Medicine Man Technologies Applauds Passing of Colorado House Bill 19-1090
Newly Passed Legislation Provides Momentum Behind Pending Acquisitions of MedPharm Holdings, LLC and Medicine Man Denver
DENVER, April 29, 2019 /PRNewswire/ — Medicine Man Technologies, Inc. (OTCQX: MDCL) (“Medicine Man Technologies” or “Company”), a rapidly growing, vertically integrated operator, commented on the passage of House Bill 19-1090 by the Colorado Legislature and provided its plans to move forward with its pending acquisitions of MedPharm Holdings, LLC and Medicine Man Denver.
HB19-1090 was introduced in January 2019 with the intention to repeal the provision that prohibits publicly traded companies from holding a marijuana license. The bill was strongly sponsored by two Democrats and two Republicans, having passed unanimously out of the House Finance Committee on March 4 and then referred to the House Appropriations Committee. HB19-1090 passed out of the Senate Finance Committee with a vote of five to two on April 18 and was then passed on to the Senate Appropriations Committee. The second reading took place on April 23. The final decision of the bill was made by the full legislature on April 27, 2019 by a vote of 27-7-1. Governor Polis publicly supports this Bill, which is now awaiting his signature.
We greatly appreciate today’s announcement on the passage of HB19-1090, which will significantly impact Medicine Man Technologies and the overall cannabis industry. I’m proud to say our Company has served as a pioneer in this community and has supported this movement every step of the way. We now have the momentum behind us to accelerate the closing of our two acquisitions, MedPharm Holdings, LLC and Medicine Man Denver.
Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies
This is a monumental time for us and believe the growth potential is both substantial and compelling. We thank our legislative support and the support from our shareholders as we move forward in executing our vision as a leader and vertically integrated operator in the cannabis space.
House Bill 19-1090 repeals the Colorado legislative provision that prohibits publicly traded corporations from holding a marijuana license. The passing of HB19-1090 allows the Company to complete two of its pending acquisitions of MedPharm Holdings, LLC and Medicine Man Denver. Upon completion of the acquisitions, the Company will be granted operation of MedPharm’s three popular brands and first cannabis research license, along with full operation of Medicine Man Denver’s four retail and cultivation locations in Colorado, in addition to the Company’s current cultivation license. The combined companies anticipate a profitable 2019 with revenues exceeding a $40 million annual run rate.
For more information about Medicine Man Technologies, please visit https://www.medicinemantechnologies.com/
About Medicine Man Technologies
Medicine Man Technologies is a fully integrated operator in the cannabis industry, offering consulting, cultivation supplies and equipment, retail pharma-grade products, and turnkey solutions for cannabis producers, processors and retailers for nearly a decade. Medicine Man Technologies is leveraging its expertise and intellectual property to vertically integrate retail, cultivation, formulation and distribution operations. The Company’s client portfolio includes active and past clients in 18 states and seven countries.