Medicine Man Technologies Becomes the First Publicly Traded Company Approved for Suitability by Colorado’s Marijuana Enforcement Division
3/11/20, 5:40 PM
The Company Continues to Make Significant Progress on Outlined Acquisition Strategy
DENVER--(BUSINESS WIRE)-- Medicine Man Technologies Inc. (OTCQX: MDCL) ("Medicine Man Technologies" or “the Company") announced that the Marijuana Enforcement Division (MED), a division of Colorado Department of Revenue, has approved the Company’s application for suitability.
Last year, the Colorado legislature passed, and the Governor signed House Bill 19-1090 which allowed publicly traded companies to own Colorado cannabis licenses. Soon after HB19-1090 went into effect, Medicine Man Technologies submitted a suitability application to begin the process of executing against the Company’s outlined acquisition strategy. This thorough state-mandated review is designed to ensure that the Company and its officers are suitable to run an above-board and compliant cannabis company.
“We are thrilled that Medicine Man Technologies is the first publicly traded company to receive suitability approval. This is a huge milestone in our march to become the largest cannabis company in Colorado,” said Justin Dye, Chief Executive Officer. “We appreciate the responsibility of running a credible cannabis company and are laser focused on merging Colorado’s leading cannabis companies into one organization with a true focus on consumers.”
Medicine Man Technologies has entered into agreements with 11 premier cannabis operators across Colorado to become one of the largest vertically integrated seed-to-sale operators in the global cannabis industry. Upon closing the series of pending acquisitions, anticipated to occur in 2020, the Company will have 13 cultivation operations, five product manufacturing operations, 34 dispensaries, and product development and innovation all under a single entity.
