For Q3 2017, Medicine Man Technologies Inc (OTCMKTS:MDCL) reported revenue of $928,624 as compared to $236,593 in the comparable period in 2016, led primarily by a 151% jump in licensing/consulting based revenues and the contribution of the recently bought Pono Publications and Success Nutrient operations, for which no prior year revenues were reported.
Brett Roper, the Chief Executive Officer, expressed that they are delighted with their third quarter performance, during which they noted a considerable expansion of their fee generating customer base, which they project to result in a jump in their future revenues as the related task and deployments are met.
The CEO of Medicine Man reported that they have also closed the integration of Success Nutrients, Pono Publications, and the Denver Consulting Group into the company, which they project to continue to lead revenue growth. They are thrilled by the near-term prospects to lead organic revenue growth from their services and products. Furthermore, their primary two Cultivation MAX customers in Nevada concluded their cultivation refresh effort in September and are anticipated to start generating revenue in this quarter.
Mr. Roper added that during the third quarter, the company supported its balance sheet by the stock sale to one accredited investor, and to Medicine Man executives. As a result, they consider they are well positioned to execute on their Brand Warehouse acquisition plan, seeking synergistic firms and brand associates across the cannabis market that can support their U.S. and global expansion plans. Once they reach their interim funding target, they also intend to retire all of their remaining convertible debt dues.
The acquisition of Success Nutrients and Pono Publications, offering next generation industry advanced cannabis cultivation products and technologies, posted new revenues sources of $340,263 in Q3 2017. Medicine Man recorded the count of full time team members stood at 19 at the close of Q3 2017.