Welcome to our dedicated page for Medicine Man news (Ticker: SHWZ), a resource for investors and traders seeking the latest updates and insights on Medicine Man stock.
Medicine Man Technologies, Inc., operating as Schwazze (SHWZ), regularly issues news and updates about its activities as a vertically integrated regional cannabis company with assets in Colorado and New Mexico. This news page aggregates company press releases and third-party coverage related to Schwazze’s operations, financial performance, capital structure, and regulatory developments.
Readers can expect updates on Schwazze’s retail and wholesale operations in Colorado and New Mexico, including announcements of new dispensary openings under banners such as R. Greenleaf and Everest Apothecary, changes to its retail footprint, and commentary on customer experience, pricing, promotions, and product assortment. The company also reports on wholesale penetration and catalog developments in both states.
Schwazze’s news flow frequently includes financial results for specific quarters, with management commentary on revenue trends, gross profit, operating expenses, and adjusted EBITDA, as well as discussions of market conditions in Colorado and New Mexico. The company also provides notices of upcoming conference calls to discuss its results, along with details on how investors and other interested parties can listen to these calls.
Another important category of news involves capital structure and restructuring. Schwazze has issued releases on restructuring certain debt obligations, extending maturities, and adjusting payment terms. It has also announced a Restructuring Support Agreement with an affiliate of Vireo Growth Inc. and other parties, which contemplates an asset sale of a majority of its assets to a new entity and the liquidation and winding down of remaining operations, subject to regulatory approvals and closing conditions.
In addition, Schwazze publishes updates on its SEC reporting status and audit matters, including the transition from its former auditor to Baker Tilly US, LLP, the need to restate certain prior financial statements, and the impact of an SEC Order involving its former auditor. The company has also reported that its common stock will transition to the OTC Expert Market due to delayed filings and has described steps it is taking to become current in its reporting obligations.
Investors and observers can use this news page to follow Schwazze’s disclosures about its cannabis operations in Colorado and New Mexico, its financial and operational performance, and its ongoing restructuring and reporting processes.
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Schwazze (OTCQX: SHWZ) has announced the acquisition of assets from Sucellus, LLC to manage Everest Apothecary, Inc., a significant cannabis operator in New Mexico. The transaction, valued at US$38M, is set to increase Schwazze's retail store count to 32 throughout the state, strengthening its market presence. This acquisition involves retail dispensaries, cultivation, and manufacturing facilities located in key areas such as Albuquerque and Santa Fe. It is expected to close in Q2 2023, pending approval from the New Mexico Regulation and Licensing Department. Since April 2020, Schwazze has rapidly expanded its portfolio, acquiring or planning to acquire 60 cannabis retail dispensaries and several cultivation and manufacturing facilities across Colorado and New Mexico.
On April 18, 2023, Schwazze (OTCQX: SHWZ) announced the acquisition of assets from Standing Akimbo LLC, specifically a medical cannabis dispensary in Denver, Colorado. The deal, valued at US$10,540,000, will include US$1,000,000 in cash and US$5,540,000 in common stock at closing, along with US$4,000,000 in deferred payments. This transaction aims to enhance Schwazze's footprint in the Colorado market, expanding its total dispensary count to 26. The acquisition is projected to close in Q3 2023, pending regulatory approvals. This move follows Schwazze's prior expansions in New Mexico and its strategy to establish a significant presence in a market projected to exceed $200M in Colorado.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) has launched a new pre-ground, ready-to-roll cannabis flower brand called EDW (Every Day Weed) in Colorado. The product, designed for regular cannabis consumers, comes in a half-ounce resealable package and includes rolling papers, catering to growing pre-roll trends. Recognizing the popularity of pre-rolls, Schwazze aims to enhance its product portfolio and provide convenience. The brand is available at Schwazze-owned retail chains, including Star Buds and Emerald Fields, with plans for expansion into New Mexico. Company President Nirup Krishnamurthy expressed enthusiasm for the new offering, emphasizing value for cannabis consumers. As part of its broader strategy, Schwazze seeks to build a strong portfolio of cannabis brands while focusing on quality and customer convenience.
Medicine Man Technologies, operating as Schwazze (OTCQX: SHWZ, NEO: SHWZ), reported a 47% revenue increase for 2022, totaling $159.4 million, up from $108.4 million in 2021. Gross profit rose 72% to $85.0 million, but the company faced a net loss of $18.5 million compared to a net income of $14.5 million in 2021. Key growth drivers included expansion into New Mexico and acquisitions, adding 23 retail dispensaries and facilities. The Q4 results showed a 51% revenue increase to $40.1 million. Adjusted EBITDA was $52.0 million, 33% of revenue. Cash flow from operations improved to $11.4 million, indicating strong operational performance amidst challenges.