Schwazze Provides Update on Recent Delays
DENVER — Medicine Man Technologies, Inc., operating as Schwazze, (OTC: SHWZ) (Cboe CA: SHWZ), has provided an important update regarding its previously announced delays in financial filings.
Addressing the Audit Committee's Findings
On a recent assessment by the Audit Committee, in collaboration with Baker Tilly and management, it was determined that the previously issued audited financial statements for the two fiscal years ending on December 31, 2023, require restatement. This decision impacts the unaudited condensed consolidated financial statements of various fiscal periods, including March 31, 2023, June 30, 2023, and September 30, 2023, which were included in quarterly reports filed with the SEC.
The Nature of Adjustments
The adjustments mainly focus on accounting corrections stemming from technical accounting matters, which have led the Company to conclude that the effects are material. Because of this, any communications related to the impacted periods should no longer be deemed reliable.
Minimal Impact on Core Operations
Despite the necessity for these corrections, Schwazze does not anticipate any substantial adverse effects on its revenue, adjusted EBITDA, cash flows, or overall financial standing. The Company's management is confident that these adjustments will not hinder its ongoing operational performance.
Further Information Available
For more extensive details regarding these accounting changes and their implications, stakeholders can refer to the Company’s related Form 8-K, which was filed earlier today.
Getting to Know Schwazze
Schwazze (OTC: SHWZ) (Cboe CA: SHWZ) aims to emerge as a leading vertically integrated cannabis corporation, particularly in Colorado and New Mexico. The Company's strategy is centered on developing a significant regional presence while exploring further expansion opportunities in other states.
The Company’s Strengths
By fostering a high-performance culture focused on customer needs and utilizing data science, Schwazze seeks to optimize decision-making processes. Its leadership team brings extensive expertise in retail, wholesaling, and consumer brand development, supplemented by experience in the cannabis industry.
Understanding the Brand Name
The name Schwazze derives from a cannabis plant pruning technique aimed at enhancing plant structure and promoting healthy growth. Although Schwazze previously operated under the name Medicine Man Technologies, the legal entity retains this name.
Connect with Schwazze
For those eager to learn more about Schwazze's operations and future, visit their official site. Connect with their story as they redefine the cannabis industry landscape.
Frequently Asked Questions
What is the reason for Schwazze's delayed filings?
The delays stem from the identification of necessary accounting adjustments that were deemed material by the Audit Committee.
How will these adjustments affect Schwazze's financial health?
While there are adjustments required, the Company does not expect any negative impact on its revenue or cash position as a result of these corrections.
What does Schwazze aim to achieve in the cannabis industry?
Schwazze is focused on establishing a strong regional presence while exploring growth opportunities in additional states.
What are Schwazze's core strengths?
Schwazze prides itself on a customer-focused culture, leveraging data science for strategic decisions and outcomes, supported by an experienced leadership team.
Where can I find more information about Schwazze?
More detailed information can be found on Schwazze's official website, which showcases their offerings and company mission.
