Welcome to our dedicated page for Medicine Man news (Ticker: SHWZ), a resource for investors and traders seeking the latest updates and insights on Medicine Man stock.
Medicine Man Technologies, Inc., operating as Schwazze (SHWZ), regularly issues news and updates about its activities as a vertically integrated regional cannabis company with assets in Colorado and New Mexico. This news page aggregates company press releases and third-party coverage related to Schwazze’s operations, financial performance, capital structure, and regulatory developments.
Readers can expect updates on Schwazze’s retail and wholesale operations in Colorado and New Mexico, including announcements of new dispensary openings under banners such as R. Greenleaf and Everest Apothecary, changes to its retail footprint, and commentary on customer experience, pricing, promotions, and product assortment. The company also reports on wholesale penetration and catalog developments in both states.
Schwazze’s news flow frequently includes financial results for specific quarters, with management commentary on revenue trends, gross profit, operating expenses, and adjusted EBITDA, as well as discussions of market conditions in Colorado and New Mexico. The company also provides notices of upcoming conference calls to discuss its results, along with details on how investors and other interested parties can listen to these calls.
Another important category of news involves capital structure and restructuring. Schwazze has issued releases on restructuring certain debt obligations, extending maturities, and adjusting payment terms. It has also announced a Restructuring Support Agreement with an affiliate of Vireo Growth Inc. and other parties, which contemplates an asset sale of a majority of its assets to a new entity and the liquidation and winding down of remaining operations, subject to regulatory approvals and closing conditions.
In addition, Schwazze publishes updates on its SEC reporting status and audit matters, including the transition from its former auditor to Baker Tilly US, LLP, the need to restate certain prior financial statements, and the impact of an SEC Order involving its former auditor. The company has also reported that its common stock will transition to the OTC Expert Market due to delayed filings and has described steps it is taking to become current in its reporting obligations.
Investors and observers can use this news page to follow Schwazze’s disclosures about its cannabis operations in Colorado and New Mexico, its financial and operational performance, and its ongoing restructuring and reporting processes.
Schwazze (OTCQX: SHWZ) has appointed Jeff Cozad and Salim Wahdan to its Board of Directors, enhancing its leadership team. Cozad, co-founder of CRW Cann Holdings, brings extensive financial and board experience, including a background in managing over $10 billion in investments. Wahdan, with nearly 20 years in retail, has operational experience with cannabis dispensaries. Both aim to solidify Schwazze's position in the competitive Colorado cannabis market, driving growth and shareholder value.
Schwazze (OTCQX: SHWZ) has successfully completed the acquisition of five additional Star Buds dispensaries in Colorado for approximately $72.3 million. This amount comprises $27.5 million in cash, $26.9 million in sellers’ notes, and $17.9 million in preferred stock. Following this acquisition, Schwazze now owns all 13 Star Buds locations in Colorado, enhancing its retail footprint to 17 dispensaries in the Denver metro and southern Colorado region. In 2020, the 13 Star Buds dispensaries generated about $70 million in revenue, contributing to an estimated $95 million in total proforma revenue.
Schwazze has successfully concluded a funding round, raising $56 million through preferred equity, led by CRW Capital with $34 million. In the last three months, Schwazze garnered $71 million, including $15 million in debt financing. The funding will facilitate the acquisition of additional Star Buds stores in Colorado, positioning Schwazze as a market leader. The private placement involved approximately 56,000 shares of Series A Cumulative Convertible Preferred Stock, with an 8% annual dividend and specific conversion rights. This financial boost strengthens Schwazze's growth strategy in the cannabis industry.
Schwazze (OTCQX: SHWZ) has completed the acquisition of two Star Buds dispensaries in Denver, CO, increasing its total to eight out of thirteen planned locations in Colorado. The acquisition, valued at approximately $9.3 million, includes $3.5 million in cash, $3.5 million in seller's notes, and $2.3 million in Preferred Stock. This follows the integration of six Star Buds locations acquired in December 2020. The company aims to finalize the acquisition of the remaining five dispensaries by the end of March, further expanding its retail footprint in Colorado.
Schwazze (OTCQX: SHWZ) has appointed Pratap Mukharji to its Board of Directors to enhance strategic growth and acquisition efforts. Mukharji, a veteran management consultant with extensive experience in M&A and supply chain, aims to leverage his expertise to capitalize on industry consolidation. The company also announced the resignation of Leonard Riera, effective January 27, 2021, as he relocates for personal reasons. Schwazze continues to focus on becoming a leading vertically integrated cannabis company in Colorado.
Schwazze has completed the acquisition of the first six of 13 Star Buds retail locations in Colorado for approximately $37.1 million. The payment structure includes $13.9 million in cash, a seller's note, and $9.3 million in Preferred Stock. The acquired locations are anticipated to generate pro forma revenue of around $24 million and an EBITDA margin of 36% for 2020. This acquisition expands Schwazze's footprint to 17 dispensary locations, aiming for positive cash flow beginning January 2021 and positioning the company as a leading cannabis entity in Colorado.