SHWZ - Schwazze Reports Slight Revenue Drop In Q4 2023 Amid 'Fierce' Competition In Cannabis Retail Sector | Benzinga
Medicine Man Technologies, Inc. (OTC:SHWZ), operating as Schwazze, announced its financial and operational results on Thursday for the fourth quarter and full year ended Dec. 31, 2023.
“This past year, the Schwazze team delivered solid top-line growth in two highly competitive markets with 31% adjusted EBITDA margins and improved operating cash flow,” said Forrest Hoffmaster, interim CEO of Schwazze. “We continued to sharpen our retail strategy while expanding our store footprint by more than 50% to 63 dispensaries across our two markets.”
“Although the Colorado and New Mexico markets were pressured in 2023, we have built a solid foundation with best-in-class service for our patients and customers. Internally, we are also relentlessly focused on maximizing the operating efficiencies of our manufacturing and cultivation facilities to drive higher yields, improved flower quality, and greater output,” he added.
Fourth Quarter 2023 Financial Results
Total revenue in the fourth quarter of 2023 increased 8% to $43.3 million compared to $40.1 million for the same quarter last year.
Gross profit for the fourth quarter of 2023 was $7.0 million or 16.2% of total revenue, compared to $21.7 million or 54.1% of total revenue for the same quarter last year.
Operating expenses for the fourth quarter of 2023 were $23.3 million, compared to $24.2 million for the ...