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Medicine Man Technologies (SHWZ) investor relations material

Medicine Man Technologies Q2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2024 earnings summary13 Aug, 2024

Executive summary

  • Gained market share in Colorado and New Mexico, outperforming local markets year-over-year and sequentially.

  • Focused on consumer needs, retail experience, and loyalty programs to drive customer acquisition and retention.

  • Executed restructuring, closing underperforming dispensaries and non-core operations to optimize profitability.

  • Strengthened wholesale business with increased penetration and catalog expansion in both states.

  • Achieved sequential quarterly growth across all key financial metrics in Q2 2024, driven by growth and restructuring initiatives.

Financial highlights

  • Q2 2024 revenue rose 2% year-over-year to $43.2M, driven by new stores but offset by lower wholesale revenue and pricing pressure.

  • Gross profit was $19M (44% margin), down from $23M (54%) last year, mainly due to pricing pressure and higher third-party purchases.

  • Operating expenses increased to $21.8M from $18.1M, reflecting costs from five new stores and non-recurring professional fees.

  • Loss from operations was $2.7M versus $5M income last year; net loss widened to $13.9M from $6.6M; Adjusted EBITDA was $9M (21% margin), down from $13.8M (33%).

  • Cash and equivalents stood at $12.3M; total debt was $163.4M as of June 30, 2024.

Outlook and guidance

  • Anticipates continued growth and improved profitability in the second half of 2024, driven by operational efficiencies and refined retail strategy.

  • Plans to file delayed 10-Qs and uplist from OTC Expert Market to OTCQX in coming months, expecting improved liquidity and share price.

  • Ongoing restructuring and optimization efforts will continue, especially in cultivation and manufacturing.

  • Targeting 40% wholesale penetration in both states by end of Q3, with further catalog expansion planned.

  • Recent debt restructuring provides financial flexibility for strategic growth in Colorado and New Mexico.

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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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