Schwazze's Q1 2024 Financial Results: Takes A Hit In Colorado, Overall Cannabis Sales Up By 9%

Nicolás Jose Rodriguez

May 15, 2024

Medicine Man Technologies, Inc., operating as Schwazze (OTC:SHWZ), announced its financial results for the first quarter ended March 31, 2024.

Schwazze's interim CEO, Forrest Hoffmaster, commented on the results. "We delivered another period of revenue growth in Q1 as we further refined our retail strategy while contending with the prolonged competitive challenges in Colorado and New Mexico."

Operational And Strategic Developments

Schwazze has focused on enhancing its retail and wholesale strategies, including pricing, promotions and improving the in-store experience. The company reported that its Colorado sales were down 10% year-over-year due to lower volumes, but overall sales were up 9%, outperforming the market.

In New Mexico, despite the rapid increase in store counts, the company concentrated on high-quality products and customer experience, leading to strong performance.

"Over the past four years we have rapidly scaled our footprint through 13 acquisitions, building a leading retail presence in both Colorado and New Mexico. We believe these initiatives, coupled with our operating playbook and strict cost controls, will enable us to return to stronger levels of profitability moving forward," Hoffmaster noted.

Key Financial Metrics

Total Revenue: $41.6 million in Q1 2024, up 4% from $40.0 million in Q1 2023.
Gross Profit: $17.9 million (43.1% of total revenue) in Q1 2024, down from $21.8 million (54.6% of total revenue) in Q1 2023.
Income (loss) from Operations: Loss of $2.7 million in Q1 2024, compared to income of $5.6 million in Q1 2023.
Net Loss: $16.1 million in Q1 2024, compared to net income of $1.7 million in Q1 2023.
Adjusted EBITDA: $7.3 million in Q1 2024, down from $14.5 million in Q1 2023.
Operating Cash Flow: Negative $3.7 million in Q1 2024, compared to negative $0.88 million in Q1 2023.
Operating Expenses: $20.6 million in Q1 2024, up from $16.2 million in Q1 2023.

Financial Position

As of March 31, 2024, Schwazze reported cash and cash equivalents of $13.2 million, down from $19.2 million on December 31, 2023. Total debt increased to $159.7 million from $156.8 million during the same period.

To learn more about the cannabis business and how to invest in the sector, don't miss the opportunity to join us at the 19th Benzinga Cannabis Capital Conference in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry's future. Secure your tickets now before prices increase by following this link.

Recent Operational Highlights

Expansion: Opened a new dispensary under the Everest Apothecary banner in Las Cruces, New Mexico, increasing its retail footprint to 34 stores.
Wholesale Growth: Achieved over 30% door penetration in Colorado and New Mexico.
Product Performance: Lowell Herb Co. pre-roll sales increased more than threefold quarter-over-quarter in Colorado, and Wana gummy sales doubled in New Mexico.

Photo: AI-Generated Image.

Recommended

The Next Biggest Bull Run In Over 50 Years - Ad

$270,000 Drug. One Competitor. Billion-Dollar Market. - Ad

Trump Signs Law to Launch Dollar 2.0 - Ad

NEW YORK (AP) — Space weather forecasters issued an alert on Tuesday for incoming severe that could produce and temporarily disrupt communications.

December Social Security Payments Might Come Early — But There's a Catch

The Social Security Administration is altering its payment schedule for December.

Weiss Gold Veteran Makes Shocking New Call

Weiss Gold Veteran Makes Shocking New Call - Ad

Weiss expert Sean Brodrick went out on a limb last year and declared a historic event would send the yellow metal to $3,150. People laughed at him at the time, but he was off by just two days. Now, Sean has a shocking new prediction for gold ... and reveals a little-known way to get ahead of this bull market.

Marjorie Taylor Greene Goes Bargain Shopping, Discloses Buying These Two Stocks At 52-Week Lows

Congresswoman Marjorie Taylor Greene disclosed some new stocks recently. Unlike past trades in 2024 and 2025, the latest disclosure is rather unique.

Jim Cramer's '10 Stocks To Own For The Future' In 2000 Cost This Redditor A Decade Of Retirement, Says Having To Work 10 More Years Was 'Painful'

A Reddit user slammed Jim Cramer's stock picks at the peak of the Dot-Com bubble, saying that the CNBC host's suggestions cost him a decade of retirement.

The $43B Big Pharma Story is Starting Over-With a New Player

The $43B Big Pharma Story is Starting Over-With a New Player - Ad

Big Pharma once paid $43B for a small biotech with a similar platform. Now, a new company is following that same playbook, leveraging its patented delivery technology to attract partnerships and near-term revenue potential.

Asian shares advance after a retreat on Wall Street

BANGKOK (AP) — Asian shares mostly advanced on Tuesday after U.S. stocks gave back some of last week’s rally, pressured by rising global bond yields.

LOCALIZE IT: Sports betting is now legal in most states. But the rules vary widely

EDITORS/NEWS DIRECTORS:

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly - Ad

AI, electrification, battery storage, and data centers are pushing copper and silver demand sharply higher, even as supply stays tight. This region in Nevada offers rare multi-metal potential, and a new company has secured land in a district the surging district. It's one of the cleanest timing setups in the sector right now.

Joan Branson, wife of British billionaire Richard Branson, dies at 80

Joan Branson, the wife of British billionaire Richard Branson, has died at age 80.

ING Expands Broadcom Partnership To Accelerate Private Cloud Overhaul

Broadcom (AVGO) and ING expand partnership for private cloud modernization, aiming to deliver secure and scalable digital banking services.

Legally "Skim" $6,361 Into Your Account?

Legally "Skim" $6,361 Into Your Account? - Ad

A former hedge fund manager is now sharing his "Skim Codes" with regular people. They're not stocks. They're not crypto. They're 18-character codes designed to profit from recent market conditions. All you have to do is punch them into an ordinary brokerage account. 84% of these codes have given people the chance to generate cash payouts so far... and his next code is going out any day now.

Airbus Orders Emergency Recall Of 6,000 A320 Jets After JetBlue Incident, Triggering Global Flight Delays And Holiday Travel Chaos

Airbus SE (OTC: EADSF) ordered immediate repairs to A320-family aircraft on Friday, recalling 6,000 jets after a recent JetBlue incident.

JPMorgan Forecasts Bitcoin Bottom, Anticipates $28.3 Trillion Challenge To Gold By 2026

Analysts at JPMorgan have pinpointed the lowest point of the ongoing Bitcoin (CRYPTO: BTC) price fall and also projected a substantial chall

The Smart Money Copper Trade

The Smart Money Copper Trade - Ad

Only one lines up grade, scale potential, and Quebec power like this. Insider alignment is real. Stepouts are opening new zones. With EVs and grid buildouts rising, this could be the timely copper idea you have been waiting for.

Watchdog group Public Citizen demands OpenAI withdraw AI video app Sora over deepfake dangers

The tech industry is moving fast and breaking things again — and this time it is humanity’s shared reality and control of our likeness before and after death — thanks to artificial intelligence image-generation platforms .

AT&T reached a $177M data breach settlement. What consumers should know about claiming their money

NEW YORK (AP) — AT&T has reached a combined $177 million settlement over two . And impacted consumers have a little over a month left to file a claim for their chunk of the money.

Why Are 21 Billionaires Moving Their Money ASAP?

Why Are 21 Billionaires Moving Their Money ASAP? - Ad

One of the biggest stock market events in 25 years is rapidly unfolding... The economist who predicted the 2008 Financial Crisis says it will be: "The Biggest Crash of Our Lifetime." It could cut the entire tech marketing by HALF.

Why Is Occidental Petroleum Stock Gaining Tuesday?

Analysts highlight OXY's robust earnings, production guidance, and expanded resource base as key growth drivers.

Trump's $2,000 Tariff Dividend Stumbles On Math: Cost Far Exceeds Revenue

Trump's $2,000 tariff rebate plan faces a major math gap, with estimated costs up to $606.8B—far exceeding tariff revenues in 2025 and 2026, says the Tax Foundation.

Inside: What's Going on Behind the Scenes in DC?

Inside: What's Going on Behind the Scenes in DC? - Ad

Former CIA officer Buck Sexton just met with Trump and VP J.D. Vance - and what he uncovered inside the West Wing is stunning. With ties to Tulsi Gabbard, Mike Johnson, Kash Patel, and more, he's rushing this urgent interview to reveal shocking secrets unfolding behind the scenes right now.

Preliminary results in Honduras presidential vote show conservatives ahead of governing party

TEGUCIGALPA, Honduras (AP) — With votes from about 34% of polling places counted in Honduras' , preliminary and partial results released late Sunday showed conservative candidates Nasry Asfura and Salvador Nasralla leading and the governing party trailing, only days after U.S. President in a close race by and announcing that he would pardon .

All 14 victims identified from fiery UPS cargo plane crash in Louisville

LOUISVILLE, Ky. (AP) — A grandfather and his young granddaughter. An electrician with two young children. A woman standing in line at a scrap metal business.

The Next Biggest Bull Run In Over 50 Years

The Next Biggest Bull Run In Over 50 Years - Ad

Gold has hit all-time highs, breaking $4,000 an ounce - but history shows it could be on the verge of its biggest bull run in over half a century... triggered by a likely major event, eerily similar to what happened in the 1970s. (It's NOT inflation or anything you're likely expecting.) Now, a top analyst says you can capture ALL of the upside without touching a risky miner or a boring exchange-traded fund. He sees extraordinary potential gains long term with very little risk.

In Trump-dominated media world, editing video takes on new significance — as BBC uproar shows

In the space of a few months, one of the more straightforward journalistic tasks — editing tape for broadcast — has been behind a $16 million legal settlement, a network's change in how it offers interviews on a news show and, now, the resignation of two top leaders at the BBC.

Donald Trump Nullifies 92% Of Joe Biden's Autopen-Signed Documents: 'Cancelling All Executive Orders And Anything Else'

Trump moved to invalidate what he claims are most of Biden's autopen-signed actions, sparking political backlash and renewed debate over the legality and precedent of using mechanical signatures for presidential documents.

$270,000 Drug. One Competitor. Billion-Dollar Market.

$270,000 Drug. One Competitor. Billion-Dollar Market. - Ad

Phase 3 trial targets recurrent pericarditis with an oral therapy that could disrupt the only approved treatment. And their heart failure program launches in 2026.

Barrick's Breakup Rumors, North America Versus The World

Barrick Mining (NYSE: B) may split into two companies, one focused on North America and another on Africa and Asia.

Warren Buffett Initiates Alphabet Position, Trims Apple In Q3 — Here Are Berkshire's Moves

Warren Buffett's Berkshire Hathaway took a new stake in a member of the Magnificent Seven, while lowering its stake in Apple in the third quarter.

Trump Signs Law to Launch Dollar 2.0

Trump Signs Law to Launch Dollar 2.0 - Ad

Trump just signed law S.1582, unleashing the biggest money shift in 100+ years. For the first time since 1913, private firms - not the Fed - can mint a "Dollar 2.0." Treasury says it could drain $6.6T from banks and pay 10X current savings rates. Early investors in minting firms could see 40X returns by 2032.

Trump Hints At Tax Cut, John Bolton Warns Of Peace Prize Ambitions And More: This Week in Politics

Trump hints at major income tax cuts, while political tensions rise over military orders, Russia policy, and government shutdown threats.

FDA's Prasad Cites Alleged Child COVID Shot Deaths in Push for Stricter Rules

FDA's new vaccine strategy tightens approval rules after internal findings linked COVID-19 shots to several child deaths.

Weiss Gold Veteran Makes Shocking New Call

Weiss Gold Veteran Makes Shocking New Call - Ad

White House's 50-year mortgage proposal has one notable benefit but a number of drawbacks

NEW YORK (AP) — The White House says it is considering backing a 50-year mortgage to help alleviate the home affordability crisis in the country. But the announcement drew immediate criticism from policymakers, social media and economists, who said a 50-year mortgage would do little to resolve other core problems in the housing market, such as a lack of supply and high interest rates.

Peter Lynch on AI Stocks: 'I Literally Couldn't Pronounce Nvidia Until About Eight Months Ago'

Peter Lynch has stated that he does not hold any artificial intelligence (AI) stocks, despite the sector's recent surge.

The $43B Big Pharma Story is Starting Over-With a New Player

The $43B Big Pharma Story is Starting Over-With a New Player - Ad

Samsung Hikes Key Chip Prices 60% To Keep Up With AI Boom 'Panic Ordering'

Samsung Electronics (OTC: SSNLF) has hiked prices on key memory chips by up to 60% since September due to high demand and supply shortage.

Warren Buffett Disciple Seth Klarman Takes New Stake In Railroad Company, Lowers Stake In This Magnificent Seven Stock

Baupost Group, led by Seth Klarman, made major changes to its investment portfolio in the third quarter. A look at the changes.

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly

Copper Is Tight, Silver Is Rising - And This Early Nevada Play Hits the Timing Perfectly - Ad

Canada's prime minister and Alberta's premier sign pipeline deal that could reverse oil tanker ban

TORONTO (AP) — and the premier of Canada’s oil rich province of Alberta agreed Thursday to work toward building a pipeline to the Pacific Coast to diversify the country’s oil exports beyond the United States, in a move that has caused turmoil in Carney's inner circle.

Trending Now