Medicine Man to acquire two cannabis companies, stock responds favorably

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The cannabis company is purchasing Los Sueños and Purplebee’s

Medicine Man Technologies has become one of the major vertically integrated operators in the cannabis industry and is about to add some extra operations to its portfolio. The company has announced two pending acquisitions that are going to give it a much larger national footprint in the US and take it to an entirely new level. As a result, the company’s stock price has been enjoying some improvement.

The first acquisition is of Colorado-based Los Sueños Farms, LLC., reportedly the largest sustainable cannabis farm in the US. The second is of Mesa Organics, Ltd., which operates as Purplebee’s, and its two subsidiaries, Mesa Organics II Ltd and Mesa Organics III Ltd. Mesa Organics, also based in Colorado, is a leading cannabis dispensary company and also manufacturers infused products using pure CO2 extracts.

According to a statement by Medicine Man’s co-founder and CEO, Andy Williams, “Since our inception, we have been focused on delivering the best products and cultivation methods, and the addition of Los Sueños Farms will play an integral role in our core business and service offerings. We also identified another key acquisition opportunity with one of Colorado’s leading dispensary and manufacturing companies: Purplebee’s. They are an established leader in providing high-quality premium products that align with our vision and mission. We believe these two acquisitions will put us on a trajectory for accelerated growth, and secure Medicine Man Technologies as a leader in cannabis operations worldwide.”

Medicine Man is traded on the over-the-counter exchanges. After the news of the acquisitions was made public, its stock price jumped from $3.75 to $3.97 and is now trading at $3.85. These are on par with the highest numbers seen by the company in the past six months.