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| MDCL Continues Vertical Integration with Binding Term Sheet for Canyon LLC - Colorado's Premier Maker of Premium-Infused Edibles |
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 Hot Stock to Watch |
Company: Medicine Man Technologies Inc. (OTCQX: MDCL)
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Last:
Price: 3.93
Change (%): + 0.04 (1.03)
Volume: 87,284 |
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Medicine Man Technologies to Increase Its Manufacturing Efficiencies and Branded Product Offerings with Binding Term Sheet for Canyon LLC
DENVER, Sept. 12, 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 Canyon LLC (“Canyon”), a leading Colorado manufacturer of all-natural, discreet, and highly effective premium-infused edibles.
Under the terms of the transaction, Medicine Man Technologies will purchase Canyon LLC for $5.13 million, payable in cash and common stock of the Company that will be determined and set forth in the long form agreement among the parties. The cash consideration, however, will not be greater than $2.565 million and the shares of common stock will be valued at $3.07 per share. Based upon the year-to-date results, Canyon is expected to generate gross revenues of $3.3 million in 2019. The purchase price may be subject to adjustment, which will be detailed in the long form agreement entered into among the parties.
“Our latest series of announcements have been predicated on building out our footprint of retail dispensaries,” said Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. “Canyon has been on our radar for several years given its strong following and high quality manufacturing and extraction methods. Its proprietary process using CO2 to extract cannabis oil from plant materials yields flavorful products. From hard candies, capsules, and micro-dosed gummies to its cannabis-infused beverages, the unique products derived from its cannabis oil have gained a deserving reputation and garnered a tremendous customer base. We believe this acquisition is important in furthering the build-out of our infrastructure and diversifying our branded product offerings.”
“Like Andy and the rest of his growing family of industry pioneers, we have been around since before the state went recreational,” said Morgan Iwersen, Founder, Co-Owner, and Chief Executive Officer of Canyon LLC. “We have conducted business with Andy over the years and have also come to recognize and admire him for being an influential driving force for our industry. With a lot of bigger corporate competitors looking to enter the state now, we felt it was time to join the Medicine Man Technologies family to help build a stronger unified company that can remain competitive with these larger corporations but still maintain the authenticity of our Colorado roots.”
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