Williams was named as the interim CEO in early December, after the untimely passing of Brett Roper, Medicine Man Technologies’ previous CEO. As interim CEO, Williams has supervised the pending transactions of MedPharm Holdings LLC and Medicine Man Denver, the former of which is expected to close in June. The combined companies will have a revenue run rate between $40 and $50 million.
“As Co-Founder of Medicine Man, I am extremely proud of the brand we have built and where we are today,” says Mr. Andy Williams. “These are exciting times as we move toward our ultimate goal of becoming a vertically integrated cannabis operator. I am honored to continue Brett’s legacy by leading Medicine Man Technologies’ future growth and our long-term success.”
The MedPharm acquisition will come with the only cannabis research license to develop pharmaceutical-grade products using best-in-class extraction, analytical testing and formulation development to help better understand various diseases including Alzheimer’s and dementia.
The pending acquisition of Medicine Man Denver includes four Colorado retail locations and a 40,000-square-foot cultivation operation that will add an estimated $25 million of annual revenue to Medicine Man Technologies. The Medicine Man Denver acquisition is pending the passing of House Bill 19-1090 in the Colorado state legislature, which will allow publicly traded companies to own and operate cannabis licenses. – PR Newswire