Medicine Man Technologies Inc. Shows A Profit In Its First Full Year Of Operations
DENVER, April 15, 2016 /PRNewswire/ --Medicine Man Technologies Inc. (OTCQB: MDCL), a cannabis branding and consulting company providing assistance to developing cannabis companies throughout the US today announced that it generated strong growth in revenues as well as profits from operations in its first full year of operations.
The Company released its results of operations yesterday which included revenues for the fiscal year ending December 31, 2015 of $835,777 as compared to $251,891 generated in 2014; an increase of approximately 304%. Net income after taxes was $85,749 in 2015 (approximately $0.01 per share), which included a stock compensation expense of $79,725 as compared to a net loss in 2014 of $29,954 ($0.00 per share) in 2014 which included stock compensation expense of $54,230. Interested parties are encouraged to review the Company's Form 10-K for the Company's fiscal year ended December 31, 2015, as filed with the SEC, for a more detailed description of the Company's financial condition and prospects.
Andy Williams, the Company's CEO stated, "It really feels great that we have achieved our initial two-year goal of profitability in our first full year of operations. This performance is the direct result of the efforts of the great team we have assembled as well as having developed a sound business strategy that we believe will continue to be a strong component in the national Cannabusiness scene. As a result of these efforts we are optimistic about our ability to expand into other quality industry related opportunities as they present themselves."
Brett Roper, the Company's COO commented, "We have continued to generate several new clients in 2016 and look forward to the challenge of sustaining that growth through an ever evolving line of business services. We expect to continue to advance both our brand and presence in the industry as we work to continue our expansion nationally."
Paul Dickman, the Company's CFO added, "Having this first full year of operations under our belt has provided us with a substantial amount of experience we believe will serve as a solid foundation for our ability to attract, consider, and subsequently acquire other synergistic business elements into our ever expanding brand presence."
The Company's team recently completed support requiring extensive onsite time for licensure clients in Hawaii as well as Maryland and has successfully worked to assist clients to secure cultivation, production, and dispensary licenses in Colorado, Nevada, and Illinois.
About Medicine Man Technologies
Established in March 2014, the Company secured its first client/licensee in April 2014. To date, they have provided guidance for over thirty cannabis clients. Services focus on working with licensees and clients to 1) utilize its experience, technology, and training to help secure a license, 2) deploy the Company's highly effective variable capacity constant harvest cultivation practices and eliminate the liability of single grower dependence, 3) avoid the costly mistakes generally made in start-up, and 4) stay engaged with an ever expanding team of licensees all focused on quality and safety that will 'share' the ever improving experience and knowledge of the network. For further information please visit www.medicinemantechnologies.com
