Denver, CO, Feb. 07, 2018 (GLOBE NEWSWIRE) -- DENVER, CO, February 7, 2018 --- Medicine Man Technologies Inc. (OTCQB: MDCL) (“Medicine Man” or “Company”), one of the United States' leading cannabis branding and consulting companies, is pleased to provide an update on new client activity.
Since its last client update in December of 2017, Medicine Man has entered into ten new license and/or service agreements, including six based in Michigan, one based in Massachusetts, one based in Maryland, one based in New Jersey, and one based in Canada.
The Company also entered into an expansion agreement with one of its California-based Cultivation MAX clients that plans to triple its original space footprint (to 1492 flower lights from the original 480 planned for its indoor cultivation operation). The first phase of operations for this group should become active in late March with the expansion phase expected to come online later this summer. Three of the company’s California based cultivation clients have now secured temporary licensure status for cultivation operations in addition to the Denver Consulting Group’s Long Beach dispensary client becoming operational late last year.
Joshua Haupt, Medicine Man Technologies’ Chief Revenue Officer added, “As new Cultivation MAX clients come online throughout this year we plan to expand the number of our senior cultivation team members so that we may meet the increasing demand for our training and deployment services. We will continue to focus our work on the improvement of our unique and proprietary combination of cultivation methodology and nutrients so that all our clients may remain at the top of their business game, regardless of the state or country in which they operate. It is my firm belief that with the proper facility designs and training, our clients should be able to achieve some of the highest quality as well as quantity-based yields in the industry for both indoor and greenhouse-based cultivation facilities.”
Brett Roper, Medicine Man Technologies’ co-founder and CEO commented, “We continue to experience a strong year over year increase in both U.S. as well as international inquiries as our reputation and expanding client base continues to evolve. As of this date, we have submitted several formal service proposals to prospective new clients in multiple states and are confident that our client base will continue to increase over time. More specifically, we expect the industry to gain new traction in the form of additional states considering Cannabis initiatives that over time, should continue to fuel our growth.”
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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 active clients in California, Oregon, Colorado, Nevada, Illinois, Michigan, Arkansas, Pennsylvania, Florida, Ohio, Maryland, Massachusetts, Puerto Rico, Canada, 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.
KCSA Strategic Communications MDCL@kcsa.com or visit us at www.medicinemantechnologies.com