A buying spree by Denver-based Medicine Man Technologies continues, with a deal announced Wednesday to buy Colorado Harvest Co. and its three cannabis storefronts for $12.5 million.
Medicine Man Technologies said it is paying $4 million in cash and 2.8 million shares of common stock valued at $2.95 per share, equal to $8.5 million in stock
Colorado Harvest is projected to bring in $10 million in revenues this year, according to a Medicine Man Technologies news release.
Medicine Man trades on over-the-counter markets under the ticker symbol MDCL.
The purchase marks Medicine Man’s ninth acquisition this year, according to the release, including five cannabis stores acquired just this week from Starbuds in a separate cash-and-stock deal.
Colorado Harvest has been operational for a decade in the Denver area, and the acquisition will bring Medicine Man’s MJ footprint in the state to 12 stores.
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Written by John Schroyer
Marijuana Business Daily