In the last trading session, the stock price of Medicine Man Technologies Inc (OTCMKTS:MDCL) declined more than 27% to close the day at $2.29. The decline came at a share volume of 474,093 compared to average share volume of 43,388. Post the recent decline, the market cap of firm was noted at $50.1 million.
Recently, Medicine Man one of the United States’ major cannabis consulting and branding issued California marketplace client update. The company reported that with the recent inclusion of two new clients, it now has cultivation assignments exhibiting just more than 700,000 gross sq. ft. of California based project area.
These assignments exhibit several customers, some of which are looking stacking of the 10,000 square foot license type as presently anticipated to be allowable under the preliminary draft regulations recently announced.
With the State of California latest issuance of draft emergency guidelines, many in the market are reworking their greenhouse and indoor operation canopy projections depending upon new projection that appears to indicate allowance of either growing bench/rack delineation or room for that calculation of canopy area irrespective of license type. If the understanding holds, this will indicate a substantial jump in what a licensee can support in terms of plant material cultivation in their center as in the past this computation was established along the lines of a walls-in framework that also comprised access and isle square footage.
With the closure of the feedback period, final state permitted emergency regulations linked to grow activities are anticipated shortly and will eventually state what California will not and will allow. Brett Roper, the CEO of Medicine Man, expressed that just this week they will have recorded numerous visits by California based potential clients that are strongly interested in their services depending upon their strong reputation of offering extremely efficient grow deployment support.