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I agree. And Nirup tends to give more info than Dye when on calls.
Stand corrected Dye does receive $300k per year total. I do believe he can add a lot of value no longer involved with day to day. I'm still very positive with what he will add. How many options etc. expire worthless this year? Lot more here than meets the eye. Regardless, I totally appreciate your input. GLTY!
Maybe you should re-read the 8k?
I guess you missed this part..
In connection with Mr. Dye’s resignations and appointment as Chairman of the Board, the Company entered into an Agreement, dated May 27, 2023,
between the Company and Mr. Dye (the “Chairman Agreement”) that governs the terms of Mr. Dye’s appointment as Chair of the Board. The Chairman
Agreement supersedes and terminates all previous employment agreements entered into between Mr. Dye and the Company. The Chairman Agreement
provides for compensation in the amount of $300,000 per year, payable in (i) cash, (ii) shares of Company common stock, (iii) stock options, or (iv)
restricted stock units, at the option of Mr. Dye; the agreement also contains a contingent cash severance obligation in the amount of $350,000 in the event
that Mr. Dye is removed from the Chairman position prior to May 27, 2024 other than for Cause (as defined in the Chairman Agreement). The Chairman
Agreement also provides for the vesting of 100% of the stock option awards that were granted to Mr. Dye pursuant to his original employment agreements
with the Company such that all of Mr. Dye’s stock option awards are fully vested as of the effective date of the Chairman Agreement. The Company will
also reimburse Mr. Dye for Company-related travel expenses while Mr. Dye serves as Chairman of the Board and COBRA payments for 18 months
following execution of the Chairman Agreement. The Chairman Agreement also contains certain restrictions and covenants, including provisions related to
non-solicitation, competition, use of confidential and/or proprietary information, and compliance with applicable Company policies and procedures. The
complete terms and conditions of Mr. Dye’s appointment as Chairman of the Board are set forth in the Chairman Agreement, dated May 27, 2023, between
the Company and Justin Dye, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference
Normally bonuses and cash are paid on tangible results not on pps. Had you read the 10k their was no stock bonuses paid last year. Can't argue as many things you posted but we have 19 more dispensaries being added this Q as IPS posted today. My guess is most of these shares were paid for that. However, I do believe $475k and all these shares are a little bit excessive. Also I believe Dye is only getting Cobra paid.
$750,000 salary awarded to Justin and Nirup for what? Taking the stock down from $3 to $0.93? And of course they get all that preferred stock interest that Schwazze is paying Dye Capital and the insiders. This deal stinks, imo, and the smell of rotten fish is getting stronger and stronger, the more I think about this..
This company has been put together, not to enrich stockholders, but to enrich insiders, and they are doing a damn good job of that. Sheesh
Medicine Man Technologies, Inc. (the “Company”) makes the following disclosures concerning the appointment of a new Chief Executive Officer and the
transition of its former Chief Executive Officer and Executive Chairman to the position of Chairman of the Company’s Board of Directors (the “Board”).
The Company received notice of the resignation of Justin Dye as the Company’s Chief Executive Officer effective May 24, 2023. The Company also
received notice of Mr. Dye’s resignation as the Executive Chairman of the Board effective May 27, 2023. Mr. Dye’s decision to resign as Executive
Chairman of the Board and as the Company’s Chief Executive Officer was not the result of any disagreement with the Company over any of its operations,
policies or practices. Effective as of May 27, 2023, the Board accepted Mr. Dye’s resignation as the Executive Chairman of the Board and appointed Mr.
Dye as Chairman of the Board. Mr. Dye will continue to serve as a Class B director of the Board until his successor has been duly elected and qualified,
subject to his earlier death, resignation, retirement, disqualification, or removal.
In connection with Mr. Dye’s resignations and appointment as Chairman of the Board, the Company entered into an Agreement, dated May 27, 2023,
between the Company and Mr. Dye (the “Chairman Agreement”) that governs the terms of Mr. Dye’s appointment as Chair of the Board. The Chairman
Agreement supersedes and terminates all previous employment agreements entered into between Mr. Dye and the Company. The Chairman Agreement
provides for compensation in the amount of $300,000 per year, payable in (i) cash, (ii) shares of Company common stock, (iii) stock options, or (iv)
restricted stock units, at the option of Mr. Dye; the agreement also contains a contingent cash severance obligation in the amount of $350,000 in the event
that Mr. Dye is removed from the Chairman position prior to May 27, 2024 other than for Cause (as defined in the Chairman Agreement). The Chairman
Agreement also provides for the vesting of 100% of the stock option awards that were granted to Mr. Dye pursuant to his original employment agreements
with the Company such that all of Mr. Dye’s stock option awards are fully vested as of the effective date of the Chairman Agreement. The Company will
also reimburse Mr. Dye for Company-related travel expenses while Mr. Dye serves as Chairman of the Board and COBRA payments for 18 months
following execution of the Chairman Agreement. The Chairman Agreement also contains certain restrictions and covenants, including provisions related to
non-solicitation, competition, use of confidential and/or proprietary information, and compliance with applicable Company policies and procedures. The
complete terms and conditions of Mr. Dye’s appointment as Chairman of the Board are set forth in the Chairman Agreement, dated May 27, 2023, between
the Company and Justin Dye, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
On May 24, 2023, the Board appointed Nirup Krishnamurthy, 60, as the Company’s Chief Executive Officer. Mr. Krishnamurthy was first employed by the
Company as a consultant starting March 1, 2020, and he previously served as the Company’s Chief Information and Integration Officer from June 2019 to
September 2020, Chief Operating Officer from September 2020 to October 2022, and President starting in October 2022. Mr. Krishnamurthy also serves as
a Class B director on the Board. Since May 2018, Mr. Krishnamurthy has been a partner with Dye Capital, a private equity firm that focuses on investing in
growth companies in disruptive industries and one of the Company’s largest stockholders. In addition to his work with Dye Capital, Mr. Krishnamurthy
previously served as managing director of EBIT+ LLC (“EBIT+”), a management consulting firm he founded in January 2016; EBIT+ works with
executive management to improve revenues and margins while reducing operating costs. From September 2011 through December 2015, Mr.
Krishnamurthy was EVP and Chief Strategy Officer & Chief Information Officer with The Great Atlantic and Pacific Tea Company (“A&P”), a grocery
store chain, where he was responsible for the information services, digital commerce, supply chain & logistics, strategic sourcing and retail space planning
functions for A&P. Mr. Krishnamurthy has also held senior management positions with companies including Northern Trust Corporation and United
Airlines, Inc.
As compensation for his appointment, the Company awarded Mr. Krishnamurthy compensation in the following forms and amounts: (i) $475,000 in base
annual salary, (ii) a one-time lump sum bonus payment of $100,000, payable in cash, (iii) options to purchase 800,000 shares of the Company’s common
stock at an exercise price of the Company’s closing stock price on May 24, 2023, vesting in four equal installments on the first, second, third, and fourth
anniversary of Mr. Krishnamurthy’s appointment, (iv) 1,600,000 restricted stock units vesting in four equal installments on the effective date of Mr.
Krishnamurthy’s appointment and the following three anniversaries thereafter, and (v) the opportunity to participate in the Company’s short-term and long-term compensation incentive plans upon adoption and implementation by the Company.
The complete terms and conditions of Mr. Krishnamurthy’s appointment and employment with the Company are set forth in the Amended and Restated
Employment Agreement, dated May 24, 2023, between Mr. Krishnamurthy and the Company, a copy of which is filed as Exhibit 10.2 to this Current
Report on Form 8-K and incorporated herein by reference.
Mr. Krishnamurthy is an indirect partial owner of Tella Digital, an entity that provides on-premise digital experience solutions for the Company’s retail
dispensary locations. As of December 31, 2022 and 2021, the Company recorded expenses owed to Tella Digital of $382,622 and $214,908, respectively.
https://ir.schwazze.com/static-files/7f10d81f-50ee-4f91-a95a-14c8f17e17e0
No blasting here, from my perspective you are spot on.
I just logged into the new Schwab account yesterday and will need a little time to get used to the layout, especially the transfer page. First week of each month I have cash freed up and will take advantage of this dip.
Agreed!
Nirop works for the BOD, with Dye still steering the ship. Perhaps Dye is constricted with day to day operations, all major pieces are in place now and he can focus on M&A & PR.
As this whole board was personally handpicked by Dye the logical move was for him to step down. IMO, this is more or less an advisory position in which his expertise and relationships he has formed makes him the perfect choice as respect goes a long way. This gives him time to step away from day to day grind and really the ability to promote his baby. Anyone can say what they want but if you think for a moment the shares Dye Capital owns and controls is walking away you are absolutely wrong.Blast away.
PS. TD is now Schwab and I will be sending more money for cheap shares.
Preparing for 0.000001? Just kidding...
What is up with the stock price on the OTC Markets page? SHWZ's share price 0.930025. To the millionths place?
Shareholders deserve to know why this happened and what the dam plan is
Well the current price and timing coincidence/squares? Most people resist change, me included after gaining what is a comfort level with the key persons, products and services. Nobody left. More are coming on board.
If it means we see a greater dedicated effort to promote, market, and monetize this company's stock by creating a greater awareness and sense of value--and thus actual value, because of demonstrated ability, actual growth, and a differentiated strategy who is going to argue with that? It remains very much a quality team effort. Point in fact...the stock just sucks despite their current level and type of promotion efforts of late. So, not to invoke an illogical conclusion: better effort is required to make Schwazze a desired known entity. Perhaps, that is anticipated with this move?
Personally I th8nk it is non-event and surely many will disagree. As noted Dye was planning his heir over a year ago. From my view point he has put in an executive board 2nd to none and processes along with a playbook. I believe we are 8n automatic pilot going forward. With the amount of money Dye Capital invested I hardly doubt this was not only well thought out but a plan for 2 yrs. My question is what exactly is the non-executive position Entail? Any thoughts?
Agree, and when you think of how many shares Dye Capital controls.... shudder...
I really didn't expect that, and it's not what I wanted to see happen at this time. Timing is awful, we don't need any more worries added to a flailing sector to drive the stock even lower. Not a good look.
The board is more powerful than management.
https://www.newswire.ca/news-releases/multi-state-cannabis-operator-schwazze-promotes-nirup-krishnamurthy-to-chief-executive-officer-877268278.html
I really dislike the news...and look8ng for more answers...but did we not feel something like this happening when Justin started letting Nirup lead/control the quarterly earnings calls? The question though still remains, why?
WTF - Justin Dye is out as CEO???? Nirup CEO??? WHY??? But I am sure this will be spun as a positive, sheesh...
Good question! Last time it went under a buck I supported the price, but I am done until I see a meaningful catalyst. I think it's going to be a very long summer. I am keeping the rest of my powder dry for now.
where to next is the big question... 87? Lower?
I do believe Andy Williams proved that IR and constant interviews by penny stock outlets pumped the price.
IPS, I agree with you, great company news...but reality is, and continues to be, 3 things: (1) the industry still cycles together...and seems dependent on federal level news for actual stock movement, or increase in (new) investors. (2) This company is still considered an MSO Gang outlier (and thankfully so because I personally dont want to be a part of that) but therefore lacking in PR and any real 'top-tier' attention. And (3), the company operates in probably 2 of the least flashy, already established, states, and regardless of proof through margins/operations, the current retail investor base just doesn't have the foresight to comprehend or differentiate based on company's ability and area of operation (like we, collectively, do).
Sector news?
How about company specific news? In the next 29-days and a wake up for the closing of the 2nd quarter, should include: closing on 14 Everest stores + mfg + Cultivation in NM, opening of 2 Standing Akimbo's in CO, opening of 2 Fort Collins area Star*Buds stores, and the grand opening of R. Greenleaf's Hobbs dispensary. That's 19 new dispensaries or an increase of 44% in dispensaries, 50% in mfg and 20% in cultivation! With greater revenues to follow.
Likewise (temporally speaking) SAFE is making its way through the Senate committee and already has support in the HOR to pass.
Headed below the Mendoza line.
I am trying not to be a pessimist, but I agree, I don't see an industry catalyst...at least in the near term. There is really no incentive to buy into any company in the industry right now...and it is just tough to watch.
Do we hold a dollar on a closing basis? I'm having doubts and really see no catalyst
Gald it resonated with you as well. It was the piece of the puzzle that was missing, but right in front of my face, the entire time. They have 60 cannabis clients...and do their job really well, so much so that they have a cult-like following --> #MSOgang. As for IR, I think you are right. They must use a third party. My last correspondence implied that they were also "waiting"...or in the middle.
A true Rodney Dangerfield, "Why Schwazze gets no respect I tell you!"
That was a most thumbs up post!!! Have shared several times already today. TY, damAcon1!
Company direct confirm on Hobbs, NM --as in available positions:
https://secure2.entertimeonline.com/ta/Schwazze.careers?CareersSearch
IR is a hit and miss and frankly have never been impressed with the responses for timeliness. I get the impression that area is still very much outsourced and moreover disconnected from the pulse except for the specific by paid event basis. Nature of the beast for a microcap OTC.
I read a LinkedIn post that seemed to be my missing link, pr eye opener, as to why certain MSOs are always front and center and negative news is swept under the rug. It also makes sense as to why others, regardless of their performance compared to peers, continue to get little to no attention:
https://www.linkedin.com/pulse/cannabis-public-relations-scares-me-should-scare-you-too-mundell?utm_source=share&utm_medium=guest_mobile_web&utm_campaign=copy
On an additional note, I am also frustrated with the company because I emailed (May 12th) asking for the number of transactions, for each state, as well as the average basket size...values that have been previously given on the last few quarterly earnings...and, even though I received a reply (after following up), I still haven't been provided the amounts. This is information that I know is readily available to them...because it is critical to CPG...and I just don't understand why they decided not to provide it on the call nor the the delay in providing it to me via email.
As an avid gardener, you should know the best way to beat the heat is stay as cool as a cucumber.
https://www.thepioneerwoman.com/food-cooking/recipes/a40254322/cucumber-salad-recipe/
Traders may have a long hot summer, but it would entail the entire cannabis market this summer. SHWZ investors, however, will enjoy the bargains.
Lots of all time lows in the cannabis sector today.
the next window of opportunity in SHWZ will be in september , add then @ around .58
Well stated, agree completely.
All the best,
Knife
It's likely to be a long hot summer for $SHWZ investors.
The explosion of dispensary licenses in NM was simply a onetime cash grab by state legislators looking to collect those licensing fees. All the while they were knowing the glut of licenses would create a stifling competitive market that only few would survive. There are many new license holders who are on their way to failure without an organization like SHWZ; that can rely on economies of scale to survive such a harsh business environment. I believe SHWZ can grow by finding assets under stress, they will have lots of options. There will, no doubt, be some gems that are poised to fail since investors jumped in without the wherewithal to handle the cutthroat environment that will be the NM market for at least the next year or so. I think attrition will sort this out and only the strong and smart, like JD & Team SHWZ will thrive. I'll bet Dye is not losing sleep over all of this and is instead, strategizing to capitalize in this market.
Tlry is kicking the can down the road…..not looking good…glad I passed on that one.
CGC and TLRY reminded us today that the bloodbath in the cannabis sector is far from over. Personally I think that SHWZ can still go down a bit more but I am confident that before the end of the year it will reach $2, so I will continue to accumulate as it goes down.
Question with 50% more dispensaries in N.M. they are assuming 0% growth what are the possibilities of 10% or more negative growth? Just trying to be real and not a pessimisti.
Schwazze NM Cannabis Sales for April and annual run-rate estimate
— The Dank Informer (@TheDankInformer) May 24, 2023
April 2023
R. Greenleaf - $3,780,704.02
Everest Apothecary (pending acq.) - $1,748,489.09
Annual (x12 flat) estimate
R. Greenleaf - $45,368,448.24
Everest Apothecary - $20,981,869.08
Combined - $66,350,317.32… https://t.co/ggu4Vvp19t pic.twitter.com/MuXPymHyOF
My lowest was yesterday at $1.03 Like yourself I'm going to add $1-$2k per month. My average is still north of $1.50 but starting come down. Problem being I bought 75k over $$2.00. Like most I believe in management as they have a huge vested interest.
I won't be going to the meeting but plan on buying more SHWZ shares. I have budgeted $1k per month and working toward my new goal of 50K shares. $1.02 would be my lowest price per share and help lower my average price per share. In my opinion SHWZ has the best management in the industry and that is what I am investing in.
I’m really looking forward to the licensing agreement to end.
More what's not what good looks like in a name...
This time it's a Norcal Medicine Man which is involved in the potential diversion of cannabis out of State according to the whistleblowers report. Funny thing, the FBI and CA Canna Control Division don't seem to care. Ha-ha? Yeah, the former too focused on imaginary CW2 or alike, smh. SAFE is making the long-convoluted way for an actual banking committee vote then floor vote in the Senate. Personally, I think it passes with a R sponsored firearm rights/caveat on D sponsored expungement for convictions for non DoD/DoE/Sensitive this time around --and before the general elections. In all, recognizing States' Rights to enforce. Dunno if HHS -DEA will even address reschedule without a campaign pledge for '24 to advance. And don't care anymore. With Fentanyl still a Schedule II...wtf lmao. Idiocracy on display all day long.
https://www.greenmarketreport.com/california-whistleblower-alleges-millions-in-cannabis-diversion-by-former-employer/#comment-73515
With some of the Tier II's about to implode as in undergo a formal receivership, the name MedMen will likely be in the news soon with multiple highly visible and unfavorable reporting. Of particular note on page 7 the Going Concern Clause was again invoked:
https://s23.q4cdn.com/397038000/files/doc_financials/2023/q2/MMNFF-2022.12.24-10Q-Financial-Statement-FN.pdf
Recent and broad brush strokes ahead perhaps as to why the company should lose the former corporate name entirely. 39-days left in Q2 and some big acquisitions all slated to close during this period. I'm patient. Added this morning. Waiting and looking towards a much larger baseline and expansion. I am comfortable projecting @70 stores this year with revs @$220MM and a smaller net loss than '22. In sum, the $SHWZ offense remains on the field in play while some neighboring stadiums are burning to the ground.
Meanwhile... Cresco prepares to announce Q1 tomorrow and is up today 10% and pushing the string of Tier I's and the ETFs along with it in anticipation? What could go wrong?
We are on the cusp of going under 1.00, which is possible during these doldrums, so if I were entertaining buying more i'd be waiting, but that's only my humble view. As to the next meeting, the question is whether the war chest they have is planned for incremental acquisitions (if so, no real move in the stock as those get announced until the larger industry view changes) or whether a larger purchase to secure their top position in CO or NM gets announced (that could get some eyes on SHWZ and move the needle a bit), or a significant move into another state (that would also garner interest). Otherwise, drift along unless the fed does something, anything. Nice to see at least them squabbling over some of the language in safe banking, squabbling over specifics means to me they're closer on agreeing in general to move it all forward - now it's more of the tweaking. In these dark days of MJ in the pot so to speak, merest hope I can muster.
Thx. for your thoughts which are very similar to mine. Obviously this isn't a quick flip as I believe the shake out in N.M. Will happen sooner rather than later as the dispensary count approaching 1,000 dispensaries is not feasible with 2.1 million population.look no further than Co. with 625 dispensaries and 3x the population.
I did buy 1.3k yesterday averaging down at $1.03 I too, will add as I believe at some point once Safe passes the savings from refinancing will immediately impact the bottom line. Also when it does pass 280 on taxes won't be far behind. Unfortunately this could still be years away.
If I had the money, I would be buying. It’s be the cheapest price I’ve ever bought at. It would bring my avg down. Shwz has the best management team in the industry and is extremely well positioned to continue growing and also for when safe banking passes.
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Meet the "Steve Jobs of Cannabis" and Schwazze's Chief Cultivation Officer, Josh Haupt:
https://www.youtube.com/watch?v=s36OIBT4XiQ&t=1s
Star Buds is one of the Most Recognized and Successful Retail Cannabis Operators in North America
Company Projects Pro Forma Revenue for Schwazze and its Two Acquisitions (Mesa Organics and Star Buds) of $95 Million in 2020
Company Expects to Be Cash Flow Positive Beginning in January 2021
Company Anticipates Acquiring Remaining Seven Star Buds Retail Dispensaries in Colorado during the First Quarter 2021
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