Medicine Man Technologies Provides a Client and General Performance Update
DENVER, CO / ACCESSWIRE / October 9, 2018 / 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 (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. This is a crucial step as we continue to expand our presence as one of the leading cannabis consultancies both domestically and internationally.
Brett Roper, Medicine Man Technologies’ co-founder and Chief Executive Officer
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 Mna 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.