Medicine Man Technologies Inc (SHWZ)

[In Plain Sight]

Today's morning headline:

https://www.benzinga.com/markets/cannabis/23/05/32338316/schwazze-q1-fy23-revenue-grows-26-yoy-what-about-profit

Medicine Man Technologies Inc. operating as Schwazze,
SHWZ

SHWZ
released financial results for the first quarter 2023, revealing revenue of $40 million, an increase of 26% compared to $31.8 million in Q1 2022.

Q1 2023 Financial Highlights

Gross profit of $23.0 million, an increase of 111% compared to $10.9 million in Q1 2022

Gross profit margin of 58% compared to 34% in Q1 2022

Adjusted EBITDA of $14.5 million was 36.3% of revenue, compared to $7.9 million and 24.7% of revenue for Q1 2022

Net income of $1.7 million, an increase of $28.5 million compared to net loss of $26.8 million in Q1 2022

Cash and cash equivalents at the end of the period were $35.2 million.

"To date, we have opened, acquired, or announced pending acquisitions of 60 dispensaries with six operating cultivations and three manufacturing facilities across Colorado and New Mexico," stated Justin Dye, CEO of Schwazze. "We believe our growing variety of retail brands resonate strongly with our cannabis customers, and the team is well-positioned to play offense as we continue to strengthen our position for shareholders." (emphasis added)

All adjusted anything aside, from what I've read in the 10Q they lost ($0.01) basic and ($0.06) on a fully diluted basis for the Quarter. The ramp will be interesting for Q3 as it will be the first report of all 60+ operating together for the Everest, and CO additions.