Medicine Man doesn’t expect to slow down acquisitions in Colorado

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The cannabis company provides a financial update and forecast on its growth plans

Yesterday, cannabis company Medicine Man Technologies, Inc. presented its financial results for the fourth quarter and the full year of 2019. One of the most relevant aspects presented was the company’s decision to move forward with planned acquisitions in Colorado, even amid the complex times the country is living due to the coronavirus pandemic. The company has continued operations, always caring first for their employees’ safety and health, and has enacted new plans to avoid the virus from spreading. Medicine Man CEO Justin Dye confirmed that the 11 pending acquisitions are still on schedule to close, and that they will turn the company into one of the largest vertically integrated seed-to-sale operators in the globe – based on revenue.

“We are building a unique, differentiated business with leading brands, talented cannabis pioneers, and an exceptional management team to seize the growth opportunity ahead of us. We believe that the Company is uniquely positioned to be a winner as the cannabis industry experiences consolidation,” said Dye. “By combining to create a single publicly-traded organization, we can increase the collective efficiencies and profit margin over time. We are eager to realize the full potential of the numerous opportunities ahead of us and excited by the overall growth of our industry.” The company’s total revenue was reported at $3.3 million during the last quarter that ended December 31, 2019, which represents a 54% growth if compared with the period the year before. The business had almost all areas presenting better numbers every quarter of the year.

The financial reports for 2019 also show a significant increase in the operating expenses that went from $1.1 million to $6.7 million. Medicine Man attributes this increase to an “extra $4.1 investment with activities to be ready for the pending acquisitions.”