Medicine Man Technologies Secures over $1M in New Equity Capital from Outside as well as Inside Investors
DENVER, CO, September 21, 2017 — Medicine Man Technologies Inc. (OTCQB: MDCL), one of the United States’ leading cannabis branding and consulting companies is pleased to provide the following funding update relative to its recent regulation D filing in late August.
On or about August 29 th Medicine Man Technologies secured a $1M equity investment from a single accredited investor and is planning on securing additional investment capital as it deems wise in the very near future.
Additionally, on September 20 th Board Chairperson Mr. Andrew Williams and CEO, Mr. Brett Roper also purchased shares in this offering (25,000 and 30,000 respectively), choosing to pay a modest premium to the recent price represented in the marketplace so that their investment capital goes directly to the Company rather than to buy shares in the open market. Under this subscription agreement they are also subject to Rule 144 restrictions on selling.
Medicine Man Technology is a leading cannabis consultancy and ‘brand warehouse’ company in the U.S., providing first class cannabis consulting & technology, nutrients, and dispensary advisory services to a growing number of innovative cannabis companies across the country. Our technology solutions optimize yields and quality of product for our clients, helping to improve business performance and ultimately maximize their profits. This capital gives us additional resources to quickly and strategically expand our solutions to capture additional market share across the emerging, legal cannabis market.
Andrew Williams, Co-founder and Chairman of the Board
Mr. Williams continued, “When Medicine Man Technologies first started we were strictly a consulting company for new licensees in states promulgating new laws and regulations. While it was good business, there were limitations to its growth and longevity. We understood that limitation and took action to widen our customer base with Cultivation Max and added products and services, namely, Success Nutrients the Three-A-Light book, and the with Denver Consulting Group team. Our evolving business plan includes aggressive growth strategies for all our business lines, including strengthening our sales and marketing strategy. With these efforts underway, we will be continuing to work to target our next acquisition in line with our brands warehouse growth strategy.”
This is the first time since November of 2014 we have raised equity capital and I feel we are entering into this new growth mode with a very clear understanding of purpose. At this time, our use of funds plan is related to expansion of our existing product and service offerings as well as repayment of our remaining convertible debt incurred in October of 2016.
Brett Roper, CEO
I believe we will be able to complete our planned capital raise in the next few months noting these shares are priced at $1.0665 per share and include a warrant (one per share purchased) priced at $1.333 per share.”
About Medicine Man Technologies, Inc.
Established in March 2014, the Company secured its first client/licensee in April 2014. To date, the Company has provided guidance for several clients that have successfully secured licenses to operate cannabis businesses within their state. It currently has twenty eight active clients in 12 states and Puerto Rico, focusing on working with clients to 1) utilize its experience, technology, and training to help secure a license in states with newly emerging regulations, 2) deploy the Company’s highly effective variable capacity constant harvest cultivation practices through its deployment of Cultivation MAX, and eliminate the liability of single grower dependence, 3) avoid the costly mistakes generally made in start-up, 4) stay engaged with an ever expanding team of licensees and partners, all focused on quality and safety that will ‘share’ the ever-improving experience and knowledge of the network, and 5) continuing the expansion of its Brands Warehouse concept.
Source: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12289185
