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Schwazze, operating as Medicine Man Technologies, announced its Q1 2024 financial results, showcasing a 4% revenue increase to $41.6 million compared to Q1 2023. However, gross profit dropped to $17.9 million from $21.8 million due to pricing pressure and lower volumes. Operating expenses rose to $20.6 million, leading to a net loss of $16.1 million versus a net income of $1.7 million last year. Adjusted EBITDA fell to $7.3 million from $14.5 million. Despite challenges, Schwazze expanded its footprint with new store openings and increased wholesale penetration. Cash reserves stood at $13.2 million with a total debt of $159.7 million.
Medicine Man Technologies, Inc., operating as Schwazze, will hold a conference call on May 15, 2024, to discuss its first-quarter financial and operational results. The call will be followed by a Q&A session, and interested parties can submit questions in advance.