Medicine Man Stock Price, News & Analysis

Schwazze announced preliminary Q3 2024 financial results, showing significant improvements in profitability and positive cash flow from operations. The company expects revenue of approximately $42 million, adjusted EBITDA of around $11 million, and cash flow from operations at $0.2 million. At quarter-end, Schwazze held $11 million in cash and equivalents, with a debt of $196 million.

The company attributes these gains to enhanced pricing strategies, improved in-store experiences, and better product quality, leading to increased store traffic in Colorado and New Mexico. However, due to a re-review process with new auditor Baker Tilly, there will be a delay in filing the Form 10-Q for Q3 2024. This delay is necessitated by the need to re-audit prior financial statements impacted by the SEC's order against previous auditor BF Borgers.

Schwazze (OTC: SHWZ) reported Q2 2024 financial results, showing quarter-over-quarter growth across key metrics. Total revenue increased 2% year-over-year to $43.2 million. Gross profit was $19.0 million (44.0% of revenue), down from 54.4% in Q2 2023. The company reported a net loss of $13.9 million and Adjusted EBITDA of $9.0 million.

Schwazze implemented growth and optimization initiatives, including enhancing customer experience and expanding market share in Colorado and New Mexico. The company closed underperforming stores, streamlined operations, and extended debt maturities. Wholesale penetration increased to approximately 34% in Colorado and 35% in New Mexico.

Schwazze (OTC: SHWZ) (Cboe CA: SHWZ) has scheduled its Second Quarter 2024 Conference Call for August 13, 2024, at 5:00 p.m. ET. The company will discuss financial and operational results for the quarter ended June 30, 2024. A press release detailing the results will be issued prior to the call.

The conference call will be accessible via toll-free and international dial-in numbers, as well as a live webcast on the company's investor relations website. A replay will be available after the call. Interested parties can submit questions in advance by emailing ir@schwazze.com.

Schwazze, operating as Medicine Man Technologies (OTCPK: SHWZ), has restructured its $15 million Altmore Loan and $17 million R. Greenleaf Promissory Note, both previously due in February 2025. The new agreement extends the maturities to November 2025, reduces the Altmore Loan's quarterly principal payments from $750,000 to $300,000, and introduces a new quarterly administrative fee of $75,000. The interest rates remain unchanged at 15% for the Altmore Loan and 5% for the R. Greenleaf Promissory Note. This restructuring provides Schwazze with financial flexibility to pursue growth initiatives in Colorado and New Mexico.

Medicine Man Technologies, operating as Schwazze (OTCQX: SHWZ, Cboe CA: SHWZ), announced a transition to the OTC Expert Market due to delays in filing its Form 10-Q for Q1 2024. The delay stems from an SEC Order against the company's previous auditor, BF Borgers, dismissed in April 2024, for failing PCAOB standards. New auditor Baker Tilly needs additional time to review prior periods and re-audit fiscal 2023 and 2022 financials. Schwazze is also seeking an MCTO from the Ontario Securities Commission, which would allow public trading of shares while restricting executive trades. The company is working to promptly meet SEC reporting obligations.

Medicine Man Technologies, operating as Schwazze (OTCQX: SHWZ), has announced the grand opening of its 35th dispensary in New Mexico. The new store is located at 242 US-550, Bernalillo, NM, and will operate from 8:00 a.m. to 11:00 p.m. Monday through Saturday and 8:00 a.m. to 9:00 p.m. on Sundays. Schwazze's Senior VP of New Mexico Retail, Ken Bair, expressed excitement about expanding the company's presence. The grand opening includes a ribbon-cutting ceremony by the New Mexico Cannabis Chamber of Commerce and events with local vendors. The Bernalillo location is part of Schwazze's strategy to grow its retail footprint, now totaling 35 dispensaries in the state under the R. Greenleaf and Everest brands.

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.