Medicine Man Technologies, a Colorado-based cannabis consulting firm tied to the family behind two high-profile marijuana stores, received clearance from the Financial Industry Regulatory Authority on Tuesday to become a publicly traded company.
Its shares will trade on the over-the-counter markets, possibly as soon as mid-January, according to company founder and chief operating officer Brett Roper.
Medicine Man Technologies is majority owned by the founders of Medicine Man, a prominent cannabis shop with locations in Denver and Aurora.
The consulting firm must now receive approval from the Depository Trust Corporation to trade electronically.
The company’s ticker symbol for now is MDCL. Its opening asking price will be set at $1.15 per share, while the bid price will be $1, Roper said.
Roper stressed that his company is not doing an initial public offering. Rather, it’s registering stock owned by current investors so they have the option to sell those shares if they want to.
The announcement comes about eight months after the consulting firm filed its initial S-1 form with the Securities and Exchange Commission. According to an amended filing submitted in August, investors could offer a little over 1.6 million shares.