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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) reported strong financial results for Q2 2021, with revenues surging 467% to $30.7 million compared to $5.4 million in Q2 2020. Adjusted EBITDA reached $10.0 million, representing 32.6% of revenue. The company remains on track to meet its annual revenue guidance of $110 million to $125 million. Highlights include the acquisition of Southern Colorado Growers and Drift Dispensaries, expanding its footprint in Colorado. The company also reported a net income of $4.4 million compared to a net loss of $6.6 million in the same quarter last year.
Schwazze (OTCQX: SHWZ) has announced a second quarter 2021 conference call and webcast set for August 16, 2021 at 4:30 p.m. ET. Interested parties can join by dialing 416 764 8650 or toll-free 888-664-6383, or listen online at Schwazze's website. The webcast will remain available for replay until August 30, 2021. CEO Justin Dye and CFO Nancy Huber will answer questions post-presentation. Schwazze aims to be a leading cannabis company in Colorado, focusing on community and sustainability.
OTCQX: SHWZ
Schwazze has successfully acquired Southern Colorado Growers for a total consideration of $11.3 million. The deal includes 34 acres of land and significant cultivation facilities, marking Schwazze's entry into cultivation. This acquisition is expected to enhance the supply of premium cannabis to its Star Buds dispensaries and biomass production for its PurpleBee's extraction operations. The company plans to expand SCG's cultivation capacity over the next year, potentially impacting its margins positively.
Schwazze (OTCQX: SHWZ) has announced a definitive agreement to acquire Southern Colorado Growers (SCG) for a total consideration of $11.3 million. This includes $6.8 million for business assets and $4.5 million for real estate. The acquisition aims to enhance Schwazze's vertical integration and cultivation capabilities, enabling direct supply of high-quality cannabis to its Star Buds dispensaries. It also seeks to significantly boost biomass production for its PurpleBee's extraction facility. The deal is anticipated to close in Q3 2021, pending regulatory approvals.
Schwazze (OTCQX:SHWZ) reported impressive financial results for Q1 2021, with revenues soaring to $19.3 million, a 504% increase from the previous year’s $3.2 million. The company completed its acquisition of Star Buds, contributing to proforma revenue projections of $26.8 million. Adjusted EBITDA was $5.8 million, with positive operating cash flow of $1.7 million. The gross profit reached $7.3 million, with a gross margin of 37.5%. The company updated its 2021 revenue guidance to between $110 million and $125 million.
Schwazze (OTCQX:SHWZ) has launched a new research and development subsidiary, Schwazze Biosciences Ltd, dedicated to advancing cannabis research for consumers and pets. COO Nirup Krishnamurthy leads the venture with a strong management team that includes Jeff Garwood as Chairman and Jim Parco as President. The initiative aims to enhance understanding and benefits of the cannabis plant while promoting sustainable practices. Schwazze's portfolio includes various cannabis brands and businesses, building a vertically integrated operation in Colorado.
Schwazze (OTCQX: SHWZ) announces its first quarter 2021 conference call on May 13, 2021, at 4:30 p.m. ET. Investors can call (201) 389-0879 or listen via the company website. Preliminary revenue for Q1 2021 reached $19.3 million, a 503% increase from $3.2 million in Q1 2020, boosted by acquisitions of Mesa Organics and Star Buds. Future growth looks promising despite external challenges. Schwazze will attend virtual investor conferences in May 2021, including the Alliance Global Partners Cannabis Conference on May 4.
Schwazze (OTCQX: SHWZ) has announced its financial results for Q4 and the full year ended December 31, 2020. The company reported Q4 revenue of $7.9 million, a 139% increase year-over-year, while total annual revenue reached $24 million, marking a 94% rise. Despite these gains, Schwazze reported a net loss of $19.4 million for the year. The company has set a revenue target of $105-$125 million for 2021 and aims to double its proforma revenue through acquisitions and internal growth. The integration of the Star Buds acquisition is expected to enhance operational synergies.
Schwazze, known as Medicine Man Technologies Inc. (OTCQX: SHWZ), will host its fourth quarter 2020 conference call on March 30, 2021, at 4:30 p.m. ET. Investors can join by calling 201-389-0879 or via a webcast on the Company's 'Investors' website, where an archive will be available post-event. Following remarks from CEO Justin Dye and CFO Nancy Huber, they will address investor questions submitted in advance or during the call. As a vertically integrated cannabis company in Colorado, Schwazze focuses on customer-centric strategies and data-driven decision-making.
Schwazze (OTCQX: SHWZ) has appointed Jeff Cozad and Salim Wahdan to its Board of Directors, enhancing its leadership team. Cozad, co-founder of CRW Cann Holdings, brings extensive financial and board experience, including a background in managing over $10 billion in investments. Wahdan, with nearly 20 years in retail, has operational experience with cannabis dispensaries. Both aim to solidify Schwazze's position in the competitive Colorado cannabis market, driving growth and shareholder value.
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