Medicine Man meets Colorado’s new “marijuana suitability” program

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Colorado’s new cannabis regime is designed to help ensure products are safer and cleaner

Colorado passed a bill last year in which publicly-traded companies could apply for cannabis licenses. Following up on the marijuana suitability program, Medicine Man Technologies Inc. began the process of applying for suitability shortly after the new legislation took effect. Now, Medicine Man is the first publicly-traded company to ever received this kind of approval. This means that as per state-mandate reviews, the company and its leaders are suitable to run operations with full compliance required for cannabis businesses.

“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.”

Medicine Man has signed 11 different agreements with cannabis operators statewide and it has become one of the largest operators that are vertically integrated with seed-to-sale operations globally. There are still some pending acquisitions that were supposed to be concluded this year and, when that happens, the company will have a total of 13 cultivation operations, 34 dispensaries and five product manufacturing operations, all in one single operator.

Medicine Man is based in Denver, and it provides cannabis consulting services, nutrients and supplies to the market. It reports having a client portfolio that extends across 20 states and seven countries. Most of the agreements the company has entered in recently were done with the intention of becoming the largest vertically integrated seed-to-sale operators in the global market. Those agreements offer services for cultivation, extraction, distribution and retail sale of high-quality pharmaceutical products.