Movers and SHAKERS
Preliminary 1Q21 Revenue Results
Medicine Man Technologies, Inc. is now operating under its new trade name, Schwazze. Schwazze is executing its strategy to become a leading vertically integrated cannabis holding company with a portfolio consisting of top-tier licensed brands spanning cultivation, extraction, infused-product manufacturing, dispensary operations, consulting, and a nutrient line. Schwazze leadership includes Colorado cannabis leaders with proven expertise in product and business development as well as top-tier executives from Fortune 500 companies. As a leading platform for vertical integration, Schwazze is strengthening the operational efficiency of the cannabis industry in Colorado and beyond, promoting sustainable growth and increased access to capital, while delivering best-quality service and products to the end consumer. The corporate entity continues to be named Medicine Man Technologies, Inc.
Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.
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Preliminary 1Q21 Results. Yesterday, Schwazze announced preliminary revenue for the first quarter of 2021 ended March 31st. Revenue grew approximately 503% to $19.3 million, with the increase largely attributable to the revenue associated with the acquisition of Mesa Organics and Star Buds. We had estimated revenue for the first quarter of $20.2 million. Including the Star Buds locations as if all had been acquired January 1, 2021, proforma revenue for the first quarter would have been $26.8 million.
Star Buds Integration. Integration of the Star Buds locations is proceeding above expectations, including the synergies between the operating companies. Recall, management tripled Purplebees output and revenues, and there has been significant margin improvement in former Mesa retail dispensaries. This level of operating detail is being spread across the Star Buds chain and likely will result in an ...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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