Medicine Man Technologies, Inc. MDCL said Thursday it has signed a binding term sheet to acquire Canyon LLC, a Colorado producer of premium-infused edibles.
The purchase price is $5.13 million in cash and common stock that will be fixed in the long form agreement, according to Medicine Man. The amount payable in cash wouldn’t exceed $2.565 million, and the shares will have a value of $3.07 per share.
"Canyon has been on our radar for several years given its strong following and high-quality manufacturing and extraction methods. Its proprietary process using CO2 to extract cannabis oil from plant materials yields flavorful products. From hard candies, capsules and micro-dosed gummies to its cannabis-infused beverages, the unique products derived from its cannabis oil have gained a deserving reputation and garnered a tremendous customer base," Medicine Man CEO and co-founder Andy Williams said in a statement.
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Bigger corporate competitors are seeking to enter the Colorado, said Morgan Iwersen, co-owner and CEO of Canyon LLC.
Morgan Iwersen, Founder, Co-Owner, and CEO of Canyon LLC also commented on the acquisition.
"We felt it was time to join the Medicine Man Technologies family to help build a stronger unified company that can remain competitive with these larger corporations but still maintain the authenticity of our Colorado roots."
Canyon is expected to deliver gross revenue of $3.3 million this year, according to Thursday's release.
Medicine Man shares were up 2.37% at $3.89 at the close Wednesday.
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Photo courtesy of Medicine Man.
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