Connect with us

/home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153
">
Warning: Undefined array key 0 in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153

Warning: Attempt to read property "cat_name" on null in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 153

Univision Unveils Exclusive, In-Depth Analysis of 2018 Hispanic Voter Turnout Data in Anticipation of the 2020 U.S. Elections

Published

on

Reading Time: 7 minutes

Voter Data Results for California, Florida, Illinois, Nevada, New
Jersey, New York and Texas Demonstrate Triple Digit Hispanic Growth

Univision Also Announces 2020 Vota Conmigo Campaign to Further
Energize and Empower Growing Hispanic Electorate

WASHINGTON–(BUSINESS WIRE)–Univision Communications Inc., the leading Hispanic media company in the
U.S., today unveiled exclusive, in-depth analysis of 2018 L2 (Labels and
Lists) state-by-state certified voter turnout data in key states, and
insights into the Hispanic vote in advance of the 2020 U.S. election.
With many states reporting double and triple digit increases in Hispanic
voter turnout numbers, Univision is leading the conversation about the
importance of this demographic and how to best engage with this coveted
voter in advance of 2020. The data and information, sourced by L2, was
presented today at the Company’s Hispanic
Voters: The New Majority Makers, Lessons from 2018, Winning
Strategies for 2020
, event at the Newseum in Washington,
DC.

Additionally, Univision officially launched the 2020 Vota Conmigo
campaign with their national partners, UnidosUS, Voto Latino, the
National Association of Latino Elected and Appointed Officials (NALEO)
Educational Fund, League of United Latin American Citizens (LULAC), and
the Hispanic Federation among others. The campaign aims to register
eligible potential voters in advance of the 2020 primary and general
elections and turnout the Hispanic vote.

As the leading Hispanic media company in the U.S., we take seriously
our responsibility to inform and empower our audience and encourage them
to participate in the political process to make their voices heard,” said
Vince Sadusky, Chief Executive Officer, Univision. In 2018,
Hispanic voters made the crucial difference in many elections and the
triple digit increases in turnout attest to the fact that our community
is a vital source of support for any candidate or cause. The data tells
a compelling narrative about the strength and influence of the Latino
voter that will inform and shape the upcoming 2020 election.”

The comprehensive data analysis, conducted by Univision’s political
researchers, provides a detailed look at state-by-state 2018 certified
voter data, revealing information about the power and importance of the
Hispanic voter. The findings reinforce that Hispanic voters are an
increasingly significant and influential demographic for political
candidates and serve as the catalyst for the 2020 election.

Key findings from the data and analysis include:

Voter Registration:

  • Univision’s analysis of the data shows huge increases in 2018 Hispanic
    voter registration vs. non-Hispanics, especially with younger voters.
  • Hispanics were a significant factor in registration in key states,
    including: California, Texas, Florida, Illinois, Nevada, New York and
    New Jersey.
  • Over half of new registered voters in California were Hispanic
  • 2 in 5 new registered voters in Texas were Hispanic
  • 1 in 3 new registered voters in Florida were Hispanic
  • 1 in 4 new registered voters in Illinois were Hispanic
  • 1 in 4 new registered voters in Nevada were Hispanic
  • 1 in 5 new registered voters in New York were Hispanic
  • 1 in 3 new registered voters in New Jersey were Hispanic

Voter Turnout:

  • In crucial states, it is estimated that Hispanic voter turnout doubled
    in 2018 vs. 2014 (13M vs. 6.7M);
  • The rate of increase in Hispanic voters in 2018 vs. 2014 was more than
    double that of total voters (96% vs. 42%);
  • Youth Vote – there were large Hispanic voter turnout gains with both
    the 18-24 and 25-34 demographics:
  • Hispanic voter turnout gains among the youngest voter demographics
    exploded by an average of 170 percentage points in Nevada, New
    York, Texas, Illinois, California, New Jersey, Florida with Hispanic
    voters ages 18-24 outpacing their non-Latino counterparts.
  • Across those same states, Hispanic voters ages 25-34 outvoted their
    non-Latino counterparts by an average of 128 percentage points.
  • Nevada and New York demonstrated the largest voter turnout gains in
    both the 18-24 and 25-34 demographics with growth of more than 240
    percentage
    points across both groups in both states.

Political Advertising:

  • As voter engagement continues to increase, political ads targeting
    this coveted demographic are expected to follow suit as evidenced by
    the significant (67 percent) increase in these ads on Univision from
    2014 to 2018.
  • Speaking and advertising to Hispanic voters in Spanish (in-language)
    improves effectiveness.

    • 82% of Hispanic adults over 18 speak Spanish at home (Source:
      Nielsen 2019 Universe Estimates)
    • Double-digit increases in ad memorability, brand memorability and
      likeability. (Source: Phoenix TV Brand Effect)
  • Univision is best-positioned to harness the urgency behind Latino
    voter political engagement and deliver any campaign’s message to every
    generation of Hispanic voter.
  • Partnering with Univision and tapping into the Company’s expertise and
    insights delivers results.State-by-State
    Data:California:
  • Number of Hispanic registered voters grew
    nearly 4X more
    (+22%) than non-Hispanics (+6%)
  • Hispanics experienced strong voter turnout gains across all
    demographics, especially younger voters, up double and
    triple digits:

    • Voters 18-24 (+305% HISPANIC
      vs. +203% NON-HISPANIC)
    • Voters 25-34 (+273% HISPANIC
      vs. +159% NON-HISPANIC)
  • 2.8 MILLION Hispanics voted in
    2018, more than doubling 2014 turnout (1.2M), and increasing
    more than twice as much
    (+125%) as NON-HISPANICS (+55%)Florida:
  • Number of Hispanic registered voters grew
    2.2X more
    (+28%) than non-Hispanics (+13%)
  • 1.4 MILLION Hispanics voted
    in 2018 vs. 748K in 2014, increasing 2.4X as
    much
    (+81%) as NON-HISPANICS (+34%)
  • Hispanics experience strong voter gains across all demographics,
    especially younger voters:

    • Voters 18-24 (+155% HISPANIC
      vs. +78% NON-HISPANIC)
    • Voters 25-34 (+130% HISPANIC
      vs. +61% NON-HISPANIC)

    Illinois:

  • Number of Hispanic registered voters grew 3X
    more
    (+28%) than non-Hispanics (+9%)
  • 369K Hispanics voted in 2018, nearly
    doubling 2014 turnout
    (208K), and increasing more
    than 3X as much
    (+78%) as NON-HISPANICS (+24%)
  • Hispanics experienced strong voter turnout gains across all
    demographics, especially younger voters:

    • Voters 18-24 (+282% HISPANIC
      vs. +110% NON-HISPANIC)
    • Voters 25-34 (+150% HISPANIC
      vs. +62% NON-HISPANIC)

    Nevada:

  • Number of Hispanic registered voters grew 2X
    more
    (+55%) than non-Hispanics (+27%)
  • 145K Hispanics voted in 2018, more
    than doubling
    2014 turnout (53K), and increasing
    2.7X more
    (+176%) than non-Hispanics (+64%)
  • Hispanics registered voters saw strong growth in turnout across
    all party affiliations:

    • DEMOCRAT (+188% HISPANIC vs.
      +72% NON-HISPANIC)
    • REPUBLICAN (+101% HISPANIC vs.
      +45% NON-HISPANIC)
    • INDEPENDENT/OTHER (+252% HISPANIC
      vs. +97% NON-HISPANIC)
  • Hispanics experienced strong voter turnout gains across all
    demographics, especially younger voters:

    • Voters 18-24 (+522% HISPANIC
      vs. +234% NON-HISPANIC)
    • Voters 25-34 (+392% HISPANIC
      vs. +157% NON-HISPANIC)

    New Jersey:

  • Number of Hispanic registered voters grew
    nearly 4X more
    (+19%) than non-Hispanics (+5%)
  • 335K Hispanics voted in
    2018, more than doubling 2014 turnout (164K), and increasing
    about twice as much
    (+104%) as non-Hispanics (+54%)
  • Hispanics experience strong voter turnout gains across all
    demographics, especially younger voters:

    • Voters 18-24 (+276% HISPANIC
      vs. +196% NON-HISPANIC)
    • Voters 25-34 (+222% HISPANIC
      vs. +141% NON-HISPANIC)

    New York:

  • Number of Hispanic registered voters grew 2X
    more
    (+15%) than non-Hispanics (+8%)
  • 620K Hispanics voted in 2018, more
    than doubling
    2014 turnout (280K), and increasing
    more than twice as much
    (+121%) as non-Hispanics (+54%)
  • Hispanic registered voters saw strong growth in turnout across
    all party affiliations:

    • DEMOCRAT (+125% HISPANIC vs.
      +69% NON-HISPANIC)
    • REPUBLICAN (+61% HISPANIC vs.
      +28% NON-HISPANIC)
    • INDEPENDENT/OTHER (+159% HISPANIC
      vs. +60% NON-HISPANIC)
  • Hispanics experienced strong voter turnout gains across all
    demographics, especially young voters:

    • Voters 18-24 (+434% HISPANIC
      vs. +178% NON-HISPANIC)
    • Voters 25-34 (+337% HISPANIC
      vs. +154% NON-HISPANIC)

    Texas:

  • Number of Hispanic registered voters grew
    nearly 2X more
    (+23%) than non-Hispanics (+12%)
  • 1.7 MILLION Hispanics voted in
    2018, more than doubling 2014 turnout (725K), and increasing
    more than twice as much
    (+137%) as NON-HISPANICS (+63%)
  • Hispanic registered voters saw strong growth in turnout across
    all party affiliations:

    • DEMOCRAT (+142% HISPANIC vs.
      +63% NON-HISPANIC)
    • REPUBLICAN (+111% HISPANIC vs.
      +57% NON-HISPANIC)
    • INDEPENDENT/OTHER (+174% HISPANIC
      vs. +109% NON-HISPANIC)
  • Hispanics experienced strong voter turnout gains across all
    demographics, especially younger voters:

    • Voters 18-24 (+454% HISPANIC
      vs. +235% NON-HISPANIC)
    • Voters 25-34 (+259% HISPANIC
      vs. +138% NON-HISPANIC)

VOTA CONMIGO 2020

Univision’s non-partisan 2020 Vota Conmigo (Vote with me) campaign
which, along with its partners, aims to register eligible potential
voters in advance of the 2020 primary and general elections and turn out
the Hispanic vote. The campaign will help provide vital voting and
election information across multiple media platforms and increase voter
participation on a non-partisan basis.

Univision is at the forefront of understanding, reaching and engaging
an energized Hispanic electorate,” said Jessica Herrera-Flanigan,
Executive Vice President for Government & Corporate Affairs. “We are
excited to kick off the 2020 Vota Conmigo campaign, which speaks
to the entire Hispanic community across every platform and every
generation so our community can register and turn out to vote in the
primary and general elections.”

The 2020 Campaign will build upon the Vota Conmigo campaign in
2018, which Univision launched as part of its non-partisan civic efforts
to help educate the Hispanic community about where and how to vote in
the upcoming midterm elections. The 2018 Vota Conmigo campaign included
successes such as:

  • Sustained voter registration drives in Fresno, in partnership with
    local non-profits, where more than 15,000 new voters were registered
    at outreach events and in Miami, in partnership with the supervisor of
    elections, where almost 1,500 new voters were registered and
  • Programming which spurred more than 6,000 calls to partner hotlines in
    two days leading up to Election Day
  • Hundreds of segments aired nationwide on candidates, key registration
    and election dates, and polling locations, and localized PSAs were
    produced reminding thousands of viewers of the importance of
    registering to vote and of getting out the vote
  • Digital content that generated nearly 50,000 pageviews and nearly
    400,000 video views
  • Parties at the Polls which attracted a total of 1,500 people and
    included concerts by pop duo Jesse & Joy

The message of Vota Conmigo was created by five of Univision’s
summer interns at KMEX in Los Angeles and was adopted by the company as
part of its national campaign to increase voter participation among
Hispanics. Its message is simple and universal: voting together can
foster a greater sense of engagement and community.

With 88% of U.S. Hispanic television households tuning into Univision’s
programs andv Univision.com
being the most visited Spanish-language website among U.S. Hispanics,
the company is committed to ensuring its audience is informed and
engaged leading up to the 2020 election.

Visit corporate.univision.com
for more information on Univision, and follow @UnivisionPRTeam on Twitter
and Instagram.

About Univision Communications Inc.

Univision is the leading Hispanic media company in the U.S. The
company’s broadcast assets include Univision Network, one of the top
television networks in the U.S. regardless of language and the
most-watched Spanish-language broadcast network in the country; UniMás,
a leading Spanish-language broadcast television network; and Univision
Local Media, which owns and/or operates 65 television stations and 58
radio stations in major U.S. Hispanic markets and Puerto Rico. Univision
Cable Networks consists of Univision Deportes Network (UDN), the
most-watched Spanish-language sports cable network in the U.S.;
Galavisión, the most-watched U.S. Spanish-language entertainment cable
network; Univision tlnovelas, a 24-hour Spanish-language cable network
dedicated to telenovelas; ForoTV, a 24-hour Spanish-language cable
network dedicated to international news; and an additional suite of
cable offerings – De Película, De Película Clásico, Bandamax, Telehit
and Telehit Urbano. Univision’s cable portfolio also includes FUSION TV,
an English-language news and lifestyle cable network; and an investment
in El Rey Network, a general entertainment English-language cable
network. The company also owns and operates several premier digital
destinations including Univision Now, a direct-to-consumer, on-demand
and live streaming subscription service;
Univision.com,
the most-visited Spanish-language website among U.S. Hispanics; and
Uforia, a digital music application featuring multimedia music content.
For more information, please visit
corporate.univision.com.

Contacts

Keith Fernandez
202-213-4729
[email protected]


Warning: Undefined array key 0 in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493

Warning: Attempt to read property "cat_ID" on null in /home/grassnews/public_html/wp-content/themes/zox-news/parts/post-single.php on line 493

Cannabis

Medical Cannabis Market Report 2024-2030: Asia-Pacific Set to Witness Robust Growth, Driven by R&D Discovery Initiatives

Published

on

Continue Reading

Cannabis

Rubicon Organics Reports Q1 2024 Financial Results

Published

on

Continue Reading

SCHWAZZE

Schwazze Announces First Quarter 2024 Financial Results

Published

on

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. 
2  Adjusted EBITDA is a non-GAAP measure as defined by the SEC, and represents earnings before interest, taxes, depreciation, and amortization, adjusted for other income, non-cash share-based compensation, one-time transaction related expenses, or other non-operating costs. The Company uses Adjusted EBITDA as it believes it better explains the results of its core business. See “ADJUSTED EBITDA RECONCILIATION (NON-GAAP)” section herein for an explanation and reconciliations of non-GAAP measure used throughout this release.

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

Continue Reading
Advertisement

Latest news

Trending on Grassnews

GrassNews.net: Your premier portal for the latest developments in the cannabis industry. We provide timely news, insightful analysis, and in-depth features on everything from legislation changes and business trends, to scientific research and lifestyle topics. Stay informed and navigate the rapidly evolving cannabis landscape with GrassNews.net..

Contact us: [email protected]

Editorial / PR Submissions

Copyright © 2007 - 2024 Hipther Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania