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Medicine Man Technologies, Inc., operating under the trade name Schwazze (OTCQX: SHWZ, NEO: SHWZ), is a vertically integrated regional cannabis company. Headquartered in Denver, Schwazze operates in Colorado and New Mexico, with a mission to develop a differentiated regional leadership position in the cannabis industry. The company specializes in the cultivation, manufacture, distribution, and retailing of cannabis products.
Schwazze's core business includes the licensing and full-service consulting for cannabis cultivation and dispensary operations. The company represents the IP of Medicine Man, a leading operator in Colorado, providing clients with expertise in state applications, facility design, and business and financial planning. Schwazze helps clients adopt proven operating procedures and training materials, mitigating costly mistakes in the competitive cannabis marketplace.
Schwazze recently introduced a pioneering store-within-a-store model in Fort Collins, combining a Star Buds neighborhood dispensary with a Standing Akimbo Hotspot. This innovative approach reflects the company's commitment to enhancing customer convenience and satisfaction. Schwazze continues to expand its retail footprint, with 63 stores across Colorado and New Mexico, aiming to bolster its market presence through acquisitions and organic growth.
In addition to retail operations, Schwazze has achieved significant growth in its wholesale business, selling products to 7 of the 10 largest cannabis operators in Colorado and New Mexico. The company's leadership team, with extensive experience in retail, wholesaling, and consumer brands, drives its high-performance culture by leveraging data science to make informed decisions.
Financially, Schwazze reported an 8% increase in total revenue in Q3 2023, reaching $46.7 million, primarily driven by new stores and increased wholesale sales. However, the company faced challenges such as pricing pressures and higher operating expenses from new store ramp-ups. Despite these hurdles, Schwazze remains focused on improving operational efficiencies and cost synergies, supported by a robust cash position and strategic investments in its operations.
Looking ahead, Schwazze plans to further integrate its acquired assets, enhance customer acquisition and sales, and explore opportunities in new states. The company is committed to maintaining regulatory compliance and supporting the development of cannabis markets through strategic investments and partnerships.
Schwazze (OTC: SHWZ) announced that its financial statements for fiscal years ended December 31, 2023, and quarterly reports for March 31, June 30, and September 30, 2023, will require restatement due to identified accounting adjustments in technical areas. The Audit Committee made this determination on November 29, 2024, following discussions with Baker Tilly and company management.
The company stated that previously issued reports, press releases, earnings releases, investor presentations, and other financial communications related to these periods should no longer be relied upon. However, Schwazze does not expect these corrections to negatively impact its revenue, adjusted EBITDA, cash from operations, or cash position materially.
Schwazze announced preliminary Q3 2024 financial results, showing significant improvements in profitability and positive cash flow from operations. The company expects revenue of approximately $42 million, adjusted EBITDA of around $11 million, and cash flow from operations at $0.2 million. At quarter-end, Schwazze held $11 million in cash and equivalents, with a debt of $196 million.
The company attributes these gains to enhanced pricing strategies, improved in-store experiences, and better product quality, leading to increased store traffic in Colorado and New Mexico. However, due to a re-review process with new auditor Baker Tilly, there will be a delay in filing the Form 10-Q for Q3 2024. This delay is necessitated by the need to re-audit prior financial statements impacted by the SEC's order against previous auditor BF Borgers.
Schwazze (OTC: SHWZ) reported Q2 2024 financial results, showing quarter-over-quarter growth across key metrics. Total revenue increased 2% year-over-year to $43.2 million. Gross profit was $19.0 million (44.0% of revenue), down from 54.4% in Q2 2023. The company reported a net loss of $13.9 million and Adjusted EBITDA of $9.0 million.
Schwazze implemented growth and optimization initiatives, including enhancing customer experience and expanding market share in Colorado and New Mexico. The company closed underperforming stores, streamlined operations, and extended debt maturities. Wholesale penetration increased to approximately 34% in Colorado and 35% in New Mexico.
Schwazze (OTC: SHWZ) (Cboe CA: SHWZ) has scheduled its Second Quarter 2024 Conference Call for August 13, 2024, at 5:00 p.m. ET. The company will discuss financial and operational results for the quarter ended June 30, 2024. A press release detailing the results will be issued prior to the call.
The conference call will be accessible via toll-free and international dial-in numbers, as well as a live webcast on the company's investor relations website. A replay will be available after the call. Interested parties can submit questions in advance by emailing ir@schwazze.com.
Schwazze, operating as Medicine Man Technologies (OTCPK: SHWZ), has restructured its $15 million Altmore Loan and $17 million R. Greenleaf Promissory Note, both previously due in February 2025. The new agreement extends the maturities to November 2025, reduces the Altmore Loan's quarterly principal payments from $750,000 to $300,000, and introduces a new quarterly administrative fee of $75,000. The interest rates remain unchanged at 15% for the Altmore Loan and 5% for the R. Greenleaf Promissory Note. This restructuring provides Schwazze with financial flexibility to pursue growth initiatives in Colorado and New Mexico.
Medicine Man Technologies, operating as Schwazze (OTCQX: SHWZ, Cboe CA: SHWZ), announced a transition to the OTC Expert Market due to delays in filing its Form 10-Q for Q1 2024. The delay stems from an SEC Order against the company's previous auditor, BF Borgers, dismissed in April 2024, for failing PCAOB standards. New auditor Baker Tilly needs additional time to review prior periods and re-audit fiscal 2023 and 2022 financials. Schwazze is also seeking an MCTO from the Ontario Securities Commission, which would allow public trading of shares while restricting executive trades. The company is working to promptly meet SEC reporting obligations.
Medicine Man Technologies, operating as Schwazze (OTCQX: SHWZ), has announced the grand opening of its 35th dispensary in New Mexico. The new store is located at 242 US-550, Bernalillo, NM, and will operate from 8:00 a.m. to 11:00 p.m. Monday through Saturday and 8:00 a.m. to 9:00 p.m. on Sundays. Schwazze's Senior VP of New Mexico Retail, Ken Bair, expressed excitement about expanding the company's presence. The grand opening includes a ribbon-cutting ceremony by the New Mexico Cannabis Chamber of Commerce and events with local vendors. The Bernalillo location is part of Schwazze's strategy to grow its retail footprint, now totaling 35 dispensaries in the state under the R. Greenleaf and Everest brands.
Schwazze, operating as Medicine Man Technologies, announced its Q1 2024 financial results, showcasing a 4% revenue increase to $41.6 million compared to Q1 2023. However, gross profit dropped to $17.9 million from $21.8 million due to pricing pressure and lower volumes. Operating expenses rose to $20.6 million, leading to a net loss of $16.1 million versus a net income of $1.7 million last year. Adjusted EBITDA fell to $7.3 million from $14.5 million. Despite challenges, Schwazze expanded its footprint with new store openings and increased wholesale penetration. Cash reserves stood at $13.2 million with a total debt of $159.7 million.
Medicine Man Technologies, Inc., operating as Schwazze, will hold a conference call on May 15, 2024, to discuss its first-quarter financial and operational results. The call will be followed by a Q&A session, and interested parties can submit questions in advance.
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