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Viacom Expands Digital Footprint at 2019 NewFront
Viacom’s Flagship Brands Join Pluto TV’s Channel Lineup on May 1
Viacom Digital Studios to Produce Premium Original Series Across
Awesomeness, BET, Comedy Central, MTV and Nickelodeon for Facebook,
Snap, Twitter, YouTube, Hulu and Netflix
VidCon Celebrates 10th Anniversary with New Partnerships and All-Star
Line-up of Featured Creators
Special Appearances by David Spade, Annie LeBlanc, Jayden Bartels, Marc
Lamont Hill, Eva Gutowski, Brent Rivera, Nala Cat and more…
*Click HERE
for art
NEW YORK–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24VIAB&src=ctag” target=”_blank”gt;$VIABlt;/agt; lt;a href=”https://twitter.com/hashtag/ViacomNewFront?src=hash” target=”_blank”gt;#ViacomNewFrontlt;/agt;–Viacom Inc. (NASDAQ: VIAB, VIA), home to the world’s premiere
entertainment brands, today announced the introduction of Viacom’s
flagship networks to Pluto TV’s channel lineup and a new slate of
original digital programming during its second-annual NewFront event at
the PlayStation Theater.
“We’re excited to return to the NewFronts after a year of rapid digital
acceleration and momentum across the leading social and online video
platforms,” said Kelly Day, President of Viacom Digital Studios. “Our
remarkable growth continues to be driven by an investment in premium
original programming and experiences that engage our young, diverse
audiences on the platforms they love most, presenting an unprecedented
opportunity for our advertising partners to join the conversation.”
Viacom Digital Studios shared its plans to produce new and returning
original series around major tentpole events, linear franchises and the
most popular digital shows from Awesomeness, BET, Comedy Central, MTV
and Nickelodeon. Viacom is also teaming up with big-name stars and
fan-favorite digital talent to deliver entirely new programming across
Facebook, Snap, Twitter and YouTube for Viacom’s more than 880 million
fans — the largest social footprint among entertainment companies.
The new content slate includes: “How to Survive: A Break-Up,” Eva
Gutowski stars in this AwesomenessTV scripted romantic comedy series
about the heartbreaking, and sometimes hilarious, steps to getting over
a messy break-up and maybe finding new love along the way; “Black
Coffee,” BET’s daily morning talk show starring Marc Lamont Hill
that catches up with Black Twitter’s liveliest conversations and
features news-making interviews with top celebrities, athletes, and
social media stars; untitled late-night show from David Spade, Comedy
Central’s new late-night show hosted by David Spade will launch
show channels and publish content across YouTube, Facebook, Instagram
and Twitter; “MTV No Filter: Tana Turns 21,” follows Tana
Mongeau and her crazy crew for a behind-the-scenes look as they navigate
vlog life, studio time, partying and the occasional controversy; “SpongeBob
Smarty Pants Game Show,” a digital game show from Nickelodeon where
two SpongeBob superfans compete to win The Golden Pineapple by answering
trivia questions, completing messy stunts and competing in
SpongeBob-themed games.
Viacom also announced that its flagship networks will launch on Pluto
TV, the leading free streaming television service in the U.S. with more
than 15 million monthly active users. BET, Comedy Central, MTV and
Nickelodeon will debut channels on May 1, with content from Viacom’s
extensive library of iconic IP through three categories of branded
channels: Co-Branded Flagship Channels that are curated versions of
Viacom’s leading networks; Signature Channels with the most celebrated
and diversified programming from each brand; and Pop-Up Channels that
deliver binge-worthy series in marathon-style airings, starting with
MTV’s “The Hills” — just in time for the highly anticipated revival
series “The Hills: New Beginnings” premiering Monday, June 24.
“We are thrilled to expand the Pluto TV offering with the addition of
Viacom’s world-class channel brands and iconic programming. This is a
major step forward in our mission of entertaining the planet,” states
Tom Ryan, CEO & Co-Founder of Pluto TV. “Viacom has been entertaining
audiences for decades with evergreen content that is bold, daring and
inspires worldwide fandom. These channels are guaranteed to provide
endless entertainment to both new and existing Pluto TV viewers.”
VidCon will welcome 75,000 attendees at its 10th anniversary flagship
event in Anaheim, California this July. In partnership with the IAB,
VidCon announced the addition of The Direct Brand Summit at VidCon, an
Industry Track programming block that will explore how direct brands are
using the power of online video to build relationships with consumers.
Additionally, an all-star lineup of featured creators will be joining
the celebration, including Annie LeBlanc, Simmi Singh, Rhett and Link,
Tessa Violet, The Bramfam and more.
Since the launch of Viacom Digital Studios, Viacom brands have seen
year-over-year domestic increases in social video views and watch time
by 83% and 119%, respectively, with a global average of 4 billion views
and over 6 billion minutes watched each month.
“We have made incredible strides over the past year due to our
acquisitions and expansion to grow our digital reach significantly to
the direct benefit of our advertising partners,” said Sean Moran, Head
of Ad Solutions, Viacom. “With more touch points than ever before, we
look forward to leveraging the full scale and power of Viacom to help
our clients create real, authentic connections with our highly coveted
and hard-to-reach young audiences wherever they are.”
With the addition of Pluto TV, Viacom’s digital video impressions will
grow to 5 billion impressions per month by next year.
Additional announcements included the following across Awesomeness, BET,
Comedy Central, MTV, Nickelodeon, Pluto TV and VidCon.
Pluto TV to Add All-New Viacom Brand Channels to its Offering
Beginning May 1, Viacom will premiere new channels from its flagship
brands and library of iconic IP for Pluto TV:
-
Co-Branded Flagship Channels:
Specially curated versions of Viacom’s most iconic networks.-
BET Pluto TV: Kick back and enjoy the best of Black
Hollywood through all of your favorite urban movies! Featuring
hundreds of hours of classic films and box office hits, this
channel is guaranteed to have everything you’ve been waiting for
in one place. Grab a snack and get comfortable. You’re going to be
stuck here for a while. -
Comedy Central Pluto TV: Comedy Central Pluto TV is the
destination for the best in iconic original comedy series, late
night, sketch, animation and a whole lot more. It features
specials from “The Daily Show with Trevor Noah” and a nonstop
stash of classic episodes of “Tosh.0,” “Another Period,” “Ugly
Americans,” among plenty of others. In short, if you’re looking
for something funny, we have good news: you just found it. -
MTV Pluto TV: Looking to escape the everyday? Get your
party started and take a dive into the most iconic reality and
dating shows that only MTV can deliver, including hits like “16 &
Pregnant,” “MTV Cribs,” “Are You the One?” and “Punk’d.” You want
your MTV Pluto! -
Nick Pluto TV: Welcome to Nick Pluto TV where you can watch
your favorite classic shows from “All That,” “Teenage Mutant Ninja
Turtles,” “The Fairly Odd Parents,” “iCarly” and more! It’s all on
Nick Pluto TV. -
Nick Jr. Pluto TV: Welcome to Nick Jr. Pluto TV where
you’ll find your preschooler’s favorite friends from classic
“Blue’s Clues,” “Dora the Explorer,” “Wallykazam” and many more
hit Nick Jr. Pluto TV shows. -
Spike Pluto TV: The first network for men is on Pluto TV!
Spike features series like “Duck Dynasty,” “Pit Boss” and “Cajun
Pawn Stars,” starring people who play by their own set of rules.
It’s your one stop shop for bold, unapologetic entertainment.
-
BET Pluto TV: Kick back and enjoy the best of Black
-
Signature Channels: These channels
hone in on the most celebrated and differentiated programming from the
flagships – spinning them into dedicated, themed channels.-
CMT Westerns: Saddle up with CMT Westerns, the best place
to kick off your boots and find your favorite country movies. -
Comedy Central Stand-Up: Are you looking for groundbreaking
stand-up comedy? Well, you just hit the jackpot. Comedy Central is
the ultimate stand-up source, opening its iconic vault for Pluto
TV by featuring content from the world’s best comedians. Whether
you’re revisiting classic stand-up series from Dave Attell and
John Oliver or discovering early performances from John Mulaney
and Amy Schumer, Comedy Central Stand-Up is a gold mine of series
and specials that’ll keep you up all night laughing until your
parents, spouse or roommates beg you to turn it off. -
MTV Dating: Get cozy with some of the most buzzed about
reality dating show hits like “NEXT” and “Parental Control.” Do
the romantic hopefuls ever find true love? Maybe, maybe not — but
we sure don’t mind watching them try and try again! -
MTV Guy Code: Consider this your man cave, an escape to
catch favorite episodes of “Beavis & Butthead,” “MTV Guy Code,”
“Rob & Big” and “Rob Dyrdek’s Fantasy Factory.” -
MTV Teen: Is the one-stop shop for teen content, including
shows like “Made” and “My Super Sweet 16,” with an abundance of
OMGs, LOLs and cringe-worthy moments. -
Paramount Movie Channel: The most storied movie studio in
Hollywood is throwing open its gates with the Paramount Movie
Channel, featuring the greatest movies of the past century all in
one place, 24 hours a day. -
Spike Outdoors: The first network for outdoors-men! Spike
Outdoors goes all out with a full slate of shows featuring guys
making their living off the land. Man up with the modern day
adventurers in “Tougher in Alaska,” “River Monsters,” “Bering Sea
Gold” and more! If it’s high octane outdoor shows you crave,
journey no further than Spike Outdoors!
-
CMT Westerns: Saddle up with CMT Westerns, the best place
-
Pop-Up Channels: Channels present
binge-worthy series, in marathon-style airings.-
MTV’s The Hills: Just in time for the highly-anticipated
revival series, “The Hills: New Beginnings,” premiering on Monday,
June 24th, viewers can catch up on the series that changed the
reality TV landscape and look back at the most unforgettable and
iconic moments from the past seasons of “Laguna Beach” and “The
Hills.”
-
MTV’s The Hills: Just in time for the highly-anticipated
Viacom Digital Studios to Develop Even More Premium Original Series
In addition to bringing back many of its popular digital series for new
seasons and spinoffs, Viacom also announced new original programming and
talent partnerships on stage — including new Snap Originals made
exclusively for Snapchat and the first Viacom shows out of our
partnership with Facebook’s digital publisher and creator video
incubation program for Facebook Watch:
Awesomeness:
-
Brent Rivera’s Dream Vacation (AwesomenessTV YouTube Channel;
Summer 2019): Join Brent Rivera and his friends as they ditch the
LA grind for the vacation of a lifetime. -
How to Survive: A Break-Up (AwesomenessTV YouTube Channel; Summer
2019): YouTuber Eva Gutowski stars in this scripted romantic
comedy series about all the heartbreaking, and at times hilarious,
steps to getting over a messy break-up and maybe finding new love
along the way. -
Light as a Feather Season Two (Hulu; July 26 & Oct. 4, 2019): Having
inherited the curse brought on by the lethal game of “Light As A
Feather,” McKenna finds herself plagued by the mysterious chrysalis on
her back, a ticking clock compelling her to play a new round of the
game… But McKenna refuses, unwilling to put anyone else in harm’s way.
However, as the curse begins to destroy her from the inside out, she’s
forced to turn to the only person who can possibly help her — Violet.
BET:
-
Black Coffee (YouTube, Facebook Watch, Twitter, O&O Coming 2019):
Black Coffee is an original digital talk series starring Marc
Lamont Hill. This daily morning show promises to make sure viewers
“stay woke” by catching up with Black Twitter’s liveliest
conversations. Marc will be joined by guests representing some of this
generation’s most influential voices and the show will feature daily
Twitter exclusive discussions around some of social media’s trendiest
topics. These segments will provoke passionate conversations from
viewers on engaging and relevant topics. -
De’Arra & Ken’s Prank Show (Snap Original; Coming 2019): YouTube
stars De’Arra and Ken team up with couples who want to prank their
significant other, and challenge each other to see who can pull off
the same prank best. -
Two Grown (YouTube, Facebook Watch, O&O May 1, 2019): Two
twenty-something women recently move to New York and hilariously
struggle with growing up and pursuing their dreams. Jourdan Guyton and
Alana Johnson star in this smart comedy full of wit and charm.
Comedy Central:
-
Comedy Central Creators Program – Sydnee Washington (YouTube,
Facebook Watch, Twitter and Instagram; April 2019): The Comedy
Central Creators Program welcomes Sydnee Washington, whose humor and
takes on topics like vanity, bisexuality, and partying safely as a
woman are both unique and refreshing. -
untitled late-night show from David Spade (YouTube, Facebook Watch,
Twitter, Instagram, O&O Summer 2019): Our new late-night
series hosted by David Spade will be launching show channels and
publishing content across YouTube, Facebook, Instagram and Twitter. -
Gus Johnson Overall Talent Deal (YouTube; Summer 2019): Gus
Johnson has signed an overall deal with Viacom Digital Studios to
create monthly original videos for Comedy Central, in addition to more
episodes of his “Low Budget” series. He will also star in a number of
Comedy Central’s existing social series, including “That’s an App” and
“As Seen on CC.” -
Second Chances with Jason Nash (YouTube; Summer 2019): Forty-something
comedian and digital star, Jason Nash, takes a shot at all the life
experiences he missed out on in his youth. -
The Daily Show Digital Expansion (YouTube, Facebook Watch, Twitter,
Instagram, O&O April 2019): Viacom Digital Studios has
invested in the expansion of The Daily Show’s digital presence with
several new digital exclusive formats and series in development.
MTV:
-
3 Days With… (YouTube; Coming 2019): Told through our unique
MTV lens, this new docu-series will provide unfiltered access to both
up-and-coming and established artists. -
Drag My Dad (Facebook Watch; Summer 2019): Hosted by Bob the
Drag Queen, this makeover show with a heart showcases dads who choose
to get closer to their children by, believe it or not, turning
themselves into fabulous divas. -
MTV No Filter: Tana Turns 21 (YouTube; Summer 2019): The first
installment of MTV’s new “No Filter” reality series will follow social
media wild child Tana Mongeau and her crazy crew as they navigate vlog
life, studio time, partying and finally becoming adults. -
Next Big Dance Move (YouTube; July 2019): Three contestants
will perform what they think is the next big dance move in front of an
esteemed panel of judges. -
Wild ‘N Out (Twitch; Summer 2019): Since “Wild ’N Out” fans
love video games, we’re launching a dedicated Twitch channel for show
personalities to play alongside fans. -
Wrong Distance Relationship (Snap Original; June 4, 2019): “Wrong
Distance Relationship” is a docu-drama series following the evolution
of three couples around the country trying to keep their romance alive
in the most dire of circumstances.
Nickelodeon:
-
Annie vs. Hayley Season 2 (YouTube; Coming 2019): After their
LeBake Battle, your favorite competitive sisters are back for more.
Annie and Hayley LeBlanc will put their design and style skills to the
test in a series of DIY challenges in new episodes of Annie vs. Hayley. -
Jayden’s Dance Throwdown (YouTube; Coming 2019): Dancers from
every corner of the Internet are stepping up against Internet
sensation Jayden Bartels in a series of epic head-to-head dance-offs.
The challengers may be masters of their craft, but they’ll have to
adapt and overcome when Nickelodeon throws some serious curveballs
into their routines. Who will Nickelodeon fans crown the winner? Find
out on “Jayden’s Dance Throwdown.” -
JoJo and BowBow Show Show Season 2 (YouTube; Coming 2019): JoJo
Siwa & Bow Bow are back! Join this pair as they go on brand new
animated adventures with a pack of new pals and their furry friends. -
SpongeBob Smarty Pants Game Show (SpongeBob YouTube Channel,
Facebook; Coming 2019): “SpongeBob Smarty Pants” is a digital game
show where two SpongeBob superfans compete to win The Golden Pineapple
by answering trivia questions, completing messy stunts and competing
in SpongeBob-themed games! There will be special live episodes of the
show broadcast across Nickelodeon’s social accounts. -
Throw Back with Nickelodeon (Facebook Watch; Summer 2019): Digital
star Anthony Padilla sits down and waxes nostalgic with some of your
favorite Nick stars from the past.
VidCon Celebrates its 10th Anniversary
VidCon made a series of announcements ahead of the 10th anniversary of
VidCon US, taking place July 10-13 in Anaheim, CA:
-
Fan-Favorite Featured Creators: Some of the world’s top digital
talent are confirmed to participate at VidCon this summer as Featured
Creators, including Annie LeBlanc, Simmi Singh, Rhett and Link, Tessa
Violet, The Bramfam, Paula Galindo, Joana Ceddia, the Dobre Brothers,
and Sean Evans. -
Industry Track Partnership with the IAB: Announced as part of
the Industry Track, The Direct Brand Summit will take place on Friday,
July 12th. The summit will feature a keynote from IAB’s CEO Randall
Rothenberg and curated programming specific to building direct brands
in the online video space, with a special focus on core themes like
brand safety, compliance, working with digital talent and more. -
Community Track Partnership with The Dodo: VidCon is partnering
with The Dodo to bring the first ever co-branded programming section,
“The Dodo Pet Zone,” to the Community Track this July. The Dodo will
program sessions featuring the Internet’s most beloved pets, including
Manny the Frenchie, Nala Cat, Walter Geoffrey the Frenchie, Venus the
Two Face Cat and Norbert the Dog among others. Nala Cat also makes a
special guest appearance at the NewFront.
About Viacom
Viacom creates entertainment experiences that drive conversation and
culture around the world. Through television, film, digital media, live
events, merchandise and solutions, our brands connect with diverse,
young and young at heart audiences in more than 180 countries.
For more information on Viacom and its businesses, visit www.viacom.com.
Keep up with Viacom news by following us on Twitter (twitter.com/viacom),
Facebook (facebook.com/viacom)
and LinkedIn (linkedin.com/company/viacom).
Contacts
Viacom
Karen Shosfy
[email protected]
Viacom
Casey
Moynagh
[email protected]
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Cannabis
Rubicon Organics Reports Q1 2024 Financial Results
SCHWAZZE
Schwazze Announces First Quarter 2024 Financial Results
Schwazze Management to Host Conference Call Today at 5:00 p.m. Eastern Time
DENVER, May 15, 2024 /PRNewswire/ — Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (Cboe CA: SHWZ) (“Schwazze” or the “Company”), today announced financial and operational results for the first quarter ended March 31, 2024.
“We delivered another period of revenue growth in Q1 as we further refined our retail strategy while contending with the prolonged competitive challenges in Colorado and New Mexico,” said Forrest Hoffmaster, Interim CEO of Schwazze. “Throughout the quarter, we continued to sharpen our pricing and promotional efforts while enhancing the in-store experience, widening assortment, improving in-stock position, and advancing our loyalty program to attract and retain new customers. We also strengthened our wholesale business with quarter-over-quarter growth, while surpassing 30% total door penetration across both states.”
“The Colorado market remains highly competitive with more than 680 active recreational licenses, underscoring the importance of delivering an exceptional customer experience and fully integrated retail support program. Although retail pricing has recently stabilized, Colorado sales in Q1 were down 10% year-over-year due to lower volumes. Nonetheless, we significantly outpaced the market as our sales were up 9%, demonstrating the effectiveness of our operating playbook to compete in challenging environments. We expect to continue driving improvements in customer acquisition, retention, and loyalty as we further increase market share in the state.”
“In New Mexico, the proliferation of new licenses continued to outpace state cannabis sales as store count in Q1 increased 31% year-over-year while the market grew only 13%. In addition to pricing and promotional efforts, we’ve focused on driving traffic into our stores by expanding assortment with high quality flower and delivering an elevated customer experience. The New Mexico regulatory body has also increased its license enforcement efforts in recent months, contributing to more than 70 store closures and a 33% sequential decrease in net new store openings in the first quarter. We will continue to support the New Mexico Cannabis Control Division as it develops its regulatory framework.”
“Over the past four years we have rapidly scaled our footprint through 13 acquisitions, building a leading retail presence in both Colorado and New Mexico. We are beginning to see positive momentum from our pricing and promotional strategy and will remain focused on driving operating efficiencies while further optimizing our assets as we consolidate cultivation facilities and eliminate underperforming stores that do not meet our high-margin thresholds. We believe these initiatives, coupled with our operating playbook and strict cost controls, will enable us to return to stronger levels of profitability moving forward.”
First Quarter 2024 Financial Summary
$ in Thousands USD |
Q1 2024 |
Q4 2023 |
Q1 2023 |
Total Revenue |
$41,601 |
$43,325 |
$40,001 |
Gross Profit |
$17,934 |
$7,034[1] |
$21,849 |
Operating Expenses |
$20,643 |
$23,276 |
$16,199 |
Income (Loss) from Operations |
$(2,709) |
$(16,242) |
$5,650 |
Adjusted EBITDA[2] |
$7,341 |
$10,953 |
$14,525 |
Operating Cash Flow |
$(3,700) |
$3,452 |
$(880) |
Recent Highlights
- Announced the grand opening of a medical and recreational dispensary in March under the Everest Apothecary banner in Las Cruces, New Mexico, increasing the Company’s retail footprint to 34 stores across the state.
- Increased wholesale penetration in the first quarter to more than 30% of total doors in Colorado and New Mexico.
- Lowell Herb Co. pre-roll sales increased more than 3x quarter-over-quarter in Colorado, where it continues to be the #1 pre-roll in the state.
- Wana gummy sales up more than 2x quarter-over-quarter in New Mexico.
First Quarter 2024 Financial Results
Total revenue in the first quarter of 2024 increased 4% to $41.6 million compared to $40.0 million for the same quarter last year. The increase was primarily due to growth from new stores compared to the prior year period, partially offset by continued pricing pressure and the proliferation of new licenses in New Mexico.
Gross profit for the first quarter of 2024 was $17.9 million or 43.1% of total revenue, compared to $21.8 million or 54.6% of total revenue for the same quarter last year. The decrease in gross margin was primarily driven by the aforementioned pricing pressure in New Mexico, as well as higher medical sales mix in Colorado.
____________________________ |
1 Q4 2023 Gross Profit includes one-time, non-cash inventory adjustments of approximately $13.1 million comprised of $3.1 million of product consolidation, obsolescence, and shrinkage expenses, $4.3 million of net realizable value adjustments, and $5.8 million of fair value adjustments on acquired inventory in New Mexico in 2023. |
Operating expenses for the first quarter of 2024 were $20.6 million compared to $16.2 million for the same quarter last year. The year-ago period benefitted from a payroll tax credit of $3.9M. The remaining increase was primarily driven by personnel expenses and four-wall SG&A costs associated with 21 additional stores in Colorado and New Mexico that are still ramping.
Loss from operations for the first quarter of 2024 was $2.7 million compared to income from operations of $5.6 million in the same quarter last year. Net loss was $16.1 million for the first quarter of 2024 compared to net income of $1.7 million for the same quarter last year.
Adjusted EBITDA for the first quarter of 2024 was $7.3 million compared to $14.5 million for the same quarter last year. The decrease in Adjusted EBITDA was primarily driven by lower gross margin and higher operating expenses associated with the 21 additional stores that are still ramping.
As of March 31, 2024, cash and cash equivalents were $13.2 million compared to $19.2 million on December 31, 2023. Total debt as of March 31, 2024, was $159.7 million compared to $156.8 million on December 31, 2023.
Conference Call
The Company will conduct a conference call today, May 15, 2024, at 5:00 p.m. Eastern time to discuss its results for the first quarter ended March 31, 2024.
Schwazze management will host the conference call, followed by a question-and-answer period. Interested parties may submit questions to the Company prior to the call by emailing [email protected].
Date: Wednesday, May 15, 2024
Time: 5:00 p.m. Eastern time
Toll-free dial-in: (888) 664-6383
International dial-in: (416) 764-8650
Conference ID: 84167910
Webcast: SHWZ Q1 2024 Earnings Call
The conference call will also be broadcast live and available for replay on the investor relations section of the Company’s website at https://ir.schwazze.com.
Toll-free replay number: (888) 390-0541
International replay number: (416) 764-8677
Replay ID: 167910
If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.
About Schwazze
Schwazze (OTCQX: SHWZ) (Cboe CA: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to explore taking its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale.
Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector.
Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. To learn more about Schwazze, visit https://schwazze.com/.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include financial outlooks; any projections of net sales, earnings, or other financial items; any statements of the strategies, plans and objectives of our management team for future operations; expectations in connection with the Company’s previously announced business plans; any statements regarding future economic conditions or performance; and statements regarding the intent, belief or current expectations of our management team. Such statements may be preceded by the words “may,” “will,” “could,” “would,” “should,” “expect,” “intends,” “plans,” “strategy,” “prospects,” “anticipate,” “believe,” “approximately,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” or the negative of these terms or other words of similar meaning in connection with a discussion of future events or future operating or financial performance, although the absence of these words does not necessarily mean that a statement is not forward-looking. We have based our forward-looking statements on management’s current expectations and assumptions about future events and trends affecting our business and industry. Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy. Therefore, forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) regulatory limitations on our products and services and the uncertainty in the application of federal, state, and local laws to our business, and any changes in such laws; (ii) our ability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (iii) our ability to identify, consummate, and integrate anticipated acquisitions; (iv) general industry and economic conditions; (v) our ability to access adequate capital upon terms and conditions that are acceptable to us; (vi) our ability to pay interest and principal on outstanding debt when due; (vii) volatility in credit and market conditions; (viii) the loss of one or more key executives or other key employees; and (ix) other risks and uncertainties related to the cannabis market and our business strategy. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
[email protected]
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
For the Periods Ended March 31, 2024 and December 31, 2023
Expressed in U.S. Dollars
March 31, |
December 31, |
||||
2024 |
2023 |
||||
ASSETS
|
|||||
Current Assets |
|||||
Cash & Cash Equivalents |
$ |
13,151,317 |
$ |
19,248,932 |
|
Accounts Receivable, net of Allowance for Doubtful Accounts |
3,356,032 |
4,261,159 |
|||
Inventory |
26,382,184 |
25,787,793 |
|||
Marketable Securities, net of Unrealized Loss of $347,516 and Loss of $1,816, respectively |
108,583 |
456,099 |
|||
Prepaid Expenses & Other Current Assets |
3,502,310 |
3,914,064 |
|||
Total Current Assets |
46,500,426 |
53,668,047 |
|||
Non-Current Assets |
|||||
Fixed Assets, net Accumulated Depreciation of $10,061,700 and $8,741,782, respectively |
31,326,000 |
31,113,630 |
|||
Investments |
2,000,000 |
2,000,000 |
|||
Investments Held for Sale |
– |
202,111 |
|||
Goodwill |
67,492,705 |
67,499,199 |
|||
Intangible Assets, net Accumulated Amortization of $36,483,160 and $32,706,765, respectively |
162,391,482 |
166,167,877 |
|||
Other Non-Current Assets |
1,328,187 |
1,263,837 |
|||
Operating Lease Right of Use Assets |
34,575,832 |
34,233,142 |
|||
Deferred Tax Assets, net |
992,144 |
1,996,489 |
|||
Total Non-Current Assets |
300,106,350 |
304,476,285 |
|||
Total Assets |
$ |
346,606,776 |
$ |
358,144,332 |
|
LIABILITIES & STOCKHOLDERS’ EQUITY
|
|||||
Current Liabilities |
|||||
Accounts Payable |
$ |
9,443,233 |
$ |
13,341,561 |
|
Accrued Expenses |
8,106,618 |
7,774,691 |
|||
Derivative Liabilities |
1,319,845 |
638,020 |
|||
Lease Liabilities – Current |
5,186,316 |
4,922,724 |
|||
Current Portion of Long Term Debt |
29,579,713 |
3,547,011 |
|||
Income Taxes Payable |
28,235,039 |
25,232,782 |
|||
Total Current Liabilities |
81,870,764 |
55,456,789 |
|||
Non-Current Liabilities |
|||||
Long Term Debt, net of Debt Discount & Issuance Costs |
130,120,753 |
153,262,203 |
|||
Lease Liabilities – Non-Current |
30,735,072 |
30,133,452 |
|||
Total Non-Current Liabilities |
160,855,825 |
183,395,655 |
|||
Total Liabilities |
$ |
242,726,589 |
$ |
238,852,444 |
|
Stockholders’ Equity |
|||||
Preferred Stock, $0.001 Par Value. 10,000,000 Shares Authorized; 82,185 Shares Issued and |
|||||
82,185 Outstanding as of March 31, 2024 and 85,534 Shares Issued and 85,534 Outstanding as of |
|||||
December 31, 2023. |
82 |
86 |
|||
Common Stock, $0.001 Par Value. 250,000,000 Shares Authorized; 79,168,539 Shares Issued |
|||||
and 78,248,389 Shares Outstanding as of March 31, 2024 and 74,888,392 Shares Issued |
|||||
and 73,968,242 Shares Outstanding as of December 31, 2023. |
79,169 |
74,888 |
|||
Additional Paid-In Capital |
202,677,665 |
202,040,968 |
|||
Accumulated Deficit |
(96,843,602) |
(80,790,927) |
|||
Common Stock Held in Treasury, at Cost, 920,150 Shares Held as of March 31, 2024 and |
|||||
920,150 Shares Held as of December 31, 2023. |
(2,033,127) |
(2,033,127) |
|||
Total Stockholders’ Equity |
103,880,187 |
119,291,888 |
|||
Total Liabilities & Stockholders’ Equity |
$ |
346,606,776 |
$ |
358,144,332 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME AND (LOSS)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Operating Revenues |
|||||
Retail |
$ |
37,633,252 |
$ |
35,820,111 |
|
Wholesale |
3,898,320 |
4,058,925 |
|||
Other |
69,421 |
121,900 |
|||
Total Revenue |
41,600,993 |
40,000,936 |
|||
Total Cost of Goods & Services |
23,667,319 |
18,152,163 |
|||
Gross Profit |
17,933,674 |
21,848,773 |
|||
Operating Expenses |
|||||
Selling, General and Administrative Expenses |
11,835,818 |
10,100,934 |
|||
Professional Services |
1,671,881 |
1,187,364 |
|||
Salaries |
6,880,988 |
4,695,971 |
|||
Stock Based Compensation |
253,916 |
214,544 |
|||
Total Operating Expenses |
20,642,603 |
16,198,813 |
|||
Income from Operations |
(2,708,929) |
5,649,960 |
|||
Other Income (Expense) |
|||||
Interest Expense, net |
(8,307,369) |
(7,745,854) |
|||
Unrealized Gain (Loss) on Derivative Liabilities |
(681,825) |
8,501,685 |
|||
Other Loss |
10,500 |
– |
|||
Loss on Investment |
(33,382) |
– |
|||
Unrealized Gain on Investment |
(347,516) |
1,816 |
|||
Total Other Income (Expense) |
(9,359,592) |
757,647 |
|||
Pre-Tax Net Income (Loss) |
(12,068,521) |
6,407,607 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Less: Accumulated Preferred Stock Dividends for the Period |
(2,155,259) |
(2,029,394) |
|||
Net Income (Loss) Attributable to Common Stockholders |
$ |
(18,207,934) |
$ |
(283,965) |
|
Earnings (Loss) per Share Attributable to Common Stockholders |
|||||
Basic Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.01) |
|
Diluted Earnings (Loss) per Share |
$ |
(0.24) |
$ |
(0.06) |
|
Weighted Average Number of Shares Outstanding – Basic |
76,006,932 |
55,835,501 |
|||
Weighted Average Number of Shares Outstanding – Diluted |
76,006,932 |
101,608,278 |
|||
Comprehensive Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
MEDICINE MAN TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
(Unaudited) |
(Unaudited) |
||||
Cash Flows from Operating Activities: |
|||||
Net Income (Loss) for the Period |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Adjustments to Reconcile Net Income (Loss) to Cash for Operating Activities |
|||||
Depreciation & Amortization |
5,096,314 |
6,151,395 |
|||
Non-Cash Interest Expense |
1,031,431 |
991,184 |
|||
Non-Cash Lease Expense |
2,871,226 |
2,251,459 |
|||
Deferred Taxes |
1,004,345 |
(637,225) |
|||
Loss on Investment |
202,111 |
– |
|||
Change in Derivative Liabilities |
681,825 |
(8,501,685) |
|||
Amortization of Debt Issuance Costs |
421,512 |
421,513 |
|||
Amortization of Debt Discount |
2,303,246 |
1,999,933 |
|||
(Gain) Loss on Investments, net |
347,516 |
(1,816) |
|||
Stock Based Compensation |
640,974 |
214,544 |
|||
Changes in Operating Assets & Liabilities (net of Acquired Amounts): |
|||||
Accounts Receivable |
905,127 |
(118,181) |
|||
Inventory |
(587,900) |
(3,023,251) |
|||
Prepaid Expenses & Other Current Assets |
411,754 |
(3,036,801) |
|||
Other Assets |
(64,350) |
360,674 |
|||
Change in Operating Lease Liabilities |
(2,348,703) |
(1,531,765) |
|||
Accounts Payable & Other Liabilities |
(3,566,401) |
(3,464,671) |
|||
Income Taxes Payable |
3,002,257 |
5,299,403 |
|||
Net Cash Provided by (Used in) Operating Activities |
(3,700,390) |
(879,861) |
|||
Cash Flows from Investing Activities: |
|||||
Collection of Notes Receivable |
– |
10,631 |
|||
Purchase of Fixed Assets |
(1,532,287) |
(2,913,394) |
|||
Net Cash Provided by (Used in) Investing Activities |
(1,532,287) |
(2,902,763) |
|||
Cash Flows from Financing Activities: |
|||||
Payment on Notes Payable |
(864,938) |
– |
|||
Net Cash Provided by (Used in) Financing Activities |
(864,938) |
– |
|||
Net (Decrease) in Cash & Cash Equivalents |
(6,097,615) |
(3,782,624) |
|||
Cash & Cash Equivalents at Beginning of Period |
19,248,932 |
38,949,253 |
|||
Cash & Cash Equivalents at End of Period |
$ |
13,151,317 |
$ |
35,166,628 |
|
Supplemental Disclosure of Cash Flow Information: |
|||||
Cash Paid for Interest |
$ |
4,515,205 |
$ |
6,540,748 |
MEDICINE MAN TECHNOLOGIES, INC.
ADJUSTED EBITDA RECONCILIATION (NON-GAAP)
For the Periods Ended March 31, 2024 and 2023
Expressed in U.S. Dollars
For the Three Months Ended |
|||||
March 31, |
|||||
2024 |
2023 |
||||
Net Income (Loss) |
$ |
(16,052,675) |
$ |
1,745,429 |
|
Interest Expense, net |
8,307,369 |
7,745,854 |
|||
Provision for Income Taxes |
3,984,154 |
4,662,178 |
|||
Other (Income) Expense, net of Interest Expense |
1,052,223 |
(8,503,501) |
|||
Depreciation & Amortization |
5,618,834 |
6,612,814 |
|||
Earnings Before Interest, Taxes, Depreciation and |
|||||
Amortization (EBITDA) (non-GAAP) |
$ |
2,909,905 |
$ |
12,262,774 |
|
Non-Cash Stock Compensation |
253,916 |
214,544 |
|||
Deal Related Expenses |
637,761 |
1,195,802 |
|||
Capital Raise Related Expenses |
20,760 |
35,068 |
|||
Severance |
484,561 |
118,436 |
|||
Retention Program Expenses |
807,500 |
280,632 |
|||
Pre-Operating & Dark Carry Expenses |
1,053,837 |
391,917 |
|||
One-Time Legal Settlements |
417,653 |
– |
|||
Other Non-Recurring Items |
754,751 |
25,707 |
|||
Adjusted EBITDA (non-GAAP) |
$ |
7,340,644 |
$ |
14,524,880 |
|
Revenue |
41,600,993 |
40,000,936 |
|||
Adjusted EBITDA Percent |
17.6 % |
36.3 % |
View original content:https://www.prnewswire.co.uk/news-releases/schwazze-announces-first-quarter-2024-financial-results-302146858.html
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