(GlobeNewswire) - Medicine Man Technologies Inc. (OTCQB: MDCL) (Medicine Man or Company), one of the United States` leading cannabis branding and consulting companies is pleased to provide an update on international client and partnership activity.
The Company has recently entered into a contract for cultivation support with a German-based applicant competing for up to seven of the ten tender bids related specifically to growing medical cannabis in Germany. Medicine Man Technologies will be providing substantial support to the client in advance of the issuance of any final award, including indoor GMP-compliant facility design services, operating plan guidance, and cultivation standard operating procedures, among other deliverables.
The agreement marks Medicine Man Technologies first European-based medical cultivation client and further expands the Companys international presence that includes partnerships with Canadian and South African clients. The Company is actively exploring additional international opportunities with prospects from both South America and Australia that are seeking the best efficiencies and product quality from both indoor and greenhouse-based growing environments.
Joshua Haupt, Medicine Mans Chief Cultivation Officer stated, I am very pleased this opportunity has come our way and believe that we will be able to deliver to a superior indoor cultivation experience and knowledge base that should provide for a very solid foundation on which our Client may build their German brand presence.
This German client was referred to Medicine Man Technologies by an Israeli group with whom the Company plans to develop an independent partnership for further international expansion of our Cannabis related products and services, in particular focusing on GMP based indoor and greenhouse cultivation facility design and deployment.
Medicine Man Technologies is also pleased to announce the formation of a working relationship with Orion GMP Solutions (www.oriongmp.com) which should help ensure that the Companys cultivation facility designs meet GMP standards where required internationally as well as here in the US.
Brett Roper, Medicine Mans Chief Executive Officer commented, We continue to experience a substantial increase in international inquiries as Medicine Mans reputation and new client pipeline continues to grow. These inquiries have been driven by a need among cannabis growers internationally to create both a highest quality, GMP based indoor growing environment as well as a desire to enhance the overall efficiency of operating cultivation related facilities. Our relationship with Orion GMP Solutions should allow us to quickly advance our already efficient designs to meet GMP standards where required globally. As a Company, we remain confident that our superior cultivation methodologies as demonstrated by the Three-A-Light and Success Nutrients brands provide a tangible competitive advantage to Medicine Man Technologies clients and are convinced that new relationships such as these provide us with a unique value in being able to generate quality inquiries that will lead to strong long-term relationships in the industry.
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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 fifty-nine active clients in California, Oregon, Colorado, Nevada, Illinois, Michigan, Arkansas, Pennsylvania, Florida, Ohio, Maryland, and Puerto Rico in the United States and territories, and Australia, Canada, Germany, and South Africa, internationally. 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 its Brands Warehouse concept.
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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