Medicine Man Technologies, a Denver-based consulting, intellectual property (IP) licensing and products company for the cannabis industry, announced its intent to acquire MedPharm Holdings, an IP development and holding company focused on cannabis research and product development.
Financial details of the deal were not disclosed. Medicine Man told Marijuana Business Daily that it would speak more to that once the deal is finalized.
With the acquisition, Medicine Man will be well-positioned to expand in South America, where Denver-based MedPharm is “currently solidifying” plans.
“This is a significant step in becoming a dominant global operator, filling a key gap in our current products and services,” Andy Williams, CEO of Medicine Man Technologies and one of MedPharm’s managing partners, said in a news release.
”We have had clients in 17 states and seven countries. This highly scalable product line allows us to leverage those existing relationships worldwide.”
MedPharm also has a pending application for a federal research bulk manufacturer license to provide cannabis and cannabis dosage forms for research purposes.
The acquisition of MedPharm is expected to close sometime in the first quarter of 2019, pending completion of due diligence.
Medicine Man, which trades on the over-the-counter market under the ticker symbol MDCL, was trading at $1.60 per share at market close on Jan. 15.