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) announced the acquisition of Lightshade Labs LLC for US$2.75 million in cash, enhancing its retail presence in Colorado. This deal includes two dispensaries, increasing Schwazze's total number to 25 in the state. The acquisition is expected to close in early 2023, pending regulatory approvals. Since April 2020, Schwazze has expanded significantly, acquiring 35 dispensaries and various facilities in Colorado and New Mexico. This strategic move aims to strengthen customer service and product offerings.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) is set to open its newly renovated Star Buds dispensary in Glendale, Colorado, on September 10, 2022. The grand opening will feature special events, including swag bags for the first 50 customers, discounts such as 50% off flower, and a promotional house pre-roll for $1. This event marks part of Schwazze's aggressive growth strategy, which has expanded its portfolio to 23 dispensaries in Colorado since acquiring Smoking Gun in December 2021. The company aims to enhance product selection and customer experience in the region.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) will hold its second quarter 2022 conference call and webcast on August 11, 2022, at 5:00 PM ET. Investors can join by calling 416-764-8650 or toll-free in North America at 1-888-664-6383, or via the company's website. A replay will be available until August 18, 2022. CEO Justin Dye and CFO Nancy Huber will field questions during the call, which can be submitted in advance through a provided link. Schwazze operates as a vertically integrated cannabis company with a mission to improve the human condition through innovative products.
Schwazze (OTCQX: SHWZ) announces the grand opening of the newly remodeled Star Buds dispensary in Aurora, Colorado, on July 9, 2022. This renovation represents a brand evolution featuring a nostalgic 70s design, which aims to enhance the consumer experience. The celebration will include giveaways and various promotions. The remodel follows the acquisition of 13 Colorado Star Buds locations in March 2021, expanding Schwazze's total to 23 dispensaries in Colorado and four cultivation facilities. This initiative aligns with Schwazze’s mission to provide high-quality cannabis products and stellar service.
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Schwazze (OTCQX: SHWZ, NEO: SHWZ) announced the acquisition of substantially all assets of Urban Health & Wellness, Inc. for US$3.2 million, comprising $1.3M in cash and $1.9M in common stock. This acquisition includes an adult use dispensary and a 7,200 square foot cultivation facility located in Denver, Colorado, expanding Schwazze's footprint to 23 dispensaries and four cultivation facilities in Colorado. The deal aligns with Schwazze's growth strategy in the cannabis space.
Schwazze (OTCQX: SHWZ) reported Q1 2022 revenue of $31.8 million, a 64% increase from $19.3 million in Q1 2021. Retail sales rose by 124% to $26.5 million. However, the company recorded a net loss of $26.8 million, compared to a loss of $3.6 million the previous year. Adjusted EBITDA stood at $7.9 million, representing 25% of revenue. The company added 14 dispensaries and remains on track for an annualized run rate of approximately $220-$260 million for Q4 2022. Challenges included COVID-related impacts and decreased wholesale revenue due to pricing pressures in Colorado.
Schwazze (OTCQX: SHWZ) announced that its hydroponic brand, The Big Tomato, has been named the Best Home Cultivation Store in Denver by Westword magazine. This recognition highlights The Big Tomato's strong presence in the indoor gardening market, emphasizing its commitment to customer service and expert advice for home growers. The store has over 20 years of experience, providing a wide range of gardening supplies and fostering a knowledgeable community. Schwazze's strategic focus on cannabis education and support underlines its leadership in the industry.
Schwazze (OTCQX: SHWZ, NEO: SHWZ) will host its first quarter 2022 conference call and webcast on May 16, 2022, at 4:30 PM EDT. Interested investors can join by dialing 416 764 8650 or 888-664-6383 for North America, or access the webcast on the company’s website. A replay will be available until May 23, 2022. CEO Justin Dye and CFO Nancy Huber will answer investor questions, which can be submitted in advance via a provided weblink.
On May 5, 2022, Schwazze (OTCQX: SHWZ) announced that its Star Buds dispensary became the first cannabis company to sponsor a professional sports team in Colorado. The Colorado Summit, the state’s first ultimate disc team, unveiled jerseys featuring the Star Buds logo on May 4. This initiative aims to promote cannabis acceptance in professional sports. The Summit's season starts on May 7, 2022, in Seattle, with home games hosted at the University of Denver. Schwazze continues to expand its cannabis operations in Colorado and New Mexico.