Exhibit 99.1


Medicine Man Technologies Announces Third Quarter 2019 Financial Results



·Total Revenue Grew by 14% Y-O-Y Driven by Continued Growth in Consulting Services and Products with Success Nutrients and The Big Tomato
·Company Strategy Fortified Through Seven Additional Pending Acquisitions to Become One of the Largest Vertically Integrated Cannabis Operators
·Company Commitment to Protecting Cannabis Consumers Reinforced by Recent Identification of Certain Substances Related to Vape Use Illnesses by Health Officials
·Company to Host Financial Results Conference Call and Company Updates on Monday, November 11, 2019 at 8:30 a.m. EST


DENVER, November 11, 2019 /PRNewswire/ -- Medicine Man Technologies, Inc. (OTCQX: MDCL) ("Medicine Man Technologies" or the "Company") today announced the financial results for its third quarter of 2019.


During the quarter ended September 30, 2019, total revenue was $5,338,868, an increase of approximately 14% compared to revenues of $4,672,519 in the quarter ended September 30, 2018. Strong product sales and litigation revenue in the most recent quarter offset a one-time licensing sale in the same quarter of 2018.


The Company reported cost of goods and services totaling $2,786,244 during the three months ended September 30, 2019. This compares to $459,280 during the same period in 2018. This increase was due primarily to increased costs related to the sale of products.


Operating expenses during the three months ended September 30, 2019 were $3,478,232 as compared to $1,842,954 for the same period prior year. The increase was primarily attributable to non-cash, stock-based compensation and costs associated with activities related to building an infrastructure to ensure a seamless integration of our numerous pending acquisitions and to help build the proper platform for sustainable growth.


The Company reported net loss in the three months ending September 30, 2019 of $1,827,978, equivalent to ($0.05) per share, as compared to a net income of $4,950,601, or $0.18 per share, for the three months ending September 30, 2018.


The Company’s cash balance at September 30, 2019 was $15,204,587 as compared to $529,674 at September 30, 2018. The increased cash position was due primarily to the equity investment by strategic partner Dye Capital & Company.


“The third quarter of 2019 was a transformational one for the Company,” said Mr. Andy Williams, Co-Founder and Chief Executive Officer of Medicine Man Technologies. “We reported seven additional proposed acquisitions, bringing our total to 12 pending acquisitions, we filled a key leadership role within the Company, and saw positive initiatives in the industry both locally and federally, which strengthened our industry leading position. In looking at our operations related to the consulting services and our products, the continued positive trends we see in the third quarter are encouraging, as both grew at double digit percentage growth rates.”


“Beyond our financial performance, I also wanted to take a moment to address the vaping crisis that is now being discussed at the national level,” said Mr. Williams. “Recently, U.S. health officials singled out vitamin E acetate as a likely culprit causing lung injuries related to vaping. While we believe that this additive in vaping products is more commonly found in the illicit market, MedPharm Holdings, one of our pending acquisitions, never used this additive in its products and advocated for its ban at the state level almost two months ago. Medicine Man Technologies again calls for intense focus by health officials on chemical additives added to vape liquids that can be unsafe. We have always put the health and safety of cannabis consumers first and have always used a science-based, public health approach in our product development. MedPharm reiterates its formal policy prohibiting the use of any potentially harmful chemical additives in its vape concentrates, including vitamin E acetate. Additionally, Medicine Man Technologies calls for Colorado regulators to again be cannabis pioneers for the nation by specifically banning the use of propylene glycol (PG), vegetable glycerin (VG), and medium chain triglycerides (MCT) in all vape concentrates in the legal market. We must put the health of cannabis consumers at the forefront and take steps to truly protect them.”







“To close out, I want to reiterate that our strategy is to become one of the largest vertically integrated cannabis operators in North America by delivering the best products through leading cultivation, manufacturing, and extraction methods,” said Mr. Williams. “Accomplishing this takes time, effort, quality people, and proper planning, so some expenses were incurred in the third quarter to help establish the longer-term necessary infrastructure to achieve this goal. We look forward to the quarters ahead and will remain focused on closing on all 12 of our pending acquisitions.”


Third Quarter 2019 Conference Call and Company Updates

The Company will host a conference call on Monday, November 11, 2019, before the market opens at 8:30 a.m. EST. Investors interested in participating in the call can dial 877-407-8293 from the U.S. or 201-689-8349 internationally. A live webcast will also be available on the Company’s website at https://ir.medicinemantechnologies.com. It is recommended that investors visit the website 15 minutes prior to the call to register, download, and install any necessary audio software.


A telephone replay of the earnings call will be available beginning approximately two hours after the call and ending November 25, 2019 by dialing 877-660-6853 for participants in the U.S. or 201-612-7415 for participants that are international and entering access code 13696317. The webcast will be archived for two weeks on the Company’s website.


Chief Executive Officer Andy Williams will be joined by Chief Operating Officer Joe Puglise and Senior Vice President of Finance Nancy Huber to discuss the Company's financials, provide a corporate update, and answer questions during the call. Participants may submit questions prior to the call by emailing ir@medicinemantechnologies.com with "MDCL Question" in the subject line, and also during the live call via webcast.

For more information about Medicine Man Technologies, please visit


About Medicine Man Technologies
Denver, Colorado-based Medicine Man Technologies (OTCQX: MDCL) is a rapidly growing provider of cannabis consulting services, nutrients and supplies. The Company’s client portfolio includes active and past clients in 20 states and 7 countries throughout the cannabis industry. The Company has entered into agreements to become one of the largest vertically integrated seed-to-sale operators in the global cannabis industry. Current agreements will enable Medicine Man Technologies to offer cultivation, extraction, distribution and retail pharma-grade products internationally. The Company's intellectual property includes the ""Three A Light"" methodology for cannabis cultivation and pending acquisition candidate MedPharm's GMP-certified facility, which has the first cannabis research license to conduct clinical trials in the United States. Management includes decades of cannabis experience, a unique combination of first movers in industrial cannabis and proven Fortune 500 corporate executives.


Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services; (ii) our ability to complete and integrate acquisitions; (iii) general industry and economic conditions; and (iv) our ability to access adequate financing on terms and conditions that are acceptable to us, as well as other risks identified in our filings with the SEC. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Investor Relations Contact:









Expressed in U.S. Dollars



September 30,



December 31,


Current assets:          
Cash and cash equivalents  $15,204,587   $321,788 
Accounts receivable   1,901,019    1,180,757 
Accounts receivable – related party   490,485    125,112 
Inventory   407,708    489,239 
Other assets   774,856    50,824 
Total current assets   18,778,655    2,167,720 
Noncurrent assets:          
Fixed assets, net accumulated depreciation of $189,896 and $149,015   61,072    94,640 
Goodwill   12,304,306    12,304,306 
Intangible assets, net accumulated amortization of $19,058 and $13,903   76,309    81,197 
Investment   741,307    2,199,344 
Accounts receivable – litigation   3,063,968    1,281,511 
Note receivable – noncurrent, net   237,246    92,888 
Note receivable – related party   487,695     
Operating lease right of use assets   168,344     
Total noncurrent assets   17,169,579    16,053,886 
Total assets  $35,918,902   $18,221,606 
Liabilities and Stockholders’ Equity          
Current liabilities:          
Accounts payable  $915,651   $202,515 
Accounts payable – related party   20,703    71,312 
Accrued expenses   485,292    291,084 
Derivative liabilities   5,852,649     
Income taxes payable   582,931    582,931 
Total current liabilities   7,857,226    1,147,842 
Noncurrent liabilities:          
Lease liabilities   121,835     
Total noncurrent liabilities   121,835     
Total liabilities   7,979,061    1,147,842 
Commitments and contingencies, note 13        
Shareholders’ equity          
Common stock $0.001 par value. 90,000,000 authorized, 39,369,511 and 27,753,310 were issued and outstanding September 30, 2019 and December 31, 2018, respectively.   39,490    27,875 
Additional paid-in capital   44,656,071    20,239,163 
Additional paid-in capital – warrants   2,647,461    2,647,461 
Retained earnings   (19,403,181)   (5,840,735)
Total shareholders' equity   27,939,841    17,073,764 
Total liabilities and stockholders’ equity  $35,918,902   $18,221,606 









For the Three and Nine Months Ended September 30, 2019 and 2018

Expressed in U.S. Dollars



Three Months Ended

September 30,


Nine Months Ended

September 30,

   2019   2018   2019   2018 
Operating revenues:                    
Product sales, net  $2,147,182   $239,085   $4,743,391   $797,381 
Product sales – related party, net   613,014    143,761    893,084    425,499 
Consulting, licensing and Cultivation Max fees   781,021    3,244,285    1,657,286    4,972,573 
Litigation revenue   1,782,457    1,015,154    1,782,457    1,015,154 
Other operating revenues   15,195    30,234    23,946    90,636 
Total revenue   5,338,869    4,672,519    9,100,164    7,301,243 
Cost of goods and services:                    
Cost of goods and services   2,786,244    459,280    5,471,369    1,213,194 
Total cost of goods and services   2,786,244    459,280    5,471,369    1,213,194 
Gross profit   2,552,625    4,213,239    3,628,795    6,088,049 
Operating expenses:                    
Selling, general and administrative expenses   718,990    259,900    1,092,702    710,647 
Professional services   837,940    177,103    3,602,772    657,694 
Salaries, benefits and related expenses   980,432    568,451    1,862,990    1,340,724 
Stock based compensation   940,870    837,500    3,166,276    837,500 
Derivative expense – contingent compensation           5,400,559     
Total operating expenses   3,478,232    1,842,954    15,125,299    3,546,565 
Income from operations   (925,607)   2,370,285   (11,496,504)   2,541,484 
Other income (expense):                    
Interest income (expense), net   36,462    (17,794)   (155,815)   22,439 
Other income (expense)               (4,316)
Unrealized gain (loss) on derivative liabilities   (197,526)       (452,090)    
Unrealized gain (loss) on investments   (741,307)   2,598,110    (1,458,037)   2,598,110 
Total other income (expense)   (902,371)   2,580,316    (2,065,942)   2,616,233 
Net income (loss)  $(1,827,978)  $4,950,601   $(13,562,446)  $5,157,717 
Earnings (loss) per share attributable to common shareholders:                    
Basic and diluted earnings (loss) per share  $(0.05)  $0.18   $(0.44)  $0.19 
Weighted average number of shares outstanding - basic and diluted   35,115,889    27,578,310    31,136,392    27,578,310 
Other comprehensive income (loss), net of tax                    
Total other comprehensive income (loss), net of tax  $   $   $   $ 
Comprehensive income (loss)  $(1,827,978)  $4,950,601   $(13,562,446)  $5,157,717 









For the Nine months Ended September 30, 2019 and 2018

Expressed in U.S. Dollars


   2019   2018 
Cash flows from operating activities          
Net income for the period  $(13,562,446)  $5,157,717 
Adjustments to reconcile net income to net cash provided by operating activities          
Depreciation and amortization   45,768    54,253 
Common stock issued in exchange for fees and services   210,521     
Derivative expense   5,400,559     
Loss on change in derivative liabilities   452,091     
Loss on investment, net   1,458,037     
Stock based compensation   3,921,276    837,500 
Changes in operating assets and liabilities          
Note receivable       2,561 
Accounts receivable   (2,868,093)   (1,566,811)
Inventory   81,530    (335,869)
Prepaid expenses and other current assets   (629,032)   (3,580)
Operating lease right of use assets and liabilities   (67,839)    
Accounts payable and other liabilities   878,066    (61,879)
Net cash used from operating activities   (4,679,562)   4,083,892 
Cash flows from investing activities          
Purchase of fixed assets   (7,312)    
Sale of assets       16,187 
Short term debt       (58,280)
Issuance of notes receivable   (632,053)    
Investment proceeds       (5,260,840)
Net cash used in investing activities   (639,365)   (5,302,933)
Cash flows from financing activities          
Proceeds from issuance of common stock, net of issuance costs   19,600,000    1,000,000 
Proceeds from exercise of common stock purchase warrants, net of issuance costs   601,726     
Net cash earned for financing activities   20,201,726    1,000,000 
Net decrease in cash and cash equivalents   14,882,799    (219,041)
Cash and cash equivalents - beginning of period   321,788    748,715 
Cash and cash equivalents - end of period  $15,204,587   $529,674 






The following information was filed by Medicine Man Technologies, Inc. (MDCL) on Tuesday, November 12, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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