DENVER, June 12, 2019 -- PRESS RELEASE -- Medicine Man Technologies, Inc., a rapidly growing, vertically integrated cannabis operator, has announced that it has entered into binding term sheets to acquire 100 percent of the assets of Green Equity S.A.S. The acquisition will provide Medicine Man Technologies with additional licenses and intellectual property (IP) for cultivation, manufacturing, extraction, exportation and R&D, increasing its capabilities and service offerings to becoming a vertically integrated operator. The company will combine its best-in-class cultivation methods with its access to Green Equity's 271-acre farm, located outside Bogotá.
"This pending acquisition secures our strategy for international growth, beginning with our entry into Colombia," said Andy Williams, co-founder and chief executive officer of Medicine Man Technologies. "We have proven the success of our rollout in Colorado and have developed a world-class reputation that now is ripe with opportunities. We believe that our early entry into the market will allow us to further our goal of becoming a major global player in the cannabis industry and create tremendous value for our shareholders."
Medicine Man Technologies will pay $5.4 million for Green Equity, consisting of $450,000 in cash and 1,292,427 shares of common stock at $3.83 per share. Following the company's recent financing with Dye Capital & Company, Medicine Man Technologies has a strong balance sheet to support its growth initiatives.
The deal marks the company's third transaction this month, underscoring its commitment to growing its footprint as an early mover within the dynamic cannabis space. Specifically, Medicine Man Technologies recently announced the pending acquisitions of Los Sueños, the largest cannabis farm and cultivation facility in North America, and a binding agreement with Purplebee's, a family-owned dispensary and major scale extractor of superior quality cannabis.