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Medicine Man Technologies
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Medicine Man Technologies Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2024 earnings summary13 Aug, 2024
Executive summary
Gained market share in Colorado and New Mexico, outperforming local markets year-over-year and quarter-over-quarter.
Achieved sequential quarterly growth across key financial metrics in Q2 2024, driven by growth and restructuring initiatives.
Focused on consumer needs, retail experience, and loyalty programs to drive customer acquisition and retention.
Implemented restructuring initiatives, including store closures and operational streamlining, to enhance profitability.
Financial highlights
Q2 2024 revenue increased 2% year-over-year to $43.2 million, primarily from new stores.
Gross profit was $19 million (44% margin), down from $23 million (54.4%) last year due to pricing pressure and product mix.
Operating expenses rose to $21.8 million from $18.1 million, driven by SG&A for five new stores and non-recurring professional fees.
Loss from operations was $2.7 million, compared to $5 million income last year; net loss widened to $13.9 million from $6.6 million.
Adjusted EBITDA was $9 million (21% margin), down from $13.8 million (33%) last year.
Cash and equivalents at $12.3 million as of June 30, 2024; total debt at $163.4 million.
Outlook and guidance
Expect continued growth and improved profitability in the second half of 2024.
Ongoing focus on refining retail strategy and driving operating efficiencies across retail, cultivation, and manufacturing.
Anticipate net new store growth in New Mexico to turn negative due to increased regulatory enforcement and closures.
Recent debt restructuring provides financial flexibility for strategic growth.
When will 280E tax refunds impact cash flow?
What further savings are expected from restructuring?
What is the strategy for retail footprint expansion?
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Medicine Man Technologies
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Frequently asked questions
Medicine Man Technologies, Inc., doing business as Schwazze, is a cannabis company that operates within the cultivation, manufacturing, and retail sectors of the cannabis industry. The company provides a wide range of cannabis products, including flower, concentrates, edibles, and wellness products. Schwazze also offers consulting and operational support to cannabis businesses. Its focus is on expanding its retail footprint and vertically integrating its operations to streamline production and distribution. The company is headquartered in Denver, United States, and its shares are listed on the OTC Markets.
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