DENVER – Medicine Man Technologies, Inc. (OTCQX: MDCL) (“Medicine Man Technologies” or the “Company”), announced now that it has entered into a binding term sheet to obtain Strawberry Fields, an integrated cannabis operator positioned in Southern Colorado.
Medicine Man Technologies will buy Strawberry Fields for $31 million, consisting of $14 million in money and $17 million in widespread stock, happy by the issuance of five,704,698 shares of its widespread stock priced at $two.98 per share. The buy cost may perhaps be topic to adjustment, which will be detailed in the lengthy kind agreement entered into amongst the parties.
“The integration of Strawberry Fields into our household of Colorado pioneers will be impactful,” stated Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. “This transaction will deliver our Corporation with low-expense cultivation assets positioned in Pueblo, a increasing manufacturing facility, and branded merchandise. In addition we will be acquiring 4 retail places in Western and Southern Colorado, which includes a higher yielding retailer that is a leader in that component of the state. Adding Strawberry Fields to our portfolio will strengthen our tactic to turn out to be the top integrated cannabis operator of Colorado. Our broad and deep household of entrepreneurial pioneers with a shared vision and culture represent a special and effectively-positioned asset for investors who actually recognize the business.”
“We are thrilled to companion with Medicine Man Technologies and its increasing household of brands and dispensaries,” stated Mike Kwesell, Co-Founder and Companion of Strawberry Fields. “Colorado is the most competitive cannabis marketplace in the globe, and to know we will have the assistance from other productive business enterprise teams and effective operators all pulling in the similar path is rather considerable. We have been functioning with Medicine Man Technologies all through the years and they have lived up to their reputation for becoming a initial mover and strategic leader. Consequently, producing this deal was much easier in several respects mainly because of the constructive business enterprise experiences each sides have had with 1 a different more than the years. By operating below a single unified umbrella, we can all recognize business enterprise efficiencies and synergies to assistance develop the top cannabis firm in the Rocky Mountain area.”
The terms of the transaction can also be referenced in the Company’s eight-K, which outlines the closing situations that are dependent upon the satisfaction or mutual waiver of particular stipulations.
The Corporation lately announced a series of binding term sheets to obtain 34 retail dispensaries, which includes 4 from Medicine Man, 4 from Purplebees, 5 from Starbuds, 3 from Colorado Harvest Corporation, 4 from a group of dispensaries, six from Roots Rx, 4 from a different group of retail centers, and 4 from Strawberry Fields in today’s announcement.
About Strawberry Fields
Founded in 2010, Strawberry Fields presently has 4 recreational dispensaries in Colorado, two in Pueblo and 1 every single in Dumont and Trinidad, even though also operating 1 of the biggest cannabis greenhouses in the state. It has won numerous awards, which includes “Best Marijuana Retailer in Colorado” as effectively as “Best of Colorado Springs”.
About Medicine Man Technologies
Denver, Colorado-primarily based Medicine Man Technologies (OTCQX: MDCL) is a quickly increasing provider of cannabis consulting solutions, nutrients and supplies. The Company’s client portfolio involves active and previous clientele in 20 states and 7 nations all through the cannabis business. The Corporation has entered into agreements to turn out to be 1 of the biggest vertically integrated seed-to-sale operators in the worldwide cannabis business. Existing agreements will allow Medicine Man Technologies to give cultivation, extraction, distribution and retail pharma-grade merchandise internationally. The Company’s intellectual home involves the “Three A Light” methodology for cannabis cultivation and pending acquisition candidate MedPharm’s GMP-certified facility, which has the initial cannabis investigation license to conduct clinical trials in the United States. Management involves decades of cannabis expertise, a special mixture of initial movers in industrial cannabis and established Fortune 500 corporate executives.