Medicine Man Technologies Reports Second Quarter 2017 Results
Aug 17, 2017
OTC Disclosure & News Service
Denver, CO, Aug. 17, 2017 (GLOBE NEWSWIRE)
Medicine Man Technologies Inc. (OTCQB: MDCL), one of the United States' leading cannabis branding and consulting companies, reported financial results for the quarter ended June 30, 2017.
Financial and Business Highlights:
Revenues increased by 489% to $882,353 in the second quarter of 2017, from $149,766 in the corresponding period in 2016, driven by higher consulting-based revenues and the contribution of the newly acquired Pono Publications and Success Nutrient businesses.
The acquisitions of Pono Publications and Success Nutrients provide industry leading cannabis cultivation technologies and products.
These businesses generated $352,158 of revenue in the second quarter of 2017, providing full-quarter contributions to Company revenue.
Brett Roper named as Chief Executive Officer at the first annual shareholders meeting, replacing Andrew Williams who assumed Brett Roper’s prior role as Chairperson of the Board of Directors Named recognized cannabis cultivation expert, Joshua Haupt, as Chief Cultivation Officer.
The Company experienced extraordinary one-time expenses related to acquisition costs and stock compensation totaling $4,579,019, which accounted for more than the entire net loss in the second quarter of 2017.
Subsequent to the end of the second quarter, Medicine Man completed the acquisition of Denver Consulting Group in July 2017.
Demand for services and recent acquisitions have allowed our Company to grow from 5 full time and 2 part time positions at year end 2016 to 19 full time and 2 part time positions as of this date.
We have increased our Board of Directors to five persons, three of which are independent and held our first annual shareholder meeting in Denver on June 3, 2017.
“We are pleased with our second quarter results, which reflect the integration of Pono Publications, led by its flagship the Three A Light™ publication and Success Nutrients into Medicine Man Technologies,” commented Brett Roper, Chief Executive Officer of the Company. “We view these acquisitions as transformational, as not only do these businesses provide the Company with industry leading cultivation methodologies that we are already leveraging across our broad range of product and consulting services offerings, but also bring Joshua Haupt, their founder and a world-renowned cannabis cultivation thought leader, to Medicine Man Technologies as our Chief Cultivation Officer. We look forward to continuing to execute on our Brand Warehouse acquisition strategy, seeking synergistic companies across the cannabis industry that can support our U.S. and international expansion plan,” concluded Mr. Roper.
