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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 successfully closed the acquisition of assets from Smoking Gun, LLC for a total of $4 million in cash and 100,000 shares of common stock. This strategic move enhances Schwazze's retail footprint in Colorado, bringing the total number of dispensaries to 32 following recent expansions in New Mexico. The acquisition includes a prime location in Glendale, Colorado, which is central to the greater Denver area. Schwazze continues to pursue growth through acquisitions in the cannabis sector, focusing on increased market share and operational synergies.
Schwazze (OTCQX: SHWZ) has secured a $95 million financing agreement to support its acquisition of cannabis assets in New Mexico. This funding, through convertible notes, includes $42 million for acquiring Reynold Greenleaf & Associates and its related cannabis licenses. The company aims to expand its operations, achieving a target to double pro-forma revenue by Q1 2022. With this move, Schwazze transitions into a multi-state operator, adding significant assets across Colorado and New Mexico.
Schwazze (OTCQX: SHWZ) is expanding its retail footprint in Colorado by acquiring MCG, LLC, which operates Emerald Fields dispensaries in Manitou Springs and Glendale. The transaction, valued at $29 million, involves 60% cash and 40% common stock, and is expected to close within 75 days, pending necessary approvals. This acquisition will increase Schwazze's dispensary count to 22. CEO Justin Dye expressed enthusiasm about integrating Emerald Fields into Schwazze's portfolio, enhancing its presence in the market.
Schwazze (OTCQX:SHWZ) reported a remarkable 328.4% revenue increase to $31.8 million for Q3 2021, up from $7.4 million in Q3 2020. Adjusted EBITDA reached $8.8 million, equating to 27.6% of revenue. The company expects annual revenue guidance of approximately $110 million to $115 million and adjusted EBITDA of $32 million to $34 million. Additionally, the acquisitions of Southern Colorado Growers and Brow 2 are set to enhance cultivation capacities, while the launch of home delivery services marks a significant retail expansion.
Schwazze (OTCQX: SHWZ) has signed a definitive agreement to acquire the assets of Smoking Gun, LLC and Smoking Gun Land Company, LLC for $4 million in cash and 100,000 shares of common stock. This strategic acquisition aims to enhance Schwazze's retail footprint, bringing its total dispensaries to 20 in Colorado. Located in Glendale, the Smoking Gun dispensary is positioned in a prime retail area in the Denver metro region. The closing is expected in Q4 2021, pending regulatory approvals.
Schwazze (OTCQX: SHWZ) will host its Q3 2021 conference call and webcast on August 16, 2021, at 4:30 p.m. ET. Investors can join by calling 416-764-8650 or toll-free 888-664-6383, or via the webcast. The replay will be available until November 22, 2021. CEO Justin Dye and CFO Nancy Huber will address questions post-remarks. Schwazze aims to enhance its leadership in the cannabis sector, focusing on innovation and community impact.
Schwazze (OTCQX: SHWZ) announces participation in two key cannabis conferences: the Benzinga Cannabis Capital Conference on October 14-15 in New York City and MJBizCon 2021 on October 20-22 in Las Vegas. CEO Justin Dye and CFO Nancy Huber will host investor meetings at both events. Additionally, an 'Ask Me Anything' session is scheduled for October 21 on Reddit. Schwazze aims to enhance investor engagement with new social media initiatives and will present company insights at these prominent industry gatherings.
Schwazze (OTCQX: SHWZ) has signed a definitive agreement to acquire the assets of Brow 2, LLC for $6.7 million. The acquisition targets a 37,000 square foot facility with 27,000 square feet of canopy for indoor cultivation in Denver, Colorado. This move is part of Schwazze's expansion strategy and aims to enhance its cultivation capacity, subsequently supplying its seventeen Star Buds dispensaries with high-quality indoor flower. The acquisition is expected to close in Q3 2021, pending necessary approvals.
Schwazze (OTCQX: SHWZ) has launched a cannabis delivery service in Aurora, Colorado, starting from its Star Buds Montview location. The service allows residents to order cannabis products online for home delivery, expanding access to high-quality cannabis.
This marks the first phase of a broader home delivery initiative, with plans for a second phase later this year, which will include deliveries from another location in Aurora. The COO expressed excitement about enhancing accessibility to cannabis products for local customers.
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