Medicine Man Archives - Green Market Report

Debra BorchardtMarch 12, 2020


Medicine Man Technologies Inc. (OTCQX: MDCL) become the first publicly-traded company to receive suitability approval by the state of Colorado. The Marijuana Enforcement Division (MED) has approved the company’s application for suitability.

“We are thrilled that Medicine Man Technologies is the first publicly-traded company to receive suitability approval. This is a huge milestone in our march to become the largest cannabis company in Colorado,” said Justin Dye, Chief Executive Officer. “We appreciate the responsibility of running a credible cannabis company and are laser-focused on merging Colorado’s leading cannabis companies into one organization with a true focus on consumers.”

Last year, the Colorado legislature passed, and the Governor signed House Bill 19-1090 which allowed publicly traded companies to own Colorado cannabis licenses. The state has a mandated review designed to ensure that companies are suitable to run an above-board and compliant cannabis company.

Medicine Man Technologies said it has entered into agreements with 11 premier cannabis operators across Colorado to become one of the largest vertically integrated seed-to-sale operators in the global cannabis industry. Once the company closes on this series of pending acquisitions, it will have 13 cultivation operations, five product manufacturing operations, 34 dispensaries, and product development and innovation all under a single entity.

Last year the company went on a spending spree. The company bought Roots Rx, a cannabis operator with six dispensaries located in the ski and mountain towns of Colorado. As part of the deal, the company got Roots Rx’s outdoor cultivation facilities located outside of Aspen. RootsRx cost $15 million and was also a combination of cash and stock. It acquired Colorado Harvest Company, which operates two dispensaries in Denver and one in nearby Aurora. That deal cost $12.5 million and was also a combination of cash and stock.

The company also said last year that it was picking up an additional four unnamed dispensaries for $36 million. Williams added, “This proposed acquisition of these additional dispensaries will continue the expansion of our retail presence in Colorado.”


StaffNovember 11, 2019


Neptune Wellness

Neptune Wellness Solutions Inc.  (NASDAQ: NEPT) (TSX: NEPT) stock fell over 6% to $3.32 after the company reported a decrease in sales. Neptune reported total revenues for the second quarter ending September 30, 2019, amounted to $6.5 million, representing an increase of 49% over the first quarter but a decrease of 8% versus last year’s $7 million for the same time period. The decrease in revenues was attributed to the timing of orders in the nutrition business.

The company also delivered a net loss of $20 million versus last year’s net loss of $3 million. The company blamed the increase in losses to an increase in stock-based compensation expense, depreciation and amortization and to accretion expense on contingent consideration combined with a lower adjusted EBITDA.

The adjusted EBITDA was a loss of $4.5 million versus a loss of $1.2 million last year. The increased Adjusted EBITDA. loss is due to investments made in the cannabis segment to grow the workforce in anticipation of increased sales volume as well as an increase in salaries and benefits at the corporate level. “The decrease can also be explained by an increase in litigation legal fees and additional SG&A coming from SugarLeaf,” read the company statement.

“We achieved a significant milestone in mid-October when we completed our Phase II capacity expansion. This additional capacity will alleviate our constraints in the near-term and help accelerate the company’s revenue growth in the cannabis segment. However, the start-up of our ethanol process has been longer than initially expected which has delayed the full ramp-up by one month to the end of December. With regards to our CO2 operations, we have been running seven days a week since the end of July and we are pleased with our yields and quality of extracts.” Said Stephen Lijoi, VP Operations.

Medicine Man

Medicine Man Technologies, Inc. (OTCQX: MDCL) delivered total revenue in the third quarter of $5,338,868, an increase of approximately 14% compared to revenues of $4,672,519 in the quarter ended September 30, 2018. Strong product sales and litigation revenue in the most recent quarter offset a one-time licensing sale in the same quarter of 2018. Unfortunately, Medicine Man reported net losses of $1,827,978 or five cents per share, versus last year’s net income of $4,950,601, or $0.18 per share.

“The third quarter of 2019 was a transformational one for the Company,” said Mr. Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. “We reported seven additional proposed acquisitions, bringing our total to 12 pending acquisitions, we filled a key leadership role within the Company and saw positive initiatives in the industry both locally and federally, which strengthened our industry-leading position. In looking at our operations related to the consulting services and our products, the continued positive trends we see in the third quarter are encouraging, as both grew at double-digit percentage growth rates.”

Operating expenses grew to $3,478,232 as compared to $1,842,954 for the same period in 2018. The increase was primarily attributable to non-cash, stock-based compensation and costs associated with activities related to building an infrastructure to ensure seamless integration of the company’s numerous pending acquisitions and to help build the proper platform for sustainable growth.

The company’s cash balance on September 30, 2019, was $15,204,587 as compared to $529,674 on September 30, 2018. The increased cash position was due primarily to the equity investment by strategic partner Dye Capital & Company.





DENVER,  May 3, 2018/AxisWire/ Medicine Man Technologies Inc. (OTCQB: MDCL) (“Medicine Man Technologies” or “Company”), one of the United States’ leading cannabis branding and consulting companies today provided financial results for the quarter ended March 31, 2018.

During the three months ending March 31, 2018, we generated revenues of $1,211,037, including consulting/licensing fees of $524,982, Cultivation Max revenue sharing of $192,545, reimbursements of $27,309, product sales of $459,335 and other revenue of $6,866. This as compared with the three months ending March 31, 2017, where we generated revenues of $541,136, of which $531,030 was related to consulting/licensing services and $10,106 was related to seminar and other revenues. By comparison, consulting and licensing revenues have remained very consistent quarter over quarter since March 31, 2017. Overall revenue increased during this three-month period over that of the prior year by $669, 901, or 124%, making this the fifth consecutive quarter on quarter revenue growth period achieved.

Costs of goods and services consisted of expenses related to the delivery of services and product procurement, totaled $373,518 during the three months ended March 31, 2018. This is compared to $165,159 during the same time period in 2017. This increase was due to the increase in sales of goods and an increase in salaries for the period.

Operating expenses during the three months ending March 31, 2018, were $1,059,367. This amount consisted of professional fees of $230,517, salaries of $466,256, advertising of $49,144 and general and administrative expense of $313,450. This as compared to general and administrative expenses incurred during the same three-month time period ending March 31, 2017, of $195,401, an increase of $118,049. Increased operating expenses during this three-month period were primarily attributable to salaries and related expenses, professional fees, as well as the cost increase of additional staff needed to service our expanding client base as reflected in our operating expense category.

As a result, we generated net income of $25,424 during the three months ending March 31, 2018 (approximately $0.001 per share), compared to net income of $112,363 during the three months ending March 31, 2017.

Brett Roper, Medicine Man Technologies’ co-founder, and CEO commented, “We are pleased to see a continuation of our quarter on quarter revenue growth trend, coupled with achieving modest profits in this quarter. We are beginning to work on strategies that will allow us to move up to a QX status company on the OTC markets later this year. When achieved, this uplisting will allow us to take better advantage of the Colorado House Bill 18-1011, which upon passing will allow fully reporting public company ownership of plant touching licenses in Colorado as we move into 2019.”

Andy Williams, Chairperson of Medicine Man Technologies’ Board of Directors added, “We are excited to be participating in the MJ Business NEXT conference next week in New Orleans where Mr. Roper will be a featured presenter and participant in the invitation-only, CEO Executive Summit. Additionally, Mr. Joshua Haupt will be participating in the Lead Cultivator program and I look forward to catching up with friends and business associates on the latest national and international trends.”
Joshua Haupt, Medicine Man Technologies’ Chief Revenue Officer stated, “We are really energized by our clients’ initial success with the deployment of our Cultivation MAX programs in Nevada and expect this service to drive increased revenues for both our Clients as well as Company well into the future. We have four new Cultivation MAX clients scheduled for full deployment between now and the end of summer and several more in our pipeline for deployment later this year.”

Since our last client update in April of 2018, the Company is pleased to report it is currently providing active cultivation support services to US-based clients in California, Illinois, Maryland, Nevada, Oregon, Ohio, and Puerto Rico as well as internationally in Canada, Germany, Australia, and South Africa, representing approximately 670,000 SF of total facility space. The Company is also working with clients seeking approvals to operate dispensary as well as cultivation facilities in Arkansas, Michigan, Massachusetts, and Pennsylvania.

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. The Company currently has or has had active clients in California, Iowa, Oregon, Colorado, Nevada, Illinois, Michigan, Arkansas, Pennsylvania, Florida, Ohio, Maryland, New York, Massachusetts, Puerto Rico, Canada, Australia, Germany, and South Africa. We continue to focus 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 our Brands Warehouse concept through entry into industry based cooperative agreements and pursuing other acquisitions as they prove suitable to our overall business development strategy.

Safe Harbor Statement
This press release may contain forward-looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the Securities and Exchange Commission. Among other matters, the Medicine Man Technologies may not be able to sustain growth or achieve profitability based on many factors including, but not limited to, general stock market conditions. Reference is hereby made to cautionary statements set forth in the Company’s most recent SEC filings. We have incurred and will continue to incur significant expenses in the expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long-term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time.

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Contact Information:
KCSA Strategic Communications

Debra BorchardtMay 3, 2018


It’s time for your Daily Hit of cannabis news for May 3 2018:

On The Site:

DEA Wins One

A panel of judges for the 9th U.S. Circuit Court of Appeals rejected a challenge filed by cannabidiol (CBD) producers against a Drug Enforcement Agency rule that classifies CBD as a Schedule I drug. The rule originated in 2016 when the DEA created a new Administration Controlled Substances Code Number for the term “marijuana extract,” which defined a marijuana extract as “an extract containing one or more cannabinoids that have been derived from any plant of the genus Cannabis…” This meant that CBD, regardless of whether it was extracted from hemp or cannabis, was now effectively a Schedule I substance.

Firing back at the DEA, the Hemp Industries Association filed a challenge against the rule, arguing that the agency overstepped its authority by scheduling substances that were not included in the Controlled Substances Act and that hemp-based CBD extracts were protected under state laws and Farm Bill provisions.  The HIA’s case hinged on whether or not the DEA rule violated agricultural laws, which the justices determined it did not and consequently ruled in favor of the DEA.

ABcann Global Corporation

ABcann Global Corporation (ABCCF) reported net sales of C$922,030 in 2017 versus C$525,940 in 2016.  The annual report or business update did not provide much in the way of standard financial reporting with regards to profits or losses. ABcann’s 2017 audited annual financial statements showed a cash balance on December 31, 2017, of $70.8 million and operating expenses totaling C$27.5 million.

Namaste Technologies

After posting an impressive second quarter financial earnings, the cannabis-tech company Namaste Technologies (NXTTF) has started makings moves in the world of artificial intelligence.

Today the company announced that they have executed a definitive agreement to acquire Findify AB, a Swedish corporation on the forefront of A.I. powered e-commerce personalization, delivering solutions such as personalized search, recommendations, and advanced data analytics.

In Other News

Medicine Man Technologies Inc.

Medicine Man Technologies Inc. (MDCL) reported financial results for the quarter ended March 31, 2018. Medicine Man generated revenues of $1,211,037 as compared with the three months ending March 31, 2017, where it generated revenues of $541,136. Overall revenue increased during this three-month period over that of the prior year by $669, 901, or 124%, making this the fifth consecutive quarter on quarter revenue growth period achieved.

Harvest One Cannabis Inc. 

Harvest One Cannabis Inc. (TSXV: HVT)  is acquiring all the outstanding shares of Dream Water Products Canada Inc. and Sarpes Beverages, LLC in exchange for a combination of US$12.5 million in cash and C$18.5 million in shares at a deemed price of C$1.00 per share, representing total consideration of approximately C$34.5 million. After closing, Harvest One will continue to hold a substantial cash position of approximately C$62 million and zero debt. As part of this Transaction, the combination of Dream Water Canada and Dream Water USA will become Dream Water Global (“Dream Water”) and own the worldwide rights and all intellectual property to and for Dream Water.

CannaRoyalty Corp.

CannaRoyalty Corp. (CNNRF) announced that it has received renewed licenses for Kaya Management Inc., Alta Supply Inc., Vista Distribution Inc., and Zenco Manufacturing Inc. Kaya and Alta are wholly-owned subsidiaries of CannaRoyalty, and the company’s active cannabis operations in California are exclusively carried out through these two entities. The company intends to apply for permanent licenses in both the adult use and medical categories in due course during 2018, and a further update will be provided on receipt of such permanent licenses.


StaffApril 16, 2018


This is your Daily Hit of cannabis news for April 16, 2018:

On The Site

Medicine Man Technologies 

Medicine Man Technologies (MDCL) announced today the preliminary financial resultsfor the quarter ending on March 31, 2018, and provided an update to shareholders on recent client activity. The company reported approximately $1.2 million in revenue for the quarter, a 122% increase over the same quarter last year and representing the fifth consecutive quarter of revenue growth. Expecting to reach the profit/loss breakeven point this quarter, the company has repaid all of its outstanding debt.

Aphria Inc.

Ontario-based Aphria Inc. (APHQF) reported that its revenues for the third quarter ending February 28 were C$10.2 million versus last year’ C$5.1 million for the same time period, an increase of 100%. Revenue increased 20% sequentially from C$8.5 million. Gross profits for the quarter were C$8.5 million over last year’s C$3.5 million. The net income for the quarter was C$12.9 million, a nice increase over last year’s C$4.9 million. The increase in net income relates to the strength of Aphria’s investment portfolio, including its realized gain on sale of its non-escrowed shares in Liberty Health Sciences, Ltd. in the quarter. 



According to a March survey done by MedReps, 46% of pharmaceutical sales representatives reported that they expect medical marijuana legalization and stricter opioid laws to have a positive impact on their jobs.

MedReps, an online healthcare sales job site, conducted a survey of 500 sales professionals in medical and pharmaceutical sales, as well as non-medical and non-pharmaceutical sales.


In Other News

Veritas Pharma Inc. 

Veritas Pharma Inc.  (VRTHF) announced it entered into an agreement to acquire 50% of 3 Carbon Extractions Inc. The remaining 50% equity interest can be acquired by Veritas based upon a value to be decided by a qualified independent business valuator. The purchase price for which shall be paid in cash or in fully paid and non-assessable common shares of Veritas, or in a combination thereof, as may be determined by the Company in its discretion. The shareholders of 3 Carbon will receive aggregate consideration of $300,000 US and 1,500,000 common shares in the capital of the company.

Emblem Corp.

Emblem Corp. (EMMBF) appointed Maria Guest as Chief Marketing Officer to its executive team. The company also named Kim Horrill as Vice President of Medical Marketing and Tim Andrews as Vice President, Creative Director. The foregoing appointments remain subject to the approval of the TSX Venture Exchange. Prior to joining Emblem, Maria Guest spent 20 years building brands and developing new products and innovations within the highly regulated and competitive alcohol industry. Ms. Guest most recently led marketing efforts behind iconic brands like Corona, Stella Artois, Bud Light, Michelob Ultra, and Alexander Keith’s.

Aurora Cannabis Inc.

Aurora Cannabis  (ACBFF), CanniMed Therapeutics Inc. and CTT Pharmaceutical Holdings, Inc., announced that the three companies have entered into an agreement that provides Aurora, through its ownership of CanniMed, with joint exclusivity on the distribution in Canada of CTT’s novel, patented drug delivery technologies. This collaboration includes the licensing by CTT to CanniMed and Aurora of six patents related to cannabinoid delivery for pain management that will enable CanniMed and Aurora to exclusively develop and commercialize this unique, sub-lingual (beneath the tongue) wafer, drug delivery system in Canada.

Maricann Group Inc.

Maricann Group Inc. (MRRCF)  announced that it received an export permit from Health Canada for a shipment of dried cannabis flower to Germany. This is the first export permit that Maricann has received.

William SumnerApril 16, 2018


Medicine Man Technologies (MDCL) announced today the preliminary financial results for the quarter ending on March 31, 2018, and provided an update to shareholders on recent client activity.

The company reported approximately $1.2 million in revenue for the quarter, a 122% increase over the same quarter last year and representing the fifth consecutive quarter of revenue growth. Expecting to reach the profit/loss breakeven point this quarter, the company has repaid all of its outstanding debt.

“We are pleased with the solid operational results that we project for the first quarter of 2018, highlighted by the achievement of a breakeven quarter, and believe that this performance has the Company firmly on track to achieve its profit goals for the full year,” said Medicine Man Technologies’ co-founder and CEO Brett Roper. “As it relates to new client expansion, we continue to experience an increase in both US as well as international inquiries, as the Company’s reputation and expanded client pipeline continues to evolve.”

The company also provided updates on its clients. Since last month, the company has entered into five new license or service agreements. One of the company’s new clients includes a new Cultivation MAX client in Nevada, which will begin construction around midyear on a 100,000 square foot facility. In addition, the company’s single client in the state of Iowa was able to win two medical cannabis dispensary licenses.

Working in the Canadian market, the company has entered into preliminary negotiations with one of its Canadian partners to expand support for micro cannabis grows through extended licensing agreements of the company’s Three-A-Light cultivation methods and Success Nutrients.

“This market segment for cultivators will require a hyper-competitive footprint as it relates to the 2,000 SF canopy limitation and I believe that our current cultivation efficiency and performance will provide these talented growers with a distinct advantage in achieving low-cost production of quality tested ‘craft’ based cannabis to the marketplace in Canada,” commented Medicine Man Technologies’ Chief Revenue Officer Joshua Haupt.

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