Medicine Man Technologies, Inc. entered into term sheets to acquire FutureVision 2020, LLC, Futurevision Ltd., Inc. and Medicine Man Longmont, LLC from Andy Williams, Chief Executive Officer of FutureVision 2020, LLC and Futurevision Ltd. and others for $22 million.
January 14, 2019
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Medicine Man Technologies, Inc. (OTCPK:MDCL) entered into term sheets to acquire FutureVision 2020, LLC, Futurevision Ltd., Inc. and Medicine Man Longmont, LLC from Andy Williams, Chief Executive Officer of FutureVision 2020, LLC and Futurevision Ltd. and others for $22 million on January 10, 2019. Under the terms of the transaction, Medicine Man will be issuing shares at an initial price of $1.32 with the final price to be determined based on the fair market valuation, which is subject to an independent valuation assessment for the transaction consideration. Medicine Man Technologies, Inc. will pay $6.9 million in cash and issue its shares worth $15.1 million. For the year ended December 31, 2018, FutureVision 2020, LLC and Futurevision Ltd., Inc. reported total revenues of $158,805. Transaction is subject to obtaining shareholders approval of Medicine Man Technologies, Inc., completion of financial audits for each company proposed to be acquired, acquisition will also require the approval of Marijuana Enforcement Division, as well as local city and county rules concerning the transfer and sale of ownership interest to have their licenses assigned to Medicine Man Technologies, Inc.
Medicine Man Technologies, Inc., operating as Schwazze, is a vertically integrated multi-state cannabis operator. The Companyâs business involves the cultivation, manufacturing, distribution and retail sale of cannabis and cannabis-related products. The Company sells products it manufactures and cultivates and a variety of other cannabis goods through wholly owned retail stores, licensing arrangements, and/or third-party operators and retailers. It has three segments: Retail, Wholesale and Other. The Retail segment consists of retail locations for the sale of cannabis products. The Wholesale segment consists of manufacturing, cultivation and sale of both wholesale cannabis and non-cannabis products. The Other segment encompasses the Companyâs general corporate operations, in-store advertisements and certain vendor promotions. It has operations in Colorado and New Mexico. The Company owns and operates 63 retail dispensaries, six cultivation facilities and three manufacturing facilities.
Medicine Man Technologies, Inc. entered into term sheets to acquire FutureVision 2020, LLC, Futurevision Ltd., Inc. and Medicine Man Longmont, LLC from Andy Williams, Chief Executive Officer of FutureVision 2020, LLC and Futurevision Ltd. and others for $22 million.