Medicine Man Technologies Inc (SHWZ)

[atomichands]

I've plotted New Mexico's state-wide sequential QoQ revenue growth (from only medical + recreational sales totals, in blue) against what I'm calling SHWZ's footprint (all Greenleaf and Everest dispensaries, in orange, although keep in mind Everest wasn't acquired by SHWZ until June 2023). Since Dec. '22, SHWZ has trailed the statewide growth numbers regardless of whether or not positive or negative growth was observed. Since April '23, SHWZ dispensaries have had an average month-to-month sales revenue decrease of -6.1%, while New Mexico's statewide sales have had an average month-to-month decrease of -0.3% (basically flat). Even though New Mexico's cannabis sales have been nearly flat since April, SHWZ has been losing sales every month since the same point, which means those sales are going to other dispensaries that aren't SHWZ's. Whatever is happening to SHWZ is not a New Mexico problem, but a SHWZ problem.