Business
Schwazze Announces Second Quarter 2020 Financial Results and Provides Company Update
Schwazze Announces Second Quarter 2020 Financial Results and Provides Company Update.
About this update from Medicine Man Technologies Inc.
[{"type":"text","content":"\nSchwazze, formerly operating as Medicine Man Technologies Inc. (OTCQX: SHWZ) (\"Schwazze \" or “the Company\"), today announced financial results for its second quarter ended June 30, 2020.\n\n\nJustin Dye, Chairman and Chief Executive Officer of Schwazze shared, “We are building a unique, differentiated business with leading cannabis brands and believe Schwazze is well-positioned to become a leading seed to sale company as our industry consolidates. During the second quarter, we made significant progress integrating our recent Mesa Organics and Purplebee’s acquisition, which has already proven to be a great strategic fit, and our platform benefited from its strong and accretive results. In fact, our top line and gross profit more than tripled while our net loss sharply narrowed compared to the prior year second quarter.”\n\n\n“Our intention is to create shareholder value by growing organically and through merger and acquisition opportunities. We currently have definitive agreements with 14 Star Buds locations, which we anticipate closing in the coming months. These pending acquisitions add to our size and scale in the state of Colorado. In addition to our rigorous M&A activity, we continue to make strides with respect to integration through the implementation of our operating playbook. We are focused on driving growth, leveraging our cost structure, and driving value to the bottom line,” concluded Dye.\n\n\nCompany Update\n\n\n\nOn April 20, 2020, the Company completed its acquisition of Mesa Organics and Purplebee’s. Mesa Organics operates four dispensaries throughout southern Colorado in Pueblo, Ordway, Rocky Ford, and Las Animas. Purplebee's is a leading pure CO2 and ethanol extractor and manufacturer, as well as a producer of cannabis products for some of the leading edible companies across the state.\n\n\nOn June 8, 2020, the Company announced that it had signed definitive acquisition agreements for 14 Star Buds locations in Colorado. Star Buds, one of the most recognized and successful retail cannabis operators in North America based on revenue-per-location and profit, is home to a wide selection of strains, concentrates, edibles, tinctures, and best-in-class customer service. Based on the consolidated, unaudited 2019 results the Company received from Star Buds, these acquis...