Medicine Man Director Marc Harvill on Colorado and Legalized Cannabis
They zero in on patients, customers and sales.
But there’s a lot more to the industry than that. There’s a giant web of companies that get the plant from the grow house to the consumer.
Think about it like this…
Last year, Colorado brought in roughly $250 million in cannabis tax revenue.
That was a nearly 90% increase from 2015. And as the registers ring, that figure is going to head higher.
But Colorado is just one of the more than 30 states where marijuana is now legal in some form.
That’s a boon for a company like Medicine Man Technologies (OTC: MDCL).
The cannabis consulting services firm gets a shot in the arm every time a new state joins the legalization ranks.
As I said, there’s a network of companies involved in getting a plant from the farm to the dispensary.
New businesses need help and guidance. And that’s where Medicine Man comes in.
In my interview with Medicine Man’s Marc Harvill, we discuss the fiscal benefits states are seeing from cannabis, as well as the resulting boom for his company and industry.
Matthew Carr: Hello, and welcome to CannaBiz Now! I’m your host, Matthew Carr.
My guest today is Marc Harvill, director of client services for Medicine Man Technologies. Welcome, Marc.
Marc Harvill: Thank you. Nice to meet you.
Matthew: So go ahead and tell us briefly about what Medicine Man does.
Marc: We started Medicine Man back in 2013 as a consulting company for cannabis, to become operational operators with growing, manufacturing and dispensary operations. We ourselves are operators in Denver, Colorado, and have been doing that since 2009. We’ve taken that learning curve via IP, the designs, and all the processes that have been created and hard-earned over these years and packaged it into a nice little consulting solution – or turn-key solution – for folks who want to emulate us.
Matthew: Now, what kind of opportunity do you think exists for your company in that industry?
Marc: Well, the opportunity is that the nation’s waking up. Folks in different states – lawmakers in different states – have seen the opportunity that has existed for Colorado, Oregon, Washington – some of the pioneers. The tax windfall, the fiscal benefit that it’s brought these states while other states have been bleeding…
So they’re looking for solutions to help them with that. And what better way than to bring a medical and/or adult-use program into their state, tax it, and enjoy those excise taxes or whatever to assist them with those challenges?
So the opportunity is that the states are waking up, they’re realizing that they can benefit from this just as much as Colorado’s benefited from it, and that’s where we come in and help out.
Matthew: Is there a dollar amount that you can put on that opportunity for the states? Are we talking hundreds of millions? Billions?
Marc: Well, I can tell that in Colorado, we brought in just under $300 million in state tax revenue between medical and adult-use last year. So it’s been trending up. That money has been used for law enforcement, for infrastructure and roads, for school, and for education. And so Colorado is definitely one of the wealthier states right now as a result of the program.
Matthew: Speaking about changing tides… We saw a number of cannabis victories in the midterm elections – you know, Michigan, Missouri, Utah. What kind of impact does that have on your business?
Marc: You know, a great way to answer that question would be to look at when Oklahoma passed, which was just several months ago. We were just flooded with phone calls from people who were excited and wanted to know how they could get involved. And now that Missouri’s passed, we’re getting the same exact situation – inquiries, emails and phone calls with questions like, “How can I get involved?” and “What should I be thinking about right now?”
So we’ll give them some guidance like, “You should be doing your business plans. Look for your security operating plans. Get ready for the application. Find real estate. Find your strategic partners. Get your investors. You have to have the capital.” These are the types of conversations we’re having.
Matthew: OK, great. And you guys are a publicly traded company, right?
Marc: Yeah, we’re OTCQX, and our symbol is MDCL.
Matthew: Great. I want to thank you for being with us today, Marc.
Marc: Thank you.
The cannabis industry, as I’ve said before, is at this tipping point.
We’ve seen that, over the last few years, several states have passed laws legalizing either recreational or medicinal marijuana.
And this will rapidly expand in the years ahead.
Thank you for reading this week’s CannaBiz Now!
I’ll see you next time.
Cannabis Multicountry Operator Continues to Make History
June 10, 2021