New Colorado Law Has Opened the State’s $1.5 Billion-A-Year Cannabis Industry to Outside Investors and Capital
DENVER, May 30, 2019 /PRNewswire/ — Medicine Man Technologies, Inc. (OTCQX: MDCL) (“Medicine Man Technologies” or “Company”), a rapidly growing, vertically integrated cannabis operator, today cited the signing of the Colorado House Bill 19-1090 by Colorado Governor Jared Polis and applauded the passage of the bill.
House Bill 19-1090 was introduced in January to repeal the provisions that prohibit publicly traded companies from holding a marijuana license. Sponsored by Representatives Gray and Van Winkle and Senators Gonzales and Hill, the bill went through the House and Senate Committees over the course of four months. The final decision was made on April 27, 2019 by the full legislature with a vote of 27-7-1, and with the signing of the bill by Governor Polis today, the bill was made effective immediately.
This is an incredible milestone, and we are witnessing a monumental occasion for the Colorado cannabis industry. At a time when cannabis is valued at $1.5 billion and is expected to grow to $2.1 billion by 2022 in Colorado alone, this legislation will serve to accelerate Colorado’s leadership position in the entire cannabis industry, and those entities fortunate enough to do business in our state – including our own.
Mr. Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies
This was a tremendous win for the industry and for Medicine Man Technologies as we approach closer to securing our acquisitions of MedPharm and Medicine Man Denver.
House Bill 19-1090:
- Allows publicly traded companies to hold a Colorado state marijuana license
- Creates two new kinds of ownership licenses – one license for individuals who own at least a 10% stake in a cannabis licensed company and the other for passive investors who own less than a 10% stake
- Repeals regulations that cap the number of out-of-state owners to 15 people and provisions that have blocked publicly traded companies and venture capital funds from participating in the cannabis market
For more information about Medicine Man Technologies, please visit https://www.medicinemantechnologies.com/.
For more information regarding HB19-1090, please visit https://leg.colorado.gov/bills/hb19-1090
About Medicine Man Technologies
Medicine Man Technologies is a fully integrated operator in the cannabis industry, offering consulting, retail pharma-grade products, and turnkey solutions for cannabis cultivators for over 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.