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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), a multi-state cannabis company, has reached a milestone of 40 dispensaries across Colorado and New Mexico. On December 15, 2022, Schwazze completed the acquisition of Lightshade Labs LLC for $2.75 million in cash, including two adult-use dispensaries. Additionally, Schwazze's R.Greenleaf retail banner opened its fifth dispensary in New Mexico, bringing the total to 15 locations. The company is focused on enhancing customer service and expanding its product offerings.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) announces the grand opening of its second R.Greenleaf cannabis dispensary in Los Lunas, New Mexico, as part of its expansion strategy. This store opened on December 1 and adds to Schwazze's total of 14 stores in New Mexico. A grand opening event is scheduled for December 17, featuring promotional activities like swag bags and discounts on select products. Since April 2020, Schwazze has expanded significantly, acquiring 39 dispensaries and multiple cultivation facilities in Colorado and New Mexico.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) has opened its latest adult-use dispensary, R.Greenleaf, in Sunland Park, New Mexico, as of November 22, 2022. This new location marks the 13th dispensary for R.Greenleaf in New Mexico, following recent openings in Ruidoso and Clovis. The grand opening event on November 23 featured promotional offers and a community celebration. Since April 2020, Schwazze has expanded significantly, acquiring 38 retail dispensaries and several cultivation facilities in Colorado and New Mexico.
Schwazze (OTCQX: SHWZ) reported record financial results for Q3 2022, achieving revenue of $43.2 million, a 36% increase from Q3 2021. Retail sales soared by 92% to $39.8 million. Adjusted EBITDA reached $15.9 million, representing 36.7% of revenue. Despite growth, challenges included a 10.7% decrease in customer visits and higher operating expenses, which rose by 32% to $14.8 million. The company expects FY 2022 revenue between $155 million and $165 million, slightly below previous targets, attributed to lower wholesale sales and construction delays.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) announces its Third Quarter conference call scheduled for November 9, 2022, at 5:00 pm ET. Key executives, including Justin Dye and Nirup Krishnamurthy, will lead the discussion. Interested parties can join via phone or webcast, with a replay available until November 16, 2022. Additionally, Schwazze will attend MJ BizCon in Las Vegas on November 16-18 and the Benchmark 11th Annual Discovery Conference in New York City on December 1.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) has announced significant management changes to drive growth and innovation. Nirup Krishnamurthy has been promoted to President, focusing on strategic planning and operational execution. Under his leadership since 2020, Schwazze's revenue has soared from $9 million to an impressive run-rate of $176 million. Meanwhile, CFO Nancy Huber is retiring, having played a critical role in the company's expansion to over 725 employees. The Board has initiated a search for her replacement to ensure a smooth transition.
On October 6, 2022, Schwazze (OTCQX: SHWZ, NEO: SHWZ) announced a live VID Forum Town Hall meeting scheduled for October 11, 2022, at 11:00 am EST. Justin Dye, Chairman & CEO, will present to investors, followed by a Q&A session. The event aims to engage stakeholders and provide insights about the company's future. Schwazze is focused on becoming a leading vertically integrated cannabis company with operations in Colorado and New Mexico. The company emphasizes a customer-centric approach and a commitment to community values.
On October 4, 2022, Schwazze (OTCQX: SHWZ) announced the grand opening of its adult-use dispensary, R.Greenleaf, in Clovis, New Mexico. This new location opened on October 1, increasing Schwazze's retail footprint in New Mexico to 12 stores, following a recent opening in Ruidoso. The grand opening event is set for October 15, featuring promotions and product specials. Schwazze continues to expand its cannabis operations, having acquired or opened 37 retail dispensaries and multiple facilities in Colorado and New Mexico since April 2020.
Schwazze (OTCQX: SHWZ) has opened its new adult-use dispensary, R.Greenleaf, in Ruidoso, New Mexico, as of September 24. This marks the company's ongoing expansion, bringing its total dispensaries in New Mexico to 11. The grand opening celebration is scheduled for October 8, featuring special promotions, giveaways, and food for customers. Since April 2020, Schwazze has acquired or opened 36 cannabis retail dispensaries and other facilities in Colorado and New Mexico, signaling its commitment to growing within the cannabis market.
Schwazze (OTCQX: SHWZ; NEO: SHWZ) announced the acquisition of Lightshade Labs LLC for US$2.75 million in cash, enhancing its retail presence in Colorado. This deal includes two dispensaries, increasing Schwazze's total number to 25 in the state. The acquisition is expected to close in early 2023, pending regulatory approvals. Since April 2020, Schwazze has expanded significantly, acquiring 35 dispensaries and various facilities in Colorado and New Mexico. This strategic move aims to strengthen customer service and product offerings.
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