Medicine Man Technologies Inc. (OTCMKTS:MDCL) has moved to strengthen its prospects in the Cannabis sector with the acquisition of MedPharm Holdings. The company has signed binding term sheets and conditions that pave the way for it to complete the acquisition of the cannabis research and product company. The transaction is slated for completion in the first quarter of 2019.
With the acquisition, Medicine Man will gain access to processing, research, and pharmaceutical grade products. MedPharm has made a name for itself for providing extraction expertise as well as cannabis grade dosage forms, using modern manufacturing processes.
MedPharm Holdings also comes into the deal with a robust pipeline of products made up of Aliviar which is a medically focused line consisting of a blend of cannabinoids as well as terpenes and noisome.
“This planned acquisition of MedPharm Holdings, LLC brings excellent processing, research, and pharmaceutical-grade products to the Medicine Man Technologies’ portfolio. This is a significant step in becoming a dominant global operator, filling a key gap in our current products and services,” says Andy Williams, Medicine Man Technologies’ Chief Executive Officer.
Medicine Man Technologies is also set to gain access to two licensees that MedPharm Holdings currently owns. MX, LLC is one of the licensees based in Colorado and engaged in the extraction of marijuana as well as the development of marijuana-infused products. The second licensee MedPharm Iowa is a vertically integrated marijuana company.
MedPharm Holdings looks set to strengthen Medicine Man Technologies expansion plans. The Company is in the process of strengthening its footprint in South America in pursuit of opportunities for growth.
The acquisition of MedPharm comes weeks after Medicine Man Technologies carried out a string of management changes. Late last year the company confirmed the appointment of Joe Puglise as the new Chief Operating Officer. He joins the company with vast experience in operational management having worked at Berkman Group.
The company also confirmed the appointment of Mr. Williams as the Interim Chief Executive Officer having stepped down as the chair of the board. Paul Dickman has since taken over as the chairman of the board.