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Comcast Cares Day Unites Thousands of Volunteers across Washington State to Help the Homeless Community
More than 3,000 Employees, Family Members and Friends Join Nonprofits
Statewide to Make Change Happen
SEATTLE–(BUSINESS WIRE)–On Saturday May 4, 2019, more than 3,000 local Comcast
NBCUniversal employees and their families, friends and community
partners will “make change happen” as they volunteer with 27 nonprofit
organizations, spanning 35 project locations across the state as part of
the 18th annual Comcast
Cares Day.
Comcast Cares Day is more than just a day – it is an illustration of the
spirit of volunteerism that employees bring to life each and every day.
From using technology to create positive change, such as teaching
digital literacy skills, to mentoring youth, stocking food banks and
beautifying parks, Comcast NBCUniversal employees volunteer during this
celebration and throughout the year to make a lasting impact. To date,
more than 1 million Comcast Cares Day volunteers have contributed over 6
million service hours to improve local communities through more than
10,000 projects. This year, the company expects more than 100,000
volunteers from Comcast, NBCUniversal, and for the first time, Sky, to
participate in projects across the country and around the world.
More than half of this year’s projects in Washington state will directly
support those living without shelter or in transitional housing. Comcast
volunteers will repair fencing and revitalize outdoor landscaping around
temporary homes in Everett; serve meals to supportive housing residents
and beautify community areas in Seattle; hand out hygiene kits in
Sumner; clean, garden and paint shelters in Spokane and participate in
various other projects across the state.
Why homelessness?
According to the U.S. Department of Housing and Urban Development, 30
out of every 10,000 people experienced homelessness in Washington state
in 2018. Of those, 22,304 — 35 percent — were chronically homeless,
with 60 percent staying in unsheltered locations such as in a tent or on
the street.1
In King County, approximately 12,112 people experienced homelessness,
including 1,518 unaccompanied homeless youth and 921 homeless veterans.*
Through Comcast Cares Day projects, community members, nonprofits and
local organizations will team up to support homeless populations,
strengthening the continuum of care one neighborhood at a time.
This year, Comcast is proud to partner with Plymouth Housing, a
Seattle-based nonprofit aimed at eliminating homelessness through safe,
high-quality supportive housing. Throughout its 40-year history,
Plymouth has supported Seattle’s homeless population, especially those
struggling with chronic homelessness, mental health conditions and
chemical dependency, and has a 94 percent success rate at helping people
remain in permanent housing. For greater impact, Comcast Cares Day
volunteers will report to nine of Plymouth Housing’s fourteen locations,
launching multiple community outreach efforts and building projects with
a unified goal.
“Comcast Cares is part of our mission to give back to the communities we
serve,” said Amy Lynch, Senior Regional Vice President, Comcast
Washington. “I am inspired by our employees, and their families and
friends who take this time to volunteer and make a difference in the
lives of so many Washingtonians.”
“When business leaders like Comcast take an active interest in
supporting those who have experienced homelessness, everyone in our
community benefits,” said Paul Lambros, Chief Executive Officer of
Plymouth Housing. “When volunteers come to serve meals or beautify our
buildings, they connect our residents to the greater community and
remind them that they are valued members of our society. That goes a
long way toward helping them achieve stability after the traumas of
homelessness.”
The Comcast NBCUniversal Foundation will also provide grants to local
partner organizations on behalf of volunteers who contribute their time
on Comcast Cares Day. The grants will help Comcast’s partners continue
their mission of serving the community throughout the year. To date, the
Comcast NBCUniversal Foundation has awarded nearly $25 million in grants
to local nonprofit organizations who have served as partners on Comcast
Cares Day.
For more information on Comcast NBCUniversal and Sky volunteer and
community impact initiatives, visit www.comcast.com/community.
Comcast Cares Day Projects | Washington State | 2019
Aberdeen
-
McCleary Veterans of Foreign Wars: Volunteers will help fix a
deteriorated brick wall by removing and re-siding it, as well as help
re-side an exterior wall that is warped and leaking. Volunteers will
also build assistance kits for veterans experiencing homelessness.
Auburn
-
YMCA: Volunteers will participate in the YMCA’s “Healthy Kids
Day” by helping set up for the event, assisting in children’s
activities and supporting cleanup and tear down. Others will help
paint picnic tables, plant flowers and vegetables in planters and
gardens, and lay out flooring for a ball pit using sand and rubber
mats. Volunteers will also help spread bark, trim vegetation, remove
blackberry bushes along the fence line and load debris for disposal. -
Northwest Harvest: Volunteers will help package donated food
that will be distributed to Washington food banks, as well as remove
large furniture from the facility for disposal. -
Nexus Youth & Families: Volunteers will help organize and
stock the pantry, and prepare food for local shelters serving those
experiencing homelessness. Volunteers will also assemble shelving and
closets for the clothing donation area and for other Nexus sites.
Others will work on removing flooring from the Arcadia home and help
level, paint and insulate a newly installed shed. -
Operation Gratitude: Volunteers will help assemble “Battalion
Buddies,” stuffed bears to comfort children of deployed troops. Others
will help assemble 200 paracord survival bracelets, which Operation
Gratitude will include in care packages.
Bellingham
-
Camp Korey: Volunteers will help get Camp Korey ready for the
summer season through carpentry as well as painting the “Diagon Alley”
area, constructing a challenge course, painting three bathrooms and
assembling bunk beds. Others will help prepare for an upcoming
fundraiser by making goodie bags and nametags. Volunteers will also
help set up teepees and plant trees and flowers.
Bremerton
-
Salvation Army: Volunteers will repair and upgrade the property
through various landscaping activities, such as clearing out old
flower beds and filling with bark and mulch to support new shrubs and
other plants. Volunteers will also help clean dining room equipment
and repaint interior spaces.
Everett
-
Return to Interfaith Northwest: Volunteers will help pressure
wash, perform sheet rock repairs and assist in resetting fence posts.
Volunteers will also help make temporary homes for the homeless to
feel safe and comfortable by performing various cleaning tasks and
refreshing wall paint. Others will assist in revitalizing the outdoor
landscape, repairing fences and restoring the kids area. -
United Way of Snohomish County: Over 100 volunteers will engage
in a variety of activities throughout the day, such as making reusable
grocery bags, serving meals, conducting family workshops, running an
Internet Essentials informational booth and offering free face
painting and art activities. -
Housing Hope: Volunteers will make up to 100 no-sew fleece
blankets for families experiencing homelessness at Housing Hope
properties.
Fife
-
Tacoma Rescue Mission: Volunteers will assemble hygiene kits
for the homeless. The goal will be to assemble 800 kits for men, women
and children. Others will help make up to 50 no-sew blankets for
people experiencing homelessness.
Lynnwood
-
Operation Gratitude: Volunteers will support Operation
Gratitude’s mission to lift spirits and meet the evolving needs of the
U.S. Military and first responder communities. Volunteers will work to
complete hundreds of personalized letters of appreciation and colorful
drawings to include in care packages that will be sent to deployed
troops, veterans, new recruits and first responders. -
Everett Food Bank: Volunteers will help contribute to
Volunteers of America’s Hunger Prevention Services, serving those in
need. Volunteers will help sort and organize donated food, repackage
bulk food and engage in various cleaning activities. -
Farmer Frog: Volunteers will help redevelop and cultivate a
farm to help feed communities and support self-sustainable farming.
The farm was damaged this year due to snow.
Olympia
-
Family Education & Support Services: Volunteers will help
Family Education & Support Services move offices by cleaning up the
old space, shredding paper and helping load furniture that has been
sold.
Puyallup
-
Mother 2 Many: Volunteers will gather at Sumner Skate Park and
other parks in the area to assemble supplies such as hygiene kits,
food and beverages to give to youth and families experiencing
homelessness. -
Sumner Parks Department: Volunteers will help beautify and
revitalize a Sumner park by spreading bark, painting tables and
planting flowers. -
Metro Parks: Volunteers will work on various gardening and
planting activities to help enhance and maintain the Point Defiance
Park. Some activities include weeding, removing invasive species,
repairing gravel trails and various other tasks. Volunteers will also
assemble hygiene and essential care kits to donate to local
organizations serving families experiencing homelessness.
Redmond
-
Friends of Youth: Volunteers will help beautify and revitalize
the Friends of Youth’s Kirkland campus by pulling weeds, spreading
mulch and planting/restoring flowers. Volunteers will also organize
and clean the donation area in order to make basic-need items more
accessible.
Seattle
-
Plymouth Housing: Volunteers will be split across nine
locations to help serve the community by playing bingo with residents,
cleaning up community areas, sorting supplies, preparing painting
projects, serving meals and performing various other community
activities. -
YouthCare: Volunteers will cook and serve dinner to LGBTQ youth
experiencing homeless. -
Food Lifeline: Volunteers will work with Food Lifeline staff to
sort and repack thousands of pounds of food the organization rescues
from waste.
Spokane
-
Volunteers of America: Volunteers will assemble no-sew fleece
blankets and 1,000 hygiene bags for local organizations. -
House Hope: Volunteers will help clean, organize donations and
the clothing bank, perform indoor painting and clean carpets. -
CrossWalk: Volunteers will assist in organizing the pantry and
donation closets, as well as help with indoor cleaning and painting. -
Alexandria’s House: Volunteers will help deep clean the home as
well as assist with gardening and lawn care. -
The Lloyd House: Volunteers will help clean and paint the
interior of the home.
# # #
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology
company with three primary businesses: Comcast Cable, NBCUniversal and
Sky. Comcast Cable is one of the United States’ largest video,
high-speed internet and phone providers to residential customers under
the Xfinity brand, and also provides these services to businesses. It
also provides wireless and security and automation services to
residential customers under the Xfinity brand. NBCUniversal is global
and operates news, entertainment and sports cable networks, the NBC and
Telemundo broadcast networks, television production operations,
television station groups, Universal Pictures and Universal Parks and
Resorts. Sky is one of Europe’s leading media and entertainment
companies, connecting customers to a broad range of video content
through its pay television services. It also provides communications
services, including residential high-speed internet, phone and wireless
services. Sky operates the Sky News broadcast network and sports and
entertainment networks, produces original content and has exclusive
content rights. Visit www.comcastcorporation.com for
more information.
1 * HUD (U.S. Department of Housing and Urban Development).
2018. The 2018 Annual Homeless Assessment Report to Congress. Washington,
DC: HUD Office of Community Planning and Development.
Contacts
Andy Colley
Public Relations, Comcast Washington
[email protected]
| Cell: 425-248-5438
www.washington.comcast.com
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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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