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| MDCL Announces Biggest Acquisition in Company History |
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 Hot Stock to Watch |
Company: Medicine Man Technologies, Inc. (OTCQX: MDCL)
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Last:
Price: 3.543
Change (%): + 0.263 (8.02)
Volume: 302,427 |
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Medicine Man Technologies to Acquire an Additional Four Dispensaries from an Established Retailer - Largest Transaction in Company History
DENVER, Sept. 9, 2019 /PRNewswire/ — Medicine Man Technologies, Inc. (OTCQX: MDCL) (“Medicine Man Technologies” or the “Company”), announced today that it has entered into a binding term sheet to acquire four additional dispensaries in Colorado from a leading cannabis retailer.
Under the terms of the transaction, Medicine Man Technologies will purchase the group of four dispensaries for $50,096,413, consisting of $25,048,206.50 in cash, the issuance of 4,202,720 shares of its common stock at a price of $2.98 per share, and a deferred cash payment of $12,524,103.25 to be made 12 months following the initial closing date.
“These four dispensaries to be acquired culminate a tremendous run over the last week in which we announced the planned acquisitions of 22 dispensaries in Colorado,” commented Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. “With an estimated 35% EBITDA margin, these retail stores are collectively expected to be some of the most profitable in our portfolio. We seek acquisition targets that meet strict operational and financial criteria, such as having a seasoned management team, commitment to high quality products and services, and strong revenue growth. Our new partners are aligned with our overall strategic objectives and will help accelerate our drive towards profitable growth, allowing us to compete and thrive in the rapidly changing cannabis industry. These shared core values will make our company culture even stronger and better positioned as we scale our business. The recognized and accomplished cannabis pioneers we are adding to our Company’s family distinguish us from many other industry competitors and will help us significantly expand our operations.”
The four dispensaries to be acquired in this transaction are located in Denver, Aurora, Pueblo West, and Mountain View, with the fifth location currently under construction.
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