Medicine Man Tech Inc

Good afternoon. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to the SWAJ first quarter 2023 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a live question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, please press star, then the number two. Ms. Jobin, you may begin your conference.

Greetings, and welcome to the 2023 First Quarter Conference Call and Webcast for Schwoz. We are being hosted by Justin Dye, Chairman, and Chief Executive Officer, Nirup Krishnamurthy, President, and Forrest Hoffmaster, Chief Financial Officer. Following their presentations, Management will take questions submitted via the web link found on Schwoz's Investor Relations website and in the earnings press release. I would also like to remind you that management's prepared remarks and answers to your submitted questions may contain forward-looking statements, which are subject to risks and uncertainties. Examples of forward-looking statements include, among others, statements regarding federal and state legislation and regulation, and Schwoz's future results of operations and financial position, business strategy and plans, and objectives for future operations. Such forward-looking statements may be preceded by the words plan, will, may, continue, anticipate, become, build, develop, expect, believe, poise, project, approximate, could, potential, or similar expressions as they relate to Schwarz. Investors are cautioned that all forward-looking statements involve risks and uncertainties that may cause actual events, results, performance, or achievements to differ from those anticipated by Schwarz at this time. Additional information concerning factors that could cause events, results, performance or achievements to differ materially is available in CHOAS's earnings release made available before this call and available on CHOAS's investor relations website and in CHOAS's form 10-Q for the first quarter ending March 31st, 2023. In addition, other information is more fully described in CHOAS's public pilot with the U.S. Security and Exchange Commission. which can be reviewed at www.sec.gov or on www.cedar.com or on the company's investor relations website. Also, Schwoz may discuss non-GAAP financial measures during today's call. A reconciliation of the differences between the non-GAAP financial measure discussed during the call and with the most directly comparable gap measure can be found in Schwoz's earnings press release made available before this call and available on Schwoz's investor relations website. I would now like to turn the call over to CEO and Chairman Justin Dye.

Hello and thank you for joining us this afternoon. Our company is off to a strong start in 2023. We are clearly seeing increased strength in our core operations and complementary acquisitions that continue to solidify our position as a best in class operator in Colorado and in New Mexico. We're happy to be here today sharing the results of the first quarter 2023 with you. I will start off by providing a brief business overview. And our president, Naroop Krishnamurthy, will provide operational details before turning the call over to our CFO, Forrest Hoffmaster, who will review our quarterly financial results in detail. I will then offer concluding thoughts and afterwards, we'll be happy to take your questions. I'm pleased to report that Schwoz had a solid first quarter 2023 in both Colorado and in New Mexico. with total revenues of $40 million, which represents 26% growth compared to the same quarter last year. Adjusted EBITDA of 14.5 million, or 36.3% of revenue, almost doubling prior year results of $7.9 million, or 24.7% of revenue. Regardless of the marketplace dynamics, we have quietly and consistently grown market share, increased profitability, and continued to deepen our footprint in intensely competitive states. It is encouraging to hear that Washington, D.C. is taking industry reform seriously and that progress is happening with the Safe Banking Act. Our focus remains on delighting our patients and customers, and our results indicate that we are not only continuously improving core operations, but capably integrating synergistic acquisitions while generating free cash flow with the discipline to meet our ongoing debt, capital, and tax obligations. We will continue to execute our regional strategy to go deep in our operating states and gain customer loyalty and market share. Our long-term plans of building a regional powerhouse with a differentiated approach of delivering a wide assortment of high-quality products with exceptional customer service backed by our operating playbook, has proven to be a winning combination for our customers, employees, and shareholders. Lastly, I would like to thank our Schwoz team. I'm extremely proud of their commitment and disciplined approach to building a best-in-class operation. They are one of the most talented and strongest teams in the industry today, and the results show it. Now, I would like to turn the call over to our president, Naroop Krishnamurthy, to take us through some of the accomplishments for the quarter.