- Company will acquire Los Sueños, North America's largest sustainable cannabis farm to strengthen production and operational synergies and enable competitive growth
- The pending acquisition of Purplebee's will put Medicine Man Technologies on a growth trajectory and open up their manufacturing and sales capabilities
- Founder of Los Sueños, Bob DeGabrielle to Join Medicine Man Technologies Board of Directors
DENVER, June 5, 2019 /PRNewswire/ -- Medicine Man Technologies, Inc. (MDCL) ("Medicine Man Technologies" or "Company"), a rapidly growing, vertically integrated cannabis operator, today is pleased to announce that it has entered into binding term sheets to acquire the assets and rights from Colorado-based Los Sueños Farms, LLC, North America's largest sustainable cannabis farm. The Company has also entered into a binding term to acquire Mesa Organics Ltd (d/b/a Purplebee's), Mesa Organics II Ltd. and Mesa Organics III Ltd. (collectively "MesaPur"), a leading cannabis dispensary and infused products manufacturing company, utilizing pure CO2 extracts from the finest locally-grown cannabis in Colorado.
These acquisitions will increase Medicine Man Technologies' footprint and expand its operations in cultivation, extraction, production and sales, advancing its plan to become a fully vertically integrated operator in the cannabis industry. The acquisition of Los Sueños and MesaPur was made possible by the passage of House Bill 19-1090, which was signed into law by Colorado's Governor Jared Polis on May 29th, opening up Colorado's cannabis industry to outside investors and enabling increased investment by venture capitalists and private equity firms.
The term sheet with MesaPur provides for the appointment of Bob DeGabrielle, Founder of Los Sueños, to the Board of Medicine Man Technologies. Prior to owning the largest recreational cannabis cultivation facility in the country, Bob's background was in real estate development. He was an early investor in the cannabis space and, along with his partners, has invested $10 million in Colorado's tightly regulated industry, which requires that every plant grown by a licensed operator be entered into a database, outfitted with a radio frequency tag, and tracked from seed to sale.
"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," said Mr. Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. "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."
Los Sueños is the largest cannabis farm in North America, with 36 acres of rich farmland under cultivation with natural sun-grown cannabis, and an additional 36,000 square feet of cannabis greenhouses. Los Sueños has developed state-of-the-art technologies and systems to produce, harvest and process all of its cannabis biomass to meet the market's wholesale needs through its extraction partner Purplebee's. By using beneficial insects and intense solar radiation provided by nature without the use of pesticides, Los Sueños runs a healthy and sustainable farm that keeps both its customers and the environment in mind.
Purplebee's is a family-owned business that is veteran and woman-owned and operated. The Company's pure CO2 products are extracted using advanced supercritical carbon dioxide technology and never contain hydrocarbons such as butane or other additives. Purplebee's takes pride in purity with nothing artificial in the mix while leaving the minimum possible footprint on the environment. Purplebee's is committed to excellence and compliance beyond what is required by law to make certain all extracts are made from material has been clear of pesticides and herbicides for at least 20 generations back.
For more information about Medicine Man Technologies, please visit https://www.medicinemantechnologies.com/.
About Medicine Man Technologies
Medicine Man Technologies is a fully integrated operator in the cannabis industry, offering consulting, retail pharma-grade products, and turnkey solutions for cannabis cultivators for over a decade. Medicine Man Technologies is leveraging its expertise and intellectual property to vertically integrate retail, cultivation, formulation, and distribution operations. The Company's client portfolio includes active and past clients in 18 states and seven countries.
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential," or similar words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) Regulatory limitations on our products and services ; (ii) our ability to complete and integrate acquisitions ; (iii)general industry and economic conditions ; and (v) our ability to access adequate financing on terms and conditions that are acceptable to us as well as other risks identified in our filings with the SEC. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events, or otherwise.
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