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Medicine Man Technologies
Medicine Man Technologies (SHWZ) investor relations material
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Medicine Man Technologies Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary13 Aug, 2024
Executive summary
Achieved sequential quarterly growth and gained market share in both Colorado and New Mexico by focusing on consumer needs, differentiated retail experience, and restructuring initiatives.
Outperformed the Colorado market with 6% year-over-year growth despite an 11% market decline; New Mexico revenue grew 9% sequentially versus the state's 2%.
Implemented restructuring, including closing underperforming dispensaries and non-core wholesale operations, and streamlining to focus on core retail and wholesale activities.
Continued to optimize pricing, promotions, and product assortment, driving increased store traffic and market share.
Financial highlights
Q2 2024 revenue increased 2% year-over-year to $43.2 million, driven by new stores but offset by lower wholesale revenue and pricing pressure.
Gross profit was $19.0 million (44% margin), down from $23.0 million (54.4% margin) year-over-year, mainly due to pricing pressure and higher third-party purchases.
Operating expenses rose to $21.8 million from $18.1 million, primarily due to costs from five additional stores and non-recurring professional service fees.
Loss from operations was $2.7 million, compared to $5.0 million income last year; net loss widened to $13.9 million from $6.6 million.
Adjusted EBITDA was $9.0 million (21% margin), down from $13.8 million (33% margin) year-over-year.
Cash and equivalents stood at $12.3 million as of June 30, 2024; total debt increased to $163.4 million from $156.8 million at year-end.
Outlook and guidance
Expect continued growth and improved profitability in the second half of 2024, driven by operational efficiencies and refined retail strategy.
Ongoing restructuring and optimization efforts will continue, with further asset evaluations and cost-saving initiatives planned.
Anticipate net new store growth in New Mexico to turn negative in the latter half of the year due to increased regulatory enforcement and market rationalization.
Working to complete delayed SEC filings and uplist from OTC Pink to OTCQX, aiming to restore liquidity and investor confidence.
Recent debt restructuring provides financial flexibility for strategic growth in Colorado and New Mexico.
When will 280E tax refunds impact cash flow?
What further savings are expected from restructuring?
What is the strategy for retail footprint expansion?
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Frequently asked questions
Medicine Man Technologies, Inc., doing business as Schwazze, is a cannabis company that operates within the cultivation, manufacturing, and retail sectors of the cannabis industry. The company provides a wide range of cannabis products, including flower, concentrates, edibles, and wellness products. Schwazze also offers consulting and operational support to cannabis businesses. Its focus is on expanding its retail footprint and vertically integrating its operations to streamline production and distribution. The company is headquartered in Denver, United States, and its shares are listed on the OTC Markets.
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