Medicine Man Technologies reports record quarterly operating revenue of $4.6M

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Medicine Man Technologies Inc. (OTCQB: MDCL), one of the United States' leading cannabis branding and consulting companies today provided financial results for the quarter ended September 30, 2018.

During the three months ending September 30, 2018, the Company generated operating revenues of $4,647,163, an increase of approximately 400% as compared to revenues of $928,264 in the three months ending September 30, 2017. Other income for the three months ending September 30, 2018 increased to $2,605,672 as compared with losses in the three months ending September 30,2017 of . This substantial increase in the Company's overall revenue stream is related to both internal revenue source growth as well as the Company's Canada House Wellness (CHV) Master Licensing Agreement as announced in July of this year.

The Company reported cost of goods and services totaling $459,280 during the three months ended September 30, 2018. This is compared to $297,185 during the same time period in 2017. The increase is primarily due to an increase in overall product sales volume.

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Operating expenses during the three months ended September 30, 2018, increased by $892,051 to $1,824,876 over the prior period of $950,825, ended September 30, 2017 noting $673,500 of this expense increase was related to stock compensation.

The Company reported net income related to the three months ending September 30, 2018 of $4,950,679 or $0.18 per share as compared with losses of as related to the three months ending September 30, 2017.

Year to date total income performance increased dramatically to $9,917,476 for the nine months ending September 30, 2018 as compared to total income of $2,585,479 as reported for the nine months ending September 30, 2017.

Year to date net income performance increased dramatically to $5,157,717 or $0.19 per share for the nine months ending September 30, 2018 as compared to losses of or per share as reported for the period ending September 30, 2017.

While the Company continues to grow its organic revenues, the Master Licensing Agreement as noted was responsible for a large portion of this revenue growth however, organic growth still increased to $3,782,921 in the nine months ended September 30, 2018 from $2,485,479 as related to the nine months ended September 30, 2017.

"We continue to prove out our path to profitability model and demonstrate strong organic as well as one-time revenue growth as we conclude our third consecutive profitable quarter, followed closely by achieving our seventh quarter of consecutive revenue growth," Brett Roper, Medicine Man Technologies' co-founder, and CEO stated. "We are also exploring other globally sourced master license agreement opportunities and are pleased to also acknowledge our Company's move to QX status on the OTC markets as achieved this past September."

Joshua Haupt, Medicine Man Technologies Chief Operating Officer added, "With this exceptional progress and the lack of any debt, I am very excited about what our future holds as we move into 2019. With our Grow Ohio Pharma client's Zanesville Ohio facility coming online coupled with our Calypso client's Erie Pennsylvania facility planned for operational status in the second quarter of 2019, we have many new opportunities ahead for the Company. I also look forward to attending next week's MJ Business Conference in Las Vegas Nevada and connecting with my many colleagues in the industry."

Andy Williams, Medicine Man Technologies' Chairperson of the Board stated, "With the Colorado Governorship going to Jared Polis, a seasoned advocate of the cannabis industry and states' rights this provides new momentum for the continuation of the industry's success which has continued to bolster the state's economy, generating record-setting revenue and creating thousands of jobs for the citizens of Colorado. As a result of regulatory advancements made by legislative bodies on the local, federal and international levels, the national cannabis market place continues to expand as further evidenced by this week's election cycle. Medicine Man Technologies' multi-jurisdictional business model has positioned the Company to leverage this dramatic growth nationally setting a clear path to Colorado based public company ownership in 2019."

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