A buying spree by Denver-based Medicine Man Technologies continues, with a deal announced Wednesday to buy Colorado Harvest Co. and its three cannabis storefronts for $12.5 million.
Medicine Man Technologies said it is paying $4 million in cash and 2.8 million shares of common stock valued at $2.95 per share, equal to $8.5 million in stock
Medicine Man trades on over-the-counter markets under the ticker symbol MDCL.
The purchase marks Medicine Man’s ninth acquisition this year, according to the release, including five cannabis stores acquired just this week from Starbuds in a separate cash-and-stock deal.
Colorado Harvest has been operational for a decade in the Denver area, and the acquisition will bring Medicine Man’s MJ footprint in the state to 12 stores.
For more on this story, click here.
For analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward, sign up for our premium subscription service, Investor Intelligence.