Medicine Man Technologies acquiring two more CO cannabis companies
Medicine Man Technologies doesn’t dance. It makes money moves. Big money moves.
After recently announcing its buyout of Dabble Extracts, Medicine Man is enveloping several more Colorado cannabis companies.
Starbuds, one of the biggest dispensary companies in the state, sold five stores in Louisville, Longmont, Pueblo, Niwot, and Commerce City to Medicine Man for more than $31 million in cash and Medicine Man Technology stock shares, according to Westword.
On top of that, the massive cannabis company also announced it will acquire Colorado Harvest Company, a business with three dispensaries in Denver and Aurora. The deal is going down for $12.5 million in cash and stock.
“The acquisition of these dispensaries operating under the prestigious Starbuds brand will truly be a transformational corporate event for us,” Andy Williams, co-founder and CEO of Medicine Man Technologies, said in a statement. “Adding these five dispensaries to our Colorado operations will make our vertical supply strategy more efficient and help us grab additional market share through added retail capacity. The Starbuds dispensary operations are truly top-tier in terms of brand, revenue-per-location, and profit across the cannabis retail industry.”
Are there any losers in this scenario? Both buyer and sellers seem to be raking in the cash, and, hey, marijuana isn’t going away any time soon.