First Quarter 2021 Preliminary Revenue Increases 503% to $19.3 Million Compared to $3.2 Million During the Same Period Last Year
First Quarter 2021 Proforma Revenue was $26.8 Million
Announces Participation in Two Virtual Investor Conferences in May
DENVER–(BUSINESS WIRE)– Schwazze, (OTCQX: SHWZ) (“Schwazze” or “the Company”), announces that it will host a first quarter 2021 conference call and webcast on May 13, 2021 at 4:30 p.m. ET.
Investors and stakeholders may participate in the conference call by dialing (201) 389-0879 or listen to the webcast from the Company’s website at https://ir.schwazze.com. The webcast will be available on the Company’s website.
Following their prepared remarks, Chief Executive Officer, Justin Dye and Chief Financial Officer, Nancy Huber will answer investor questions. Investors may submit questions in advance or during the conference call itself through the weblink: http://public.viavid.com/index.php?id=144562. This weblink has been posted to the Company’s website and will be archived on the website. All Company SEC filings can also be accessed on the Company website at https://ir.schwazze.com/sec-filings
Preliminary First Quarter 2021 Revenue
For the first quarter ended March 31, 2021, the Company grew 503%, with revenue of approximately $19.3 million, compared to $3.2 million during the same period in 2020. The increase can largely be attributed to the revenue associated with the acquisition of Mesa Organics completed in April 2020 and Star Buds completed between December 2020 and March 2021. Including the revenue generated from the Star Buds dispensaries assets acquired after January 1, 2021 as if they had been acquired on January 1, 2021; proforma revenue would have been $26.8 million.
The Company remains optimistic regarding the remainder of the year based upon its performance thus far. Integration of Star Buds is proceeding above expectations including the synergies between the operating companies. However, there are a number of challenges from external factors that may have an unknown impact on the overall business, such as Covid-19, government stimulus, and legislation.
The Company will provide an updated 2021 outlook in its upcoming earnings release.
Participation in Virtual Investor Conferences in May
In May the Company will participate in the following virtual investor conferences:
- Alliance Global Partners – Spring 2021 Consumer Cannabis Conference – May 4, 2021
- Canaccord Genuity – Cannabis Conference – May 11, 2021
Investors are advised to contact their respective salesperson to schedule a meeting with the Company.
