Medicine Man Technologies Inc. operation as black, SHWZ SHWZ announced on Wednesday its financial results for the third quarter ended September 30, 2022.

Financial Highlights of Q3 2022

• revenue increased 36% to $43.2 million from $31.8 million in the third quarter of 2021.
• Sales increased after nine months 46% to $119.2 million compared to $81.9 million.
• Adjusted EBITDA of $15.9 million, 36.7% of sales. Nine-month Adjusted EBITDA of $38.7 million, 32.5% of revenue.
• retail sale was $39.8 million, up 92% to $20.7 million compared to Q3 2021.
• gross margin of $26.0 million, 60.1% of revenue, compared to $15.1 million and 47.3% of revenue in the third quarter of 2021. net income was $1.8 million compared to a net income of $1.0 million for the same period last year.
• Adjusted EBITDA of $15.9 million was 36.7% of revenue compared to $8.8 million for the same period last year.

“As of December 2021, Schwazze has completed acquisitions and added 15 cannabis dispensaries, 10 in New Mexico and five in Colorado, as well as four cultivation facilities in New Mexico and one in Colorado, and a manufacturing facility in New Mexico. This year, Schwazze opened two new pharmacies in New Mexico. This brings our total number of dispensaries between Colorado and New Mexico to 35.” specified the company in a press release.

“I’m proud of the entire Schwazze team and want to thank them for their hard work over the past quarter and year. Despite a challenging economic environment, we outperformed our Colorado markets by 12%. We have worked hard to keep going to grow our market share, increase our profitability rate and generate free cash flow from operations after paying taxes and CAPEX, which puts us in an exclusive club within the cannabis sector,” said Justin Dye, Chairman and CEO of Schwazze. “This is proof that we are well on the way to developing Schwazze into a unique regional powerhouse. I believe that our strong operational skills applied to attractive growth opportunities within our…