Medicine Man Technologies, Inc. (OTC: MDCL) posted third-quarter revenue of $5.34 million on Monday, up 14% from $4.67 million in the same quarter of 2018.
The company disclosed a net loss for the quarter of $1.83 million, or 5 cents per share, versus net income of $4.95 million and 18 cents per share on year ago.
"The third quarter of 2019 was a transformational one for the company," Andy Williams, co-founder and CEO of Medicine Man Technologies, said in a statement.
"We reported seven additional proposed acquisitions, bringing our total to 12 pending acquisitions, we filled a key leadership role within the company, and saw positive initiatives in the industry both locally and federally, which strengthened our industry leading position. In looking at our operations related to the consulting services and our products, the continued positive trends we see in the third quarter are encouraging, as both grew at double digit percentage growth rates."
The CEO also commented on the ongoing wave of illnesses tied to vaping, and the identification of vitamin E acetate as a likely cause. Medpharm Holdings — for which Medicine Man has a pending acquisition deal—has never used this additive in its products, he said.
"To close out, I want to reiterate that our strategy is to become one of the largest vertically integrated cannabis operators in North America by delivering the best products through leading cultivation, manufacturing, and extraction methods," Williams said.
Medicine Man shares were trading 4.645 higher at $3.16 at the time of publication.
Editor's note: MedPharm Holdings should not to be confused with Canada-based Medipharm Labs Corp. (OTC: MEDIF), as they are separate entities.