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Wow, still crickets 8 days into the New Year. Surely the accounting firm should have some idea of a timeline for publication by now! Shareholders deserve better from an "open" "shareholder friendly" management.
Yea, when they first went expert I posted that I expected it would take until the end of the year at the earliest to get the financials reaudited and to resume trading. Now I think that by end of Q1, 2025 is a likely target. So the company is open, is still able to do business, but they are not able to readily access the capital markets and continue growth. I think the upside to all of this is now they can concentrate on their stores that are open, make them more profitable, and continue to pay down the debt. If they begin trading, and Elon Musk pushes for logical Federal weed laws that don't conflict with State weed laws, I believe this stock will do well once trading resumes. Merry Christmas and Happy New Year all, and remember, there is no X in Christmas!
Schwazze the Pheonix!
Yea, I predicted it would be late in the year before they got some filed... and it is late in the year. They really need to get caught up.
Appointment of Forrest Hoffmaster as Chief Executive Officer
Effective December 9, 2024, the board of directors (the “Board”) for the Company appointed Forrest Hoffmaster as the Company’s Chief Executive Officer (“CEO”). Mr. Hoffmaster was first employed by the Company as the Chief Financial Officer (“CFO”) starting on January 16, 2023, and he previously served as the Company’s Interim Chief Executive Officer and Chief Financial Officer from February 21, 2024 to December 9, 2024. At this time, Mr. Hoffmaster will continue to serve as the CFO of the Company until a successor is duly appointed by the Board, which has hired an executive search firm to find a qualified candidate.
Mr. Hoffmaster brings over 30 years of executive experience in finance and operations for both public and private companies. Prior to joining the Company, Mr. Hoffmaster served as CEO of New Seasons Market, a specialty gourmet food retailer, where he navigated the company through one of the most disruptive periods in the retail grocery industry. Under his leadership, Mr. Hoffmaster implemented a focused growth and cost optimization program, enabling the company to grow EBITDA by over 30% in two years. Prior to New Seasons Market, Mr. Hoffmaster held leadership positions with other leading grocers including Whole Foods Market and H-E-B.
In connection with his appointment as CEO, Mr. Hoffmaster and the Company entered into a Second Amended and Restated Employment Agreement (the “Hoffmaster Employment Agreement”), dated as of December 9, 2024, that governs the terms of Mr. Hoffmaster’s appointment as CEO. Under the terms of the Hoffmaster Employment Agreement, the Board has agreed to (a) increase Mr. Hoffmaster’s base annual salary from $400,000 to $480,000, (b) provide a cash bonus of $14,000 that is payable before the end of 2024 and the opportunity to receive an annual cash bonus of 100% up to 150% of his base salary, based on meeting performance metrics and other terms determined at the Board discretion; (c) grant him 2,500,000 restricted stock units (“RSUs”), vesting in four equal installments on the first, second, third and fourth anniversary of Mr. Hoffmaster’s appointment, with accelerated vesting upon the earlier of (i) a change in control or (ii) the termination of the agreement (x) by Mr. Hoffmaster due to a material breach of the agreement by the Company, (y) by the Company without cause, or (z) as a result of Mr. Hoffmaster’s death or disability; and (d) if the combined value of the options, RSUs, warrants, securities, derivative securities, Performance Stock Units (“PSUs”) or other equity (collectively, “Equity”) in the Company that Mr. Hoffmaster holds does not exceed $2,500,000 (pretax), then at the time of a change of control of the Company, the Company shall compensate Mr. Hoffmaster the difference between the value of Mr. Hoffmaster’s Equity as of the appointment date and the $2,500,000. The Hoffmaster Employment Agreement supersedes and terminates all previous employment agreements entered into by and between Mr. Hoffmaster and the Company.
The complete terms and conditions of Mr. Hoffmaster’s appointment and employment with the Company are set forth in the Hoffmaster Employment Agreement, dated December 9, 2024, between Mr. Hoffmaster and the Company, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Well that's encouraging. Much better than the garbage Benzinga has been making up and posting.
You can't buy it. Their accountant got banned by the SEC and they are now only trading on the expert market because they are having to refile 2 years worth of financials and it's taking longer than the OTC market will allow.
Link to today's SEC 8k filing .. https://ih.advfn.com/stock-market/USOTC/medicine-man-technologies-ce-SHWZ/stock-news/95038478/form-8-k-current-report
NEWS-DENVER , Dec. 04, 2024 (GLOBE-NEWSWIRE) SHWZ is providing an update on its previously announced delayed filings.
On November 29, 2024 , the Audit Committee of the Company determined, following discussions with Baker Tilly and the Company’s management, that the Company’s previously issued audited consolidated financial statements for the two fiscal years ended December 31, 2023 , audited by BF Borgers, and the Company’s unaudited condensed consolidated financial statements and the notes thereto as of and for the fiscal periods ended March 31, 2023 , June 30, 2023 , and September 30, 2023 included in the Company’s Quarterly Reports on Form 10-Q for the fiscal periods ended March 31, 2023 , June 30, 2023 , and September 30, 2023 that were filed with the SEC (collectively the “Subject Periods”) will be restated due to the identification of certain accounting adjustments needed primarily relating to technical accounting areas.
The Company has concluded that the impact of these corrections is material and as a result, the Subject Periods should no longer be relied upon. Similarly, any previously issued or filed reports, press releases, earnings releases, investor presentations or other communications of the Company describing the Company’s financial results or other financial information should no longer be relied upon to the extent that they are related to the Subject Periods.
Schwazze does not currently believe that the foregoing corrections will have any negative material impact on the Company’s revenue, adjusted EBITDA, cash from operations or cash position.
Additional details on the impact of these adjustments can be found in the Company’s related Form 8-K filed earlier today.
Medicine Man Technologies, Inc. (the “Company”) is unable to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the “Quarterly Report on Form 10-Q”) on or prior to November 14, 2024, without unreasonable effort and expense for the reasons stated below.
The ongoing impact of the May 3, 2024, U.S. Securities Exchange Commission (“SEC”) order (the “SEC Order”) against B.F. Borgers CPA PC and Benjamin F. Borgers (individually and together, “Borgers”), pursuant to which the SEC suspended Borgers from appearing or practicing before the SEC as an accountant, has been significantly challenging for the Company. Borgers was the Company’s independent auditor for the fiscal year ending December 31, 2023, during which time Borgers reviewed Company financial statements and performed reviews of interim financial statements.
In April 2024, the Company engaged Baker Tilly to provide a re-audit of the Company’s year-end December 31, 2023 financial statements as filed on the Annual Report on Form 10-K and the interim quarterly statement for the three-months ending March 31, 2023, as filed in the Quarterly Report on Form 10-Q, the interim quarterly statement for the six-months ending June 30, 2023, as filed in the Quarterly Report on Form 10-Q, and the interim quarterly statement for the nine-months ending September 30, 2023, as filed in the Quarterly Report on Form 10-Q. The extent of the SEC Order’s impact has been significant on the Company’s financial statements as of and for the fiscal quarters ending March 31, 2024, June 30, 2024, and September 30, 2024, to be included in the Quarterly Report filed on Form 10-Q, and its financial statements as of and for the year ended December 31, 2023 included in its Annual Report on Form 10-K.
The impact of the SEC Order has required the Company to undergo a re-audit of the Company’s; (i) year-end December 31, 2023, financial statements as filed on the Annual Report on Form 10-K; (ii) the interim quarterly statement for the three-months ending March 31, 2023, as filed in the Quarterly Report on Form 10-Q, in order to file our Quarterly Report on Form 10-Q for the three-months ending March 31, 2024; (iii) the interim quarterly statement for the six-months ending June 30, 2023, as filed in the Quarterly Report on Form 10-Q, in order to file our Quarterly Report on Form 10-Q for the six-months ended June 30, 2024; and (iv) the interim quarterly statement for the nine-months ending September 30, 2023, as filed in the Quarterly Report on Form 10-Q, in order to file our Quarterly Report on Form 10-Q for the nine-months ending September 30, 2024. As stated in the SEC Order, Form 10-Q filings on or after the date of the SEC Order may not present financial information that has been reviewed by Borgers. Each quarterly period presented in Form 10-Q filings on or after the date of the SEC Order must be reviewed by a qualified, independent, PCAOB-registered public accountant that is permitted to appear or practice before the Commission.
Based on the scope of the re-audit of the Company’s financials noted above, Baker Tilly has had insufficient time to re-audit the Company’s financials by the required filing date of the Quarterly Report on Form 10-Q for the quarter ended September 30, 2024. The Company will use its best efforts to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 within the extension period provided under rule 12b-25, however there can be no assurances as the timing of the filing is contingent on Baker Tilly’s re-audit of the Company’s financials noted above.
I would expect a couple of financials to be filed before year end. The company is awfully quiet right now.
Now hiring - 41 positions open. https://secure2.entertimeonline.com/ta/Schwazze.careers?CareersSearch=&lang=EN
$SHWZ has traded 50,000 shares on the expert market today, all below .13. I guess folks are tax loss selling, as we still haven't seen the new audited financials they are expected to file. On one of the videos I watched, Justin Dye said they were going to start up promotions late in this year. It's beginning to look like that might be pushed back to 2025 now...
Thanks for that update... Hope to see some updated filings hitting any day now.
...---... (save our stock)
New R. Greenleaf dispensary coming to the four corners area: 4000 W Main St, Farmington, NM, 87401, United States.
Trump's cabinet has moved from anti marijuana to mostly pro marijuana this coming term. I believe we finally see real progress made in the first half of 2025!
So why did they call Dye the CEO of R. Greenleaf?
I think the debt has been 196 million for awhile. Since there haven't been updated filings, don't know where benzinger is getting their info.
They said today in the preliminary earnings release that they will release 1st and 2nd quarter earnings at the same time, as far as the 10Q SEC filings go.
I had hoped they would be caught up by now and would file third quarter 10Q on time, but they said that's not going to happen, so it could be until March 31st of 2025 before they become current and begin trading again. So I have waited this long, another 4 and 1/2 months, if that is the case, is not that much longer...
Well, I have stated that the expert market trading is totally manipulated and not reflective of any value of the company whatsoever. However, when I see folks paying .25 for shares, when it traded below that right before they went expert, I ask myself why they would pay that price when expert markets rarely trade over .01.
The answer is they believe the company is worth at least .25.
AI
