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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) is set to open its newly renovated Star Buds dispensary in Glendale, Colorado, on September 10, 2022. The grand opening will feature special events, including swag bags for the first 50 customers, discounts such as 50% off flower, and a promotional house pre-roll for $1. This event marks part of Schwazze's aggressive growth strategy, which has expanded its portfolio to 23 dispensaries in Colorado since acquiring Smoking Gun in December 2021. The company aims to enhance product selection and customer experience in the region.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) will hold its second quarter 2022 conference call and webcast on August 11, 2022, at 5:00 PM ET. Investors can join by calling 416-764-8650 or toll-free in North America at 1-888-664-6383, or via the company's website. A replay will be available until August 18, 2022. CEO Justin Dye and CFO Nancy Huber will field questions during the call, which can be submitted in advance through a provided link. Schwazze operates as a vertically integrated cannabis company with a mission to improve the human condition through innovative products.
Schwazze (OTCQX: SHWZ) announces the grand opening of the newly remodeled Star Buds dispensary in Aurora, Colorado, on July 9, 2022. This renovation represents a brand evolution featuring a nostalgic 70s design, which aims to enhance the consumer experience. The celebration will include giveaways and various promotions. The remodel follows the acquisition of 13 Colorado Star Buds locations in March 2021, expanding Schwazze's total to 23 dispensaries in Colorado and four cultivation facilities. This initiative aligns with Schwazze’s mission to provide high-quality cannabis products and stellar service.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) announced the acquisition of substantially all assets of Urban Health & Wellness, Inc. for US$3.2 million, comprising $1.3M in cash and $1.9M in common stock. This acquisition includes an adult use dispensary and a 7,200 square foot cultivation facility located in Denver, Colorado, expanding Schwazze's footprint to 23 dispensaries and four cultivation facilities in Colorado. The deal aligns with Schwazze's growth strategy in the cannabis space.
Schwazze (OTCQX: SHWZ) reported Q1 2022 revenue of $31.8 million, a 64% increase from $19.3 million in Q1 2021. Retail sales rose by 124% to $26.5 million. However, the company recorded a net loss of $26.8 million, compared to a loss of $3.6 million the previous year. Adjusted EBITDA stood at $7.9 million, representing 25% of revenue. The company added 14 dispensaries and remains on track for an annualized run rate of approximately $220-$260 million for Q4 2022. Challenges included COVID-related impacts and decreased wholesale revenue due to pricing pressures in Colorado.
Schwazze (OTCQX: SHWZ) announced that its hydroponic brand, The Big Tomato, has been named the Best Home Cultivation Store in Denver by Westword magazine. This recognition highlights The Big Tomato's strong presence in the indoor gardening market, emphasizing its commitment to customer service and expert advice for home growers. The store has over 20 years of experience, providing a wide range of gardening supplies and fostering a knowledgeable community. Schwazze's strategic focus on cannabis education and support underlines its leadership in the industry.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) will host its first quarter 2022 conference call and webcast on May 16, 2022, at 4:30 PM EDT. Interested investors can join by dialing 416 764 8650 or 888-664-6383 for North America, or access the webcast on the company’s website. A replay will be available until May 23, 2022. CEO Justin Dye and CFO Nancy Huber will answer investor questions, which can be submitted in advance via a provided weblink.
On May 5, 2022, Schwazze (OTCQX: SHWZ) announced that its Star Buds dispensary became the first cannabis company to sponsor a professional sports team in Colorado. The Colorado Summit, the state’s first ultimate disc team, unveiled jerseys featuring the Star Buds logo on May 4. This initiative aims to promote cannabis acceptance in professional sports. The Summit's season starts on May 7, 2022, in Seattle, with home games hosted at the University of Denver. Schwazze continues to expand its cannabis operations in Colorado and New Mexico.
On April 25, 2022, Schwazze (OTCQX: SHWZ; NEO: SHWZ) announced a live VID Forum Town Hall for investors, scheduled for April 26, 2022, at 11:00 am EST. CEO Justin Dye will present and answer questions from stakeholders. Schwazze is establishing itself as a leading vertically integrated cannabis company in Colorado and New Mexico, with a focus on consumer brand development and operational excellence. The company emphasizes a commitment to community, diversity, and climate-conscious practices. For more details, stakeholders can register for the event.
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