![]() Their growing team of Colorado cannabis pioneers is very impressive, and we are happy to be aligned with their joint efforts, all soon to be under one roof," Cullen says in a statement on the deal. "Following the passage of this law, the time was never more right for us to join the outstanding team at Medicine Man Technologies, who is now free to invest in the industry, given the synergies involved. As consolidation continues in the pot industry, Cullen chose Medicine Man Technologies as his landing spot. Scott Lentz Last year, Cullen spoke with Westword about the challenges of owning a federally illegal marijuana business and the lack of tax breaks that come with it he even sold a dispensary license in 2018 to Starbuds (an Aurora location that wasn't included in the Medicine Man deal) to help pay off a tax bill. It's unknown whether the dispensaries will transition to the Medicine Man dispensary brand, a chain of Colorado stores owned by Medicine Man Technologies CEO Andy Williams. ![]() The new law doesn't go into effect until November, though, so the deals announced thus far are still binding agreements and not yet official.Īccording to Medicine Man Technologies, the founders of its latest acquisitions - Starbuds' Brian Ruden and Colorado Harvest Company's Tim Cullen - will both join the new ownership group in executive positions. The company's spending spree started after the Colorado Legislature passed a bill this past session allowing publicly traded businesses, such as Medicine Man Technologies, to hold ownership stakes in marijuana companies. That's eight dispensaries in two days and ten different companies in three months, all purchased by Medicine Man Technologies. Today, September 4, Medicine Man Technologies announced it has agreed to buy Colorado Harvest Company, a chain of three dispensaries in Denver and Aurora, for $12.5 million in cash and stock. The deal between the two parties, announced September 3, has Starbuds selling five stores in Louisville, Longmont, Pueblo, Niwot and Commerce City to the cannabis business conglomerate for just over $31 million in cash and Medicine Man Technology stock shares.īut the news doesn't end there. Starbuds, one of Colorado's largest dispensary chains, has agreed to sell a handful of stores to a name that's becoming increasingly common in cannabis-industry acquisition news: Medicine Man Technologies.
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