DENVER, CO, June 09, 2017 (GLOBE NEWSWIRE) -- Medicine Man Technologies Inc. (OTCQB: MDCL), one of the country's leading cannabis branding and consulting companies, announced that the Company conducted its first annual Shareholders Meeting on Saturday, June 3rd and has the following results related to that meeting.
The Company’s CEO, Andrew Williams stated, “I am pleased to announce that Mr. Brett Roper will be taking over the CEO role, effective immediately. As the Company continues to grow and the demands on my time increase it is essential the company has a strong leader fully dedicated to its growth, clients, and employees. Brett Roper co-founded this company and has been the COO since the start of the Company. His leadership and knowledge have been instrumental in guiding the Company to our current success and will continue to do so in the future. I will still be very much involved in the Company as Chairperson of the Board of Directors and Chairperson of our Corporate Governance/Nominating Committee, serving on strategic, governance, and sales levels.
Brett Roper, the Company’s COO noted, “As Mr. Andy Williams assumes the role of Chairperson of the Board of Directors, I am confident his focus will continue to be directed to new initiatives and opportunities that will drive shareholder value. I also believe that we are assembling a team of professionals that will continue to provide one of the best Cannabis related businesses in the country and that our expanding leadership has the ability to expand intelligently into what will most definitely be an exciting future.”
Joshua Haupt, the Company’s CCO commented, “We are creating a management team of professionals that are all focused on company growth and shareholder value and could not be happier as to our Company’s direction. We are experiencing new Success Nutrient and Three-A-Light Book sales daily in addition to multiple inquiries every week from prospective client groups wanting to access our Company’s team of professionals as they determine how best to proceed in this rapidly expanding industry. Nothing is more exciting than touring potential clients through our facilities, seeing them smile, and then note they have never seen anything like it before.”
The Company announced the following changes to its Board of Directors and Officers, effective June 3, 2017. Andrew Williams, Brett Roper, James S. Toreson, Charles Haupt and Paul Dickman were elected to the Board of Directors.
Messrs. Roper and Toreson will serve as directors until the Annual Meeting of Stockholders held in 2018, Messrs. Williams and Dickman will serve as directors until the Annual Meeting of Stockholders held in 2019, and Mr. Charley Haupt will serve as a director until the Annual Meeting of Stockholders held in 2020 noting all directors serve until the election and qualification of the director’s successor or until the director’s earlier death, removal or resignation.
Additionally, Mr. Brett Roper resigned as the Chairperson of the Board of Directors as well as Chief Operating Officer and accepted the position of Chief Executive Officer and will retain his Secretary to the Board duties on an interim basis. Mr. Andrew Williams resigned as our CEO and accepted the position of Chairperson of our Board of Directors. Mr. Paul Dickman also resigned his position as our Chief Financial Officer and was replaced by Jonathan Sandberg.
Charles Haupt will serve as the Chairperson of our Compensation Committee as well as an independent member of our Audit and Corporate Governance/Nominating Committee. James S. Toreson will continue to serve as the Chairperson of our Audit committee as well as an independent member of the Compensation and Corporate Governance/Nominating Committee. Andrew Williams will serve as Chairperson of our Corporate Governance/Nominating Committee. Paul Dickman will serve on the Compensation and Audit Committees.
The Company also announced that all proxy related initiatives were approved, voting totals may available in our 8-K filing.
The Company plans to issue another press release the week of June 12th providing updates on new clients, Success Nutrients, and other elements related to its second quarter interim performance.
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. It currently has twenty eight active clients in 12 states and Puerto Rico, focusing 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.