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.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) announces the grand opening of its sixth R.Greenleaf adult-use dispensary in Alamogordo, New Mexico, located at 101 N. White Sands Blvd. The store opened on December 29, 2022, expanding Schwazze's reach with now 16 dispensaries in New Mexico since its acquisition of R.Greenleaf in February 2022. The company continues to grow, having added five locations since September 2022. The new dispensary offers introductory pricing on various products and is part of Schwazze's broader strategy of growth in the cannabis market.
Schwazze (OTCQX: SHWZ), a multi-state cannabis company, has reached a milestone of 40 dispensaries across Colorado and New Mexico. On December 15, 2022, Schwazze completed the acquisition of Lightshade Labs LLC for $2.75 million in cash, including two adult-use dispensaries. Additionally, Schwazze's R.Greenleaf retail banner opened its fifth dispensary in New Mexico, bringing the total to 15 locations. The company is focused on enhancing customer service and expanding its product offerings.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) announces the grand opening of its second R.Greenleaf cannabis dispensary in Los Lunas, New Mexico, as part of its expansion strategy. This store opened on December 1 and adds to Schwazze's total of 14 stores in New Mexico. A grand opening event is scheduled for December 17, featuring promotional activities like swag bags and discounts on select products. Since April 2020, Schwazze has expanded significantly, acquiring 39 dispensaries and multiple cultivation facilities in Colorado and New Mexico.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) has opened its latest adult-use dispensary, R.Greenleaf, in Sunland Park, New Mexico, as of November 22, 2022. This new location marks the 13th dispensary for R.Greenleaf in New Mexico, following recent openings in Ruidoso and Clovis. The grand opening event on November 23 featured promotional offers and a community celebration. Since April 2020, Schwazze has expanded significantly, acquiring 38 retail dispensaries and several cultivation facilities in Colorado and New Mexico.
Schwazze (OTCQX: SHWZ) reported record financial results for Q3 2022, achieving revenue of $43.2 million, a 36% increase from Q3 2021. Retail sales soared by 92% to $39.8 million. Adjusted EBITDA reached $15.9 million, representing 36.7% of revenue. Despite growth, challenges included a 10.7% decrease in customer visits and higher operating expenses, which rose by 32% to $14.8 million. The company expects FY 2022 revenue between $155 million and $165 million, slightly below previous targets, attributed to lower wholesale sales and construction delays.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) announces its Third Quarter conference call scheduled for November 9, 2022, at 5:00 pm ET. Key executives, including Justin Dye and Nirup Krishnamurthy, will lead the discussion. Interested parties can join via phone or webcast, with a replay available until November 16, 2022. Additionally, Schwazze will attend MJ BizCon in Las Vegas on November 16-18 and the Benchmark 11th Annual Discovery Conference in New York City on December 1.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) has announced significant management changes to drive growth and innovation. Nirup Krishnamurthy has been promoted to President, focusing on strategic planning and operational execution. Under his leadership since 2020, Schwazze's revenue has soared from $9 million to an impressive run-rate of $176 million. Meanwhile, CFO Nancy Huber is retiring, having played a critical role in the company's expansion to over 725 employees. The Board has initiated a search for her replacement to ensure a smooth transition.
On October 6, 2022, Schwazze (OTCQX: SHWZ, NEO: SHWZ) announced a live VID Forum Town Hall meeting scheduled for October 11, 2022, at 11:00 am EST. Justin Dye, Chairman & CEO, will present to investors, followed by a Q&A session. The event aims to engage stakeholders and provide insights about the company's future. Schwazze is focused on becoming a leading vertically integrated cannabis company with operations in Colorado and New Mexico. The company emphasizes a customer-centric approach and a commitment to community values.
On October 4, 2022, Schwazze (OTCQX: SHWZ) announced the grand opening of its adult-use dispensary, R.Greenleaf, in Clovis, New Mexico. This new location opened on October 1, increasing Schwazze's retail footprint in New Mexico to 12 stores, following a recent opening in Ruidoso. The grand opening event is set for October 15, featuring promotions and product specials. Schwazze continues to expand its cannabis operations, having acquired or opened 37 retail dispensaries and multiple facilities in Colorado and New Mexico since April 2020.
Schwazze (OTCQX: SHWZ) has opened its new adult-use dispensary, R.Greenleaf, in Ruidoso, New Mexico, as of September 24. This marks the company's ongoing expansion, bringing its total dispensaries in New Mexico to 11. The grand opening celebration is scheduled for October 8, featuring special promotions, giveaways, and food for customers. Since April 2020, Schwazze has acquired or opened 36 cannabis retail dispensaries and other facilities in Colorado and New Mexico, signaling its commitment to growing within the cannabis market.
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