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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; NEO: SHWZ) has appointed Bradley Stewart to its Board of Directors, following the resignation of Sal Wahdan. Stewart brings extensive experience in strategic transformation, balance sheet restructuring, and M&A from his prior roles as CEO and board member across various firms, including his previous position at Fair Technologies and leadership at XOJet. Justin Dye, CEO of Schwazze, expressed optimism about Stewart's contributions to the Board. Schwazze aims to strengthen its presence in the cannabis industry, leveraging technology and services in its operations across Colorado and New Mexico.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) will host its fourth quarter earnings webcast on March 29, 2023, at 5:00 pm ET. Investors can participate via phone or listen online through the company's website. A replay will be available until April 5, 2023. Schwazze is focused on becoming a leading vertically integrated cannabis company in Colorado and New Mexico, with plans to expand further. The company emphasizes a strong operational culture aimed at enhancing consumer brands and community impact. Schwazze was formerly known as Medicine Man Technologies, Inc.
Schwazze (OTCQX: SHWZ) announced the grand opening of its R.Greenleaf dispensary in Carlsbad, New Mexico, scheduled for March 25, 2023. This opening marks the 18th retail location in New Mexico since Schwazze's acquisition of the brand in February 2022, contributing to a total of seven store openings in the state. The Carlsbad store will cater to both medical and recreational consumers, offering special introductory prices and promotional events. Customers can enroll in the Gratify Rewards program, applicable across all Schwazze locations. The event includes free barbecue for the first 50 customers and a chance to win a PuffCo Proxy.
Schwazze (NEO: SHWZ, OTCQX: SHWZ) has launched a new ecommerce site for its New Mexico retail banner, R.Greenleaf, enhancing customer experience by enabling online ordering for in-store pickup. The platform allows customers to manage previous orders and join the Gratify loyalty program. Since Schwazze's acquisition, R.Greenleaf has expanded from 10 to 17 locations, catering to both medical and recreational consumers. Schwazze has made significant growth moves, acquiring 44 cannabis dispensaries and other assets across Colorado and New Mexico since April 2020. The company aims to improve its market position and customer engagement while expanding its operations.
Schwazze (NEO: SHWZ) has announced the acquisition of Smokey's dispensaries in Fort Collins and Garden City, Colorado, for US$7.5 million, split into $3.75 million cash and $3.75 million stock. This acquisition will expand Schwazze's footprint to 27 dispensaries in Colorado, enhancing its market presence in limited-license areas. The deal is set to close by Q2 2023, pending regulatory approvals. President Nirup Krishnamurthy expressed optimism about serving new customers and deepening operations in northern Colorado. Since April 2020, Schwazze has acquired or opened a total of 44 dispensaries across Colorado and New Mexico.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) announced the grand opening of its R.Greenleaf Paseo dispensary in Albuquerque, New Mexico on February 18, 2023. This event marks Schwazze's ongoing expansion in New Mexico, bringing the total number of R.Greenleaf locations to 17 since acquiring the retail banner in February 2022. The new store will cater to both medical and recreational cannabis consumers, with operating hours from 9 a.m. to 10 p.m. Monday to Saturday, and 9 a.m. to 8 p.m. on Sundays. Promotional activities include introductory pricing and a chance for customers to win season passes for New Mexico United. This follows Schwazze's acquisition binge, totaling 44 dispensaries and multiple facilities since April 2020.
Schwazze (OTCQX: SHWZ) has appointed Christine Jones as the new Chief Legal Officer as part of its expansion in Colorado and New Mexico. Jones, with over 25 years of corporate legal experience, replaces Dan Pabon, who transitioned to Chief Policy and Regulatory Affairs Officer. Her previous role was with Long Play, a cannabis company where she managed various legal affairs. Since April 2020, Schwazze has significantly expanded, acquiring or planning to acquire 43 retail dispensaries and multiple cultivation facilities. The company aims to enhance its regional leadership in cannabis and is committed to responsible practices.
On January 19, 2023, Schwazze (OTCQX: SHWZ) announced the appointment of Forrest Hoffmaster as the new Chief Financial Officer, succeeding Nancy Huber. Hoffmaster brings over 30 years of financial and operational experience, previously serving as CEO of New Seasons Market, where he grew EBITDA by 30% over two years. His role at Schwazze will encompass finance functions like accounting, tax, and investor relations, along with data analytics. Since April 2020, Schwazze has rapidly expanded, acquiring 41 dispensaries and developing a strong presence in Colorado and New Mexico.
On January 11, 2023, Schwazze (OTCQX: SHWZ, NEO: SHWZ) announced significant changes to its executive leadership team as part of its growth strategy in Colorado and New Mexico. Todd Williams, with extensive M&A experience, becomes EVP of M&A and Real Estate. Steve Pear transitions to President of Wholesale Division, while Ken Diehl takes over as President of New Mexico Division. Schwazze has made 41 acquisitions since April 2020, enhancing its retail footprint and positioning for further growth.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) announces the grand opening of its sixth R.Greenleaf adult-use dispensary in Alamogordo, New Mexico, located at 101 N. White Sands Blvd. The store opened on December 29, 2022, expanding Schwazze's reach with now 16 dispensaries in New Mexico since its acquisition of R.Greenleaf in February 2022. The company continues to grow, having added five locations since September 2022. The new dispensary offers introductory pricing on various products and is part of Schwazze's broader strategy of growth in the cannabis market.
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