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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 (OTCQX: SHWZ) has announced the acquisition of assets from Sucellus, LLC to manage Everest Apothecary, Inc., a significant cannabis operator in New Mexico. The transaction, valued at US$38M, is set to increase Schwazze's retail store count to 32 throughout the state, strengthening its market presence. This acquisition involves retail dispensaries, cultivation, and manufacturing facilities located in key areas such as Albuquerque and Santa Fe. It is expected to close in Q2 2023, pending approval from the New Mexico Regulation and Licensing Department. Since April 2020, Schwazze has rapidly expanded its portfolio, acquiring or planning to acquire 60 cannabis retail dispensaries and several cultivation and manufacturing facilities across Colorado and New Mexico.
On April 18, 2023, Schwazze (OTCQX: SHWZ) announced the acquisition of assets from Standing Akimbo LLC, specifically a medical cannabis dispensary in Denver, Colorado. The deal, valued at US$10,540,000, will include US$1,000,000 in cash and US$5,540,000 in common stock at closing, along with US$4,000,000 in deferred payments. This transaction aims to enhance Schwazze's footprint in the Colorado market, expanding its total dispensary count to 26. The acquisition is projected to close in Q3 2023, pending regulatory approvals. This move follows Schwazze's prior expansions in New Mexico and its strategy to establish a significant presence in a market projected to exceed $200M in Colorado.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) has launched a new pre-ground, ready-to-roll cannabis flower brand called EDW (Every Day Weed) in Colorado. The product, designed for regular cannabis consumers, comes in a half-ounce resealable package and includes rolling papers, catering to growing pre-roll trends. Recognizing the popularity of pre-rolls, Schwazze aims to enhance its product portfolio and provide convenience. The brand is available at Schwazze-owned retail chains, including Star Buds and Emerald Fields, with plans for expansion into New Mexico. Company President Nirup Krishnamurthy expressed enthusiasm for the new offering, emphasizing value for cannabis consumers. As part of its broader strategy, Schwazze seeks to build a strong portfolio of cannabis brands while focusing on quality and customer convenience.
Medicine Man Technologies, operating as Schwazze (OTCQX: SHWZ, NEO: SHWZ), reported a 47% revenue increase for 2022, totaling $159.4 million, up from $108.4 million in 2021. Gross profit rose 72% to $85.0 million, but the company faced a net loss of $18.5 million compared to a net income of $14.5 million in 2021. Key growth drivers included expansion into New Mexico and acquisitions, adding 23 retail dispensaries and facilities. The Q4 results showed a 51% revenue increase to $40.1 million. Adjusted EBITDA was $52.0 million, 33% of revenue. Cash flow from operations improved to $11.4 million, indicating strong operational performance amidst challenges.
Schwazze (OTCQX: SHWZ; NEO: SHWZ) announced on March 24, 2023, the appointment of Bradley Stewart to its Board of Directors, succeeding Sal Wahdan, who resigned. Stewart brings extensive experience in building technology and services companies, including roles as CEO at Fair Technologies and Chairman at XOJet. His expertise in strategic transformation and M&A is expected to enhance Schwazze's leadership as it aims to expand its cannabis business in Colorado and New Mexico. CEO Justin Dye expressed confidence in Stewart's contributions to the Board, thanking Wahdan for his service.
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