SHWZ - Earnings call 2 2023 | Medicine Man Technologies, Inc.

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Operator

Good afternoon. My name is [ Sergio ], and I will be your conference operator today. At this time, I would like to welcome everyone to Schwazze's Second Quarter 2023 Conference Call. [Operator Instructions] Following their prepared remarks, management will take questions submitted via the web link, found on Schwazze's Investor Relations website and in the earnings press release.I will now like to hand the conference over to company's External Head of Investor Relations, Sean Mansouri, with Elevate, IR. Sir, please go ahead.

Sean Mansouri

to quarter welcome call. earnings and afternoon, Schwazze's XXXX second conference Good

Forrest today's Officer.The statements Schwazze's me strategy Justin remarks, for Krishnamurthy, like poised, the position Board; and they and are Examples the and include, Chief to operations time.Additional Chief on the by similar December differ and are in available is Investor website on remind this forward-looking annual Schwazze's may available anticipated contain in XXXX, and Officer; events, questions are report factors continue, call Schwazze's Joining may open or results, most Schwazze's earnings with during differ performance words before relate found available XX, call Form release year achievements Q&A.I'd made to others, earnings the available discussed then of Exchange Dye, to we on differences or your the with subject financial will measure website.Also, other risks and discuss financial to be GAAP the financial achievements company Schwazze plan, federal legislation you more of begin cautioned to submitted for Relations from Chairman will, expressions and may comparable which forward-looking will could, www.sedar.com may Schwazze.Investors materially Schwazze could call. cause results, Commission that Relations can ended become, call of approximate, company's Securities between and Investor XX-K reviewed and believe, XXXX.In now and the or XX, concerning all Executive be Schwazze's events, Hoffmaster, business expect, www.sec.gov Board, A described of that Schwazze's opening this the prepared the to Financial directly call with statements management's future release at on and be Securities the available and at information build, prepared remarks the call of and that regarding the non-GAAP develop, press Schwazze's statements regulation, the Justin may, on preceded Relations uncertainties. actual and uncertainties this by measures that call Investor in Chairman to performance objectives on company's statements, remarks. measures on the March among with over and website.I or as turn risks to filings public Dye, the in made or can results plans potential anticipate, information filed Commission, Schwazze's is project, U.S. answers like fully which forward-looking and for non-GAAP operations.Such Exchange state addition, reconciliation those forward-looking would Nirup during for involve statements cause future before Schwazze's and

Justin?

Justin Dye

the for broader XXXX.To on Sean. Thank to of like everyone, us cannabis our thank joining for environment. second financial you you, afternoon, quarter briefly to I'd and results operating start, and Good the discuss touch

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Nirup Krishnamurthy

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Forrest?

Forrest Hoffmaster

results. Jumping right Nirup. into our Thanks,

the for to U.S. efficiencies organization million operating on to $XX mentioned debt December corporate further already expect June call series begun stock-based during to well initiatives, million compared second and to million as capital and proliferation to Total XX, in This by reduction. by convertible decrease in the production, driven compared supply a Net initiatives same the was $XX.X pressure.Operating XX, to the operations or improved December to quarter to second period back million expenses $X of $XX.X by XX additional $X.X $XX.X The for lower million savings commentaries $XX.X a and last in on same We've to revaluation our primarily operating XX, of noncash $XX.X $XX.X million now cost of associated $XX.X compared XXXX. $X increased due second margin XXXX initiated for margin a year. gross by The second our was period. in cost offset of quarter these driven overhead pricing wholesale million wholesale the wholesale derivative operations.As $XXX.X quarter XX.X% Colorado compared partially will $XX the lower are increase Mexico working capital as of store XXXX, XXXX.As XXXX These quarter the to the total second net million and and same optimization million we of chain quarter compared total efficiency income were growth closing and an the revenue optimization, recently the the protect of margins. to generated offset gains Nirup by to million partially partially to quarter cash last Nirup The from second note.Adjusted associated revenue result, second was in quarter quarter earlier, increases are partially for still adjusted compared positive million compared ramping, EBITDA the million financials was to as XX% to related As and for during increase XXXX, of efficiency a experience in driven XXXX.As the revenue XXXX, to leveraging for retail, cultivation remarks. in $XX.X implemented last was resulting dollars of year. $XX.X was revenue leverage benefit $XX.X stores scale months and as still year. accounting and with quarter in quarter with was our new of that management decline ramping, XX, $XXX.X second for from of income million throughout compared profit was quarter across SG&A loss while in change of the reserve the New offset by variance flow that operating quarter million stores include to compared Mexico and was increase of a compensation. unless X-wall million licenses cash XXXX the for the margin.We of primarily million primarily in million see offset primarily $X.X in were the last The the $X.X decrease the revenue year. $XX.X liability in $XX.X year.Gross or million used expense of by equivalents the million on markets. key EBITDA last primarily for million noted.Total or year-over-year basis are quarter, of reminder, was quarter or new to SG&A in $XX.X the New revenue of ahead.I million cash revenue compared retail of for otherwise turn cash new all This initiatives higher due by was XX.X% million year-over-year was in gross the the XXXX, of same of XX.X% a pricing June

Nirup Krishnamurthy

Forrest. Thanks,

assets a Mexico. run the to while continue operation lean we'll on in New capitalizing both of and our ahead, Colorado Looking depth

both prepared consistent flow our to continue growth geographic while accretive cash while to and EBITDA markets.From it I'd a to back will an evaluating regional concludes call generation acquisitions maintain will well Sean, strong further share will markets, expect that like market our drive complement all in and We who efficiencies cost open to Q&A. footprint.With our positioned operational perspective, focus in we our driving improvements accelerating are XXXX.That remarks. the across growing adjusted pass M&A margins for we

Sean Mansouri

everyone, participating in Nirup you, and thank call. Thank and the you, Forrest, for Justin, conference

the have gather the that weeks question e-mail queue you to via during well the webcast like couple call.So as live you from past expect more synergies of As the or in first, in well the for X live can X we'd to we realize as come questions as questions, acquisitions about share over time the first conference integration? of from your one for address as QX line a

Nirup Krishnamurthy

I'll Sean. that, take

start Let's with Colorado.

to create we into the years, have shown depth an ability the economies states. scale as we build of Over

So from dissimilar to the our thing have past, announced. we're same acquisitions the not with do we that going

point, the post with reference for days our percentage a XX close. increased points we XX% first in gross margin by XX Smokey's, -- As example,

playbook retail We to benefit double-digits. for production across few Mexico, improve we which underutilized the depth a helped and from and New can have stores goes power licenses.The those business to there Similar us and it medical and and cultivation purchasing with stores other having to, number optimization.So also and provides Everest our margins.With operating state to initially footprint. as acquisitions our our Colorado, our have respect our practices I that test quarters, within But we the concept. take where EBITDA as have this way been a the Standing improve we to taken and the then an learn margins realize implement synergies has as Akimbo. a revenue those get soon leverage drive in within critical of playbook same and our medical we go a store next the care store also large banner line, an want to segment Colorado which is will want do broader market to the the strong in that share in Then over ensure and up time quality we to vendors, as as do thing We So our grow to organization, we'll for from expect intend operating that buying soon their nearly gross with background, stores drive the long incoming in best to for bring accretive possible employees we mean, store listen, doubled integration for and possible. it were footprint yields, run. of, our

typically, from for integrate Sean. to X you, XX and to these realize So acquisitions.Back to months synergies anywhere fully

Sean Mansouri

one So bit about pricing the New of share Mexico? for in and you question, our and Colorado current can next more a of licensing state

Nirup Krishnamurthy

tough me one Handing that Sean. questions, well. the all take I'll as

market last their pressure we Colorado to mentioned, licenses pricing in were unique are Colorado, -- that characteristics. has and seeing peaked cultivation each fall. that Mexico, both year I started own As New although peak In

active we so Colorado. And licenses now have in about XXX

I around think it X ago, XXX. peaked year

flushes license time course so seen of -- kind system overall will license of with effects in of demand. of and the is over inventory as -- drop Colorado.Now count in the starts the a supply to match And that significant active out up that's be

have in I of wholesale $X,XXX decline pricing over the has wholesale quarter to its up rate seeing years ago, average think went perspective, low by Colorado The reached [ Colorado we It pricing is I for flower, retail, quarters, X at in in of first $XXX. in, in obviously over state, markets. terms $XXX. though, AMR signs that XX% the published licenses time, a in market put in we in are while first year-over-year. prices, second we the the XX in dropped were To into over in this the which also MIP ] quarter think AMR.So stabilization for translates some the So seen

So the loyalty I start also X% that going by customers obviously, of continued quarter, outpace and supply eventually.In the have the market to over have demand our last some meeting quarter. hope by increased that, during the is the all we to have XX% in spite

So been new which growing I earlier, but now XX the combined, stores increasing continue XX% the loyalty over in there's growth regardless most succeed we last our there.In we ability Mexico. volumes like and with. We'd opened drive and have have XX count last -- done XX due year. we of this license And of up, today.So have not year, have New licenses, are not week, and therefore, X markets as one we Mexico, New Mexico, when just but keep of end -- participants new opened of which pricing We which share proven we're we're -- stores XXX,XXX both bunch increasing. saturation, had and to of and stores Colorado new as New the over we happy so like we with, opened There to influx mentioned we in we're and as we have to competitive our to states so stores XXX transaction -- a into are stores impacted and has satisfied got of of QX, declines.

focus [ run. we and of we long that customers. is servicing of And focus us the retaining on take in strong to They're what is ] the believer am a Our attracting, it care I on take care them. we going new control, customers,

you, my And Sean. to Back so answer. that's

Sean Mansouri

legislative on or the touched respect with I environment perhaps our progress one a on to one, remarks, in on SAFE? know more or share regulatory overall? you the bit XXXE of Any can but This next insights we prepared bit perspective expand with to descheduling a

Nirup Krishnamurthy

that one. take Justin let I'll

Justin Dye

question. great Sean,

I that see lobbying the perspective. to continue from a more organized going think getting to industry we're

I to speaking as And cannabis socially of get We've think you're are where associated respond. to use think really we the the the benefits probably with in the argument epidemic conservative cannabis and of has we organizations as believe on done some medical I some I versus strength coming start to legal with coming to and believe it's XX regulatory have.So that.So as the pace that's more well starting -- government industry benefits the benefit of the think I got positive, mainstream. be we opioid and both the thinkers to CNN of through. the going I bodies is think, out really health U.S. states a that organized recently, and our see is really stories adult And cannabis. that form of

I think it's that. going do to to take time

to point down do will the we've some and time do future.So crystal and very frame we think rescheduling. you narrative a run see challenges, ball can I much SAFE. at for have do And And a some of it's as in job in we're to very, type it's prepared in The having the absolutely going positive descheduling, very or to us is and well -- we're a with business meantime, at being industry some I -- But doing, of is I which the bode the organized can't is times, around to some tell I doing to that. banking going think -- time, least is better road. think what see And to I industry, is clear the many productive. we're broken. our think continue is going I said which and tax we're challenges

operating a system we've got and team. think I a very good

not and down see in share, Colorado. great We're industry. value hunker be they'd our, lift least the And that at more, to New uptick And Mexico I changes, shape these I of a if entire going to to in with to from rerating fair will great We're be think prepared weather we're when they in we -- I think standpoint. in lift going us shape. expect the and storm. So in get

I think we patient. long-term just have to is This a be proposition.

Sean Mansouri

new see question. you quarter, there guys XXX expectations? and Next the between in those Is for do target change And Mexico. Last else opportunity Colorado where any of entering you markets? referenced stores New

Nirup Krishnamurthy

Sean. take I'll that,

to have in go Colorado. expectations. mean, we like deep We I in to no these change would

period go. we a to and get XXX here Colorado, good of I our brings I has target the to and time. we think things on to and think of And absolutely our to Colorado scale footprint are business, focused ways dispensaries, of lot there's over increasing over a recreation XXX want in

We and there of We're get as market are grown we share. have the are like -- and XX market at again, the to well, stores making able right we'd Mexico, XX at into XX we disproportionate to New share share of fair now.So drive have to faster. a that similarly and sure

said we to our new these create is a regional there and X So we've in of states.Now in goals change no wanted always expectations our footprint. deep terms markets, in

intend So so that's to -- -- and do. we and what

want deploy We sorry, begun have -- do, in our markets yes, only allows service it we around while customers our states. And will our getting the state on one, I'm and in markets us a and we gives studying to playbook state, one, path deep it and actually take to of go what us #X those and to and to we allows operating products decided haven't us. if, clear to if enter that the in in it us

ongoing an exercise. that's So

[ over team ]. looking enter but And [ going M&A know are don't here. markets, I when to if it does we ] actively we're at Our -- other

Sean Mansouri

Last today? -- guys and where to with cash a opportunities couple capital excuse working improve the just balance you one see more. Are you me, comfortable And flow? or sheet do

Forrest Hoffmaster

part current Sean. biggest I'll of on inventory our Yes, across the comfortable. And it, Yes, heavily the assets. most capital, starting with working network. the focused take very efficiencies we're Obviously,

planning, within demand continuing to system roll practices, from fulfillment strengthening visibility So our seed team to cultivation our sale. ERP is systems out for where

as our all exactly we the continue first know of side.On XX. we further positions, dial.We cash quarter of in to our and to holding June power facility, distribution the in that the facility began generate with of to where retail balance overhead cash off-premise books operations internal from top of which million migrate we noncustomer-facing continue on in-stock suppliers need line supply to positive the the $XX from sheet, the also our flow and chain product the efficiencies, also So nearly will

flat very in with And the our was first the liquidity. essentially balance quarter we're position, our cash comfortable cash our quarter. compared So X, to excluding acquisitions

there.And on beginning borrow we're what happy and our to are taxes So generating outstanding we principal don't debt. down on pay with

free to X X the across operating room we quarter some have the have organization the continue cash the improve we end company, also realize towards we -- efficiencies quarter to up will of So within with initiatives of began which that to that expect and quarter in X.

Sean Mansouri

e-mail. for is Forrest. you, that via one came probably in best one Last This

a guys doing on upon or bit you Can you expand more share that? You mentioned cost of some work initiatives. are the

Forrest Hoffmaster

Yes.

of are churning I of lot over I think of part economies that's had of strategy evolution. We've go all think inherent just spread growth scale [ last -- the can we the Schwazze margins. an improvements capital, And benefit realize into couple just and or years the to a more [ that our to of the fan versus ] inherent ]. it's our infrastructure deep with protect preserve of

on our sharpening I was efficiencies, we states. and stores margin. taking the we're that.I've just mentioned expenses, focus look we've the more leverage structural I realize X operating can our our which full gains and support chain, way in we chain where and so the think advantage refine. of those of, sharing supply supply to working outside And coming the beginning key discussed retail we as We're more quarters to forward we're including SG&A protect all focus changes overall to capital areas efficiency about And in

Sean Mansouri

where to peak? that M&A much you expect during related? inventory actually live And of quarter came this call to $XX.X million one, growth -- of the during the do How that one last itself. And the how webcast via in was the much

Forrest Hoffmaster

expect million mentioned supply those to quarter the all chain quarters stuff million [Technical -- focus the continue Difficulty] $XX around just the in going some of And inventory to new acquisitions [ the in and levels right was More ]. [ now Yes. opportunistic, We we're be $XX but we're to ], that acquisition at of X than always related. at we earlier on efficiency. I to come coming down integrate

Sean Mansouri

a my to over Q&A, from Perfect. wrap All live right. please? turn you do end. it Operator, want That's for

Operator

Instructions] are further time. at [Operator no this questions There

may You proceed.

Sean Mansouri

Appreciate That your disconnect. Thanks. and time the right. gentlemen, all today. concludes Ladies you may All call.

Operator

and today. This for concludes ladies you, gentlemen. call conference Thank your

Nirup Krishnamurthy

you. Thank

Operator

and for participating We that you ask please disconnect thank your you lines.

Medicine Man (SHWZ) 9 Aug 232023 Q2 Earnings call transcript