Medicine Man Technologies Inc. (OTCQX: MDCL), one of the United States’ leading cannabis branding and consulting companies today provided the following client and business update.
In early September of 2018 our client, Grow Ohio Pharmaceutical became the first Level 1 medical marijuana cultivator with a provisional processing license to receive a Certificate of Operation from the Ohio Department of Commerce. The company’s newly commissioned 56,000 square foot facility is located on ten acres of reclaimed mining property in Zanesville, Ohio in Muskingum County. Grow Ohio Pharmaceutical was the third Level 1 provisional licensee to convert to a cultivation based operational license. As one of only seven processor licensees receiving provisional approved so far, they further expect to receive clearance in the near future for operational status of their processing license as well.
In late July our client, Calypso Enterprises, LLC of Pennsylvania was awarded a Cultivation and Processing license related to the Northwest Region of the state, achieving the third highest overall score in this second round of licensing that included over 100 applications. Calypso expects to be fully operational in the second quarter of 2019. It is also noteworthy that both Ohio and Pennsylvania have a limited number of licenses, supporting a medical only state-based mandate and that both clients are Cultivation MAX licensees.
The Company has also initiated support for several other new clients since our last update including those in Arkansas (cultivation), Oklahoma (cultivation and dispensary), Michigan (cultivation and dispensary), and Massachusetts (cultivation) and have been fielding multiple inquiries from several other states. The Company continues to work with its Canadian partner, Canada House Wellness (CHV) as they prepare to offer access to our combined IP and Success Nutrients line throughout Canada.
“Yesterday, we advanced our listing status from OTCQB to the OTCQX Marketplace which we believe will provide greater access to capital and open Medicine Man Technologies to a broader range of investors,” Brett Roper, Medicine Man Technologies’ co-founder and Chief Executive Officer commented. “This is a crucial step as we continue to expand our presence as one of the leading cannabis consultancies both domestically and internationally.”
Mr. Roper continued, “We also expect to exceed the guidance as provided in late July and as related to our 3rd quarter’s performance wherein we indicated a $4.5M revenue cycle with substantial profitability. Medicine Man Technologies is continuing to execute on its vision of expansion and growth that has been built upon a clearly defined path to profitability as achieved in the first three quarters of this year.”
Andy Williams, Chairperson of Medicine Man Technologies’ Board of Directors added, “As we continue to demonstrate our client facing skills in the Cannabis marketplace, we are confident we will be able to build on this foundation moving forward with our plans to become premier operator/owners in the years ahead. We believe this evolution into a “plant touching” or an operating company combined with our extensive history and strong reputation in the industry will provide for the creation of sustainable shareholder value based upon a sustainable path to profitability as we are currently demonstrating.”
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 the 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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KCSA Strategic Communications