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," said Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. "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. 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.
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.
Forward-Looking Statements This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control and cannot be predicted or quantified. Consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; and (v) difficulties in securing regulatory approval to market our products and product candidates. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.