Schwazze Reports 94% YoY Revenue Growth, Seeks To Double Pro-Forma Revenue In 12 Months

Schwazze, previously known as Medicine Man Technologies Inc. (OTCQX: SHWZ), posted Tuesday its fourth-quarter and full-year financial results, with full-year revenue of $24.0 million, up by 94% from $12.4 million in 2019.

Full-Year Highlights

  • Product sales reached $22.5 million, compared to $7.8 million in the previous year.
  • A net loss of $19.4 million or 47 cents per share, compares to a net loss of $17.0 million or 50 cents per share in 2019.
  • Gross profit stood at $6.8 million, versus $4.8 million in the prior year.
  • At the end of 2020, Schwazze had $1.2 million in cash and cash equivalents.

Fourth-Quarter Highlights

  • For Q4 2020, the company posted total revenue of $7.9 million, up by 139% from $3.3 million in the same quarter of 2019.
  • The net loss for the quarter was $8.5 million, or 21 cents per share, compared to …

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