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Medicine Man Technologies, Inc., operating as Schwazze, reports developments tied to its vertically integrated regional cannabis business in Colorado and New Mexico. The company operates a portfolio of cannabis businesses and brands spanning seed-to-sale activities, including retail dispensaries under banners such as R. Greenleaf and Everest.
Recurring updates include financial and operating results, retail expansion, store-base optimization, pricing and assortment initiatives, debt restructuring agreements, and cannabis market conditions in its core states. Schwazze news also covers public-company reporting matters, including delayed periodic filings, auditor-related reviews, restatement activity, capital-structure disclosures, and governance updates.
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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.