. The bill, which passed with the overwhelming support of our legislature earlier this year would have provided greater transparency as well as substantially improved access to capital allowing Colorado entrepreneurs to continue to lead the industry.
Mr. Roper continued, "With this veto Colorado based businesses will be forced to continue to sit on the sidelines while observing extraordinary investment in, strong economic growth of, and robust valuations evolve in Canada as well as internationally of Cannabis industry related businesses. We believe that the next Colorado Governor will have a favorable business perspective coupled to a more comprehensive understanding of our industry when this opportunity reappears on next year's legislative agenda. Medicine Man Technologies continues to be optimistic that this form of transparent ownership will become a reality in the near future, allowing Cannabis Businesses to continue to thrive here in Colorado as well as nationally."
Lastly and certainly not least, congratulations to our friends to the north as the passage of C45 now only requires amendment reconciliation in the House of Commons. We tip our hats to our Canadian friends and wish them well in their new adult use initiative's deployment!
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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SOURCE: Medicine Man Technologies Inc.