Medicine Man Technologies announces 11th cannabis buy

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Denver-based Medicine Man Technologies on Thursday announced its 11th marijuana business acquisition of the year – a $5.1 million cash and stock deal for Canyon, an infused edibles manufacturer.

Medicine Man Technologies will pay no more than $2.6 million in cash for the 10-year-old Canyon, which also is based in Denver.

The number of shares paid will be ironed out in a formal agreement between the companies.

Each share will be valued at $3.07.

The final price may be adjusted.

The privately held Canyon expects to generate gross revenues of $3.3 million in 2019.

Andy Williams, the CEO and co-founder of Medicine Man Technologies, said in a news release that “Canyon has been on our radar for several years.”

Medicine Man Technologies has been on a buying spree this year.

Earlier this week, it announced it will pay $31 million for another Colorado company, Strawberry Fields.

Williams said in the release that the “latest series of (acquisition) announcements have been predicated on building out our footprint of retail dispensaries.”

The two companies have worked with each other for years.

Medicine Man Technologies trades on the over-the-counter markets as MDCL.

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