Denver, CO, Dec. 06, 2017 (GLOBE NEWSWIRE) -- Medicine Man Technologies Inc. (OTCQB: MDCL), one of the United States' leading cannabis branding and consulting companies is pleased to provide the following California marketplace client update.
With the recent addition of two (2) new clients, Medicine Man Technologies now has cultivation projects representing just over 700,000 gross square feet of California based project space. These projects represent many clients, some of which are considering stacking of the 10,000-square foot license type (small indoor) as currently expected to be allowable under the initial draft regulations recently released.
With the State of California’s recent issuance of draft emergency regulations, many in the industry are reworking their indoor and greenhouse operation canopy estimates based upon new guidance that seems to suggest allowance of either room or growing bench/rack delineation for that calculation of canopy space regardless of license type. If the interpretation holds, this will mean a substantial increase in what a licensee may be able to cultivate in terms of plant material in their facility as in the past this calculation was set along the lines of a ‘walls in’ framework that also included isle and access square footage.
With the completion of the recent feedback period, final state approved emergency regulations related to cultivation activities are expected shortly and will ultimately define what California will and will not allow.
Brett Roper, Medicine Man Technologies CEO noted, “Just this week we will have had several visits by California based prospective clients that are keenly interested in our services based upon our strong reputation of providing very efficient cultivation deployment support. Based upon our unique Three-A-Light ® and Success Nutrient partnership, we are generally able to assist our clients in achieving three plus pounds per light or over 100 grams per square foot of flower canopy results per harvest. In some cases, and based upon strain selection, our partner grows are achieving well over four pounds per light of quality and tested safe plant flower material per harvest.”
Joshua Haupt, Medicine Man Technologies Chief Cultivation Officer added, “Over the past several years our team has worked diligently to develop a nutrient line that is specifically designed to work with the Three-A-Light ® cultivation methodology. Deployment of Success Nutrients and Three-A-Light ® in combination with a well-founded and managed cultivation operation will produce superior results for clients able to commit to following our guidance. Just this past month one of our new Nevada Cultivation MAX clients was able to achieve 3.6 pounds per light related to their first partial harvest subsequent to their integration of our nutrients line and cultivation practices.”
About Medicine Man Technologies, Inc.
Established in March 2014, the Company secured its first client/licensee in April 2014. To date, the Company has provided guidance for several clients that have successfully secured licenses to operate cannabis businesses within their state. The Company currently has sixty-two active clients in California, Oregon, Colorado, Nevada, Illinois, Michigan, Arkansas, Pennsylvania, Florida, Ohio, Maryland, Massachusetts, Puerto Rico, Australia, Canada, Germany, and South Africa. We continue to focus on working with clients to 1) utilize its experience, technology, and training to help secure a license in states with newly emerging regulations, 2) deploy the Company's highly effective variable capacity constant harvest cultivation practices through its deployment of Cultivation MAX, and eliminate the liability of single grower dependence, 3) avoid the costly mistakes generally made in start-up, 4) stay engaged with an ever expanding team of licensees and partners, all focused on quality and safety that will “share” the ever-improving experience and knowledge of the network, and 5) continuing the expansion of its Brands Warehouse concept.
Safe Harbor Statement
This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues and any payment of dividends on our common and preferred stock, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods. These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the Securities and Exchange Commission. Among other matters, the Medicine Man Technologies may not be able to sustain growth or achieve profitability based upon many factors including, but not limited to, general stock market conditions. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings. We have incurred and will continue to incur significant expenses in our expansion of our existing and new service lines, noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations where we will be providing services, the impact of which cannot be predicted at this time.