Subject: MDCL Continues its Impressive Roll-up Strategy with Another Blockbuster Acquisition Details Inside

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MDCL Continues its Impressive Roll-up Strategy with Another Blockbuster Acquisition Details Inside
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Company: Medicine Man Technologies Inc. (OTCQX: MDCL)


Price: 3.055

Change (%): + 0.005 (0.16)

Volume: 12,911
MDCL Chart

Medicine Man Technologies Expands its Retail Capabilities with the Planned Acquisition of Roots Rx, a Highly Reputable Operator with Six Dispensaries and Cultivation Facilities

DENVER, Sept. 6, 2019 /PRNewswire/ — Medicine Man Technologies, Inc. (OTCQX: MDCL) (“Medicine Man Technologies” or the “Company”), is pleased to announce its latest binding term sheet to acquire Roots Rx, a cannabis operator with six dispensaries located in the ski and mountain towns of Colorado. The Company will also acquire Roots Rx’s outdoor cultivation facilities located outside of Aspen. This latest announcement comes on the heels of term sheets announced earlier this week to acquire a number of dispensaries, including retail locations using the Starbuds and Colorado Harvest Company brands and a series of independent dispensaries, which will bring the Company’s total dispensary count to 23 upon the successful closing of all the pending acquisitions.

Under the terms of the transaction, Medicine Man Technologies will purchase Roots Rx for a total price of $15 million, which will consist of $7.5 million in cash, the issuance of 1,779,661 shares of its common stock at a price of $2.95 per share, and a deferred cash payment of $2.25 million to be made a year following the initial closing date. Based on year-to-date results, management expects these six dispensaries to generate over $12 million in revenue in 2019 and in excess of $2.1 million in EBITDA.

“We’ve been regionally focused on plans to increase our retail capacity and expand our presence, and this move is consistent with our intention to vertically integrate our grow, manufacturing, and state-wide retail facilities,” stated Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. “We are especially excited to gain retail presence beyond the Denver metro area and into the mountainous and resort regions of the state through the Roots Rx locations. Medicine Man Technologies has built its foundation on aggregating a brain trust of the best and brightest pioneers of the industry. We are very pleased to welcome onto our team Robert Holmes and Steven Miller, two savvy and sophisticated operators, as well as their successful grow and retail stores. We feel that the combination of our businesses will result in operational synergies.”

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