Medicine Man Technologies Inc. operating as Schwazze, (OTCQX:SHWZ) (NEO:SHWZ) released financial results for the first quarter 2023, revealing revenue of $40 million, an increase of 26% compared to $31.8 million in Q1 2022.
Q1 2023 Financial Highlights
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Gross profit of $23.0 million, an increase of 111% compared to $10.9 million in Q1 2022
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Gross profit margin of 58% compared to 34% in Q1 2022
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Adjusted EBITDA of $14.5 million was 36.3% of revenue, compared to $7.9 million and 24.7% of revenue for Q1 2022
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Net income of $1.7 million, an increase of $28.5 million compared to net loss of $26.8 million in Q1 2022
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Cash and cash equivalents at the end of the period were $35.2 million.
“To date, we have opened, acquired, or announced pending acquisitions of 60 dispensaries with six operating cultivations and three manufacturing facilities across Colorado and New Mexico,” stated Justin Dye, CEO of Schwazze. “We believe our growing variety of retail brands resonate strongly with our cannabis customers, and the team is well-positioned to play offense as we continue to strengthen our position for shareholders.”
Photo: Benzinga edit with photo by Kindel Media on Pexels
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