Medicine Man Technologies Stock Down After Co-Founder's Resignation

Medicine Man Technologies Inc. MDCL said Friday that Andy Williams, the company’s co-founder, president and vice chairman of the board, will resign.

Williams is leaving the company in order to concentrate on cannabis-related medical and genetic research and to look for other opportunities in the industry, according to the company. 

He is known as a cannabis entrepreneur and for his work in supporting Colorado House Bill 19-1090, which enabled outside financing of the state’s cannabis industry.

“Medicine Man Technologies is uniquely positioned to become a recognized leader in the U.S. cannabis market. Possessing an abundance of world-class cannabis industry experience, coupled with business management expertise, makes this the most exciting cannabis business in the world," Williams said in a statement.

"I am confident the company will continue to deliver on its aggressive growth strategy and will become a global leader in the near future." 

Medicine Man's position today can be credited to Williams' vision years ago, Executive Chairman and CEO Justin Dye said in a statement. 

"As a pioneer in the Colorado cannabis space, he set the foundation and positioned Medicine Man Technologies to grow to new heights." 

The stock was down 22.5% at $1.55 at the time of publication Friday.