Medicine Man Technologies (OTCQX:MDCL) Expects to Exceed 3rd Qtr. Guidance, Adding New Clients in Ohio and Pennsylvania
October 10 2018 - 10:15AM
InvestorsHub Cannabis NewsWire
Medicine Man Technologies
Provides a
Client and General Performance Update
DENVER, CO --
October 10, 2018 -- InvestorsHub NewsWire -- Medicine Man
Technologies Inc. (OTCQX: MDCL) (“Medicine
Man Technologies” or “Company”), 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 (CSE: 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 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.
To be added to the Medicine Man email distribution list, please
email, MDCL@kcsa.com with MDCL in the subject
line.
For more information, visit us
at - www.medicinemantechnologies.com
or www.threealight.com
or www.thebigtomato.com.
Contact
Information:
KCSA Strategic Communications
MDCL@kcsa.com
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