Denver and Colorado-based cannabis consulting services, nutrients and supplies provider, Medicine Man Technologies has announced that it has signed a binding term, which grants the firm to acquire one of Colorado’s best edible and extracts companies by early 2020. As for the name of the latter firm, Medicine Man appears to have kept it covered.
Nonetheless, this acquisition means big news for Medicine Man, as bragging rights have been given to the firm in terms of helping to expand its portfolio to a whole new level. The terms of the agreement have been disclosed and it allegedly consists of common shares and a cash value of roughly $17.25 million.
Co-Founder and CEO of Medicine Man, Andy Williams appears to be fueled by the news as the company will now house a number of award-winning cannabis edibles products under its roof with additional access to over 600 cannabis dispensaries. He spoke highly of the manufacturers, noting that without them, current brands taking up most of the current market segments will not have gone to such heights.
Williams disclosed that this is just one of a number of acquisitions and is hopeful that this endeavor will take the firm a step closer to becoming a “vertically integrated, leading operator in Colorado.”
In addition to market opportunities, Medicine Man will be able to increase their selling capacities and introduce their products to an array of retailers. He said, “With this acquisition, we add key industry pioneers with a similar vision and vital experience that will ultimately prove compelling to our success.”