Private company

Medicine Man Technologies, Inc.

American management consulting services company based in Denver1

In its 2024 annual report the company says: “Medicine Man Technologies, Inc., doing business as Schwazze, is a vertically integrated multi-state cannabis operator focused on growth through expansion into existing and new markets. The Company sells products it manufactures and cultivates and a variety of other cannabis goods through wholly-owned retail stores, licensing arrangements, and/or third-party operators and retailers.”4

Last updated Oct 20, 2026.

Overview

  • IndustryServices-Management Consulting Services1
  • HeadquartersDenver, Colorado1
  • Incorporated inNV2
  • Business address865 N. Albion St., Suite 300, Denver, Co 802202
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

See how the biggest companies compare on our leaderboards

Medicine Man Technologies, Inc., doing business as Schwazze (“we,” “us,” “our,” the “Company,” or “Schwazze”), is a vertically integrated multi-state cannabis operator focused on growth through expansion into existing and new markets. The Company’s business involves the cultivation, manufacturing, distribution, and retail sale of cannabis and cannabis related products. The Company sells products it manufactures and cultivates and a variety of other cannabis goods through wholly-owned retail stores, licensing arrangements, and/or third-party operators and retailers.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2023

44.1%Gross margin5
1.9%Operating margin5
-20.0%Net margin5
8.2%Revenue growth, 20235
-29.0%Return on equity5
1.28×Debt to equity5
$4.3MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2023

  • Cost of revenue56¢$96.4M
  • Selling, general and admin23¢$39.9M
  • Other costs9¢$16.4M
  • Income tax11¢$19.7M

Out of $172.4M in revenue.5 The company lost money this year.

Where each dollar of operating cash went, fiscal 2023

  • Capital spending64¢$7.9M
  • Kept or used elsewhere36¢$4.3M

Out of $12.2M of cash from operations.5

Financial statements

Revenue6789105$172.4M in 2023+4786% since 2017
0$50.0M$100.0M$150.0M$200.0M2017: $3.5M$3.5M20172018: $9.4M$9.4M2018+168%2019: $12.4M$12.4M2019+31%2020: $24.0M$24.0M2020+94%2021: $108.4M$108.4M2021+352%2022: $159.4M$159.4M2022+47%2023: $172.4M$172.4M2023+8%
Gross profit6789105$76.0M in 2023+3313% since 2017
0$25.0M$50.0M$75.0M$100.0M2017: $2.2M$2.2M20172018: $6.9M$6.9M2018+208%2019: $4.8M$4.8M2019−30%2020: $6.8M$6.8M2020+42%2021: $49.4M$49.4M2021+629%2022: $80.3M$80.3M2022+63%2023: $76.0M$76.0M2023−5%
Operating income6789105$3.3M in 2023
-$30.0M-$20.0M-$10.0M0$10.0M$20.0M2017: -$5.2M-$5.2M20172018: $2.2M$2.2M20182019: -$17.1M-$17.1M20192020: -$22.9M-$22.9M2020+34%2021: $10.4M$10.4M20212022: $12.9M$12.9M2022+23%2023: $3.3M$3.3M2023−74%
Net income6789105-$34.5M in 2023+542% since 2017
-$40.0M-$20.0M0$20.0M2017: -$5.4M-$5.4M20172018: $948.9K$948.9K20182019: -$17.0M-$17.0M20192020: -$19.4M-$19.4M2020+14%2021: $14.5M$14.5M20212022: -$18.5M-$18.5M20222023: -$34.5M-$34.5M2023+87%
Fiscal year2017201820192020202120222023
Revenue$3.5M6$9.4M7$12.4M8$24.0M9$108.4M10$159.4M5$172.4M5
Cost of revenue$1.3M6$2.6M7$7.6M8$17.2M9$59.1M10$74.3M10$96.4M5
Gross profit$2.2M6$6.9M7$4.8M8$6.8M9$49.4M10$80.3M5$76.0M5
Selling, general and admin$1.1M7$2.3M8$4.5M9$16.6M10$29.0M5$39.9M5
Operating expenses$38.9M10$67.4M5$72.7M5
Operating income-$5.2M6$2.2M7-$17.1M8-$22.9M9$10.4M10$12.9M5$3.3M5
Interest$41.5K9$7.0M9
Income before tax$18.9M10-$3.6M5-$14.8M5
Income tax$06$582.9K7-$582.9K8-$899.1K9$4.4M10$14.9M5$19.7M5
Net income-$5.4M6$948.9K7-$17.0M8-$19.4M9$14.5M10-$18.5M5-$34.5M5
Earnings per share-$0.236$0.047-$0.508-$0.479$0.1710-$0.495-$0.665
Earnings per share (diluted)-$0.236$0.037-$0.508-$0.479-$0.0610-$0.495-$0.665
Shares (weighted, basic)43.3M shares1053.6M shares564.5M shares5
Shares (weighted, diluted)101.4M shares1053.6M shares564.5M shares5

Compare Medicine Man Technologies, Inc. with another company

Corporate structure

Medicine Man Technologies, Inc. sits at the top of its group. 24 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Medicine Man Technologies, Inc.

  • James E. Parco Filed SCHEDULE 13G/A on Medicine Man Technologies, Inc., latest Apr 2, 2024
  • CRW Capital, LLC Filed SC 13D/A on Medicine Man Technologies, Inc., latest Dec 9, 2022
  • Medicine Man Technologies, Inc. Denver, Colorado
    • Colorado Black Diamond Cannabis Company, LLC Subsidiary · Colorado, United States
    • Double Brow, LLC d/b/a Star Buds d/b/a Emerald Fields Subsidiary · Colorado, United States
    • Elemental Kitchen and Laboratories, LLC Subsidiary · New Mexico, United States
    • Emerald Fields Merger Sub, LLC Subsidiary · Colorado, United States
    • Evergreen Holdco, LLC Subsidiary · New Mexico, United States
    • Liberty Fields, LLC Subsidiary · Colorado, United States
    • Mesa Organics II Ltd Subsidiary · Colorado, United States
    • Mesa Organics III Ltd Subsidiary · Colorado, United States
    • Mesa Organics IV Ltd Subsidiary · Colorado, United States
    • MIH Manager LLC Subsidiary · Colorado, United States
    • Nuevo Elemental Holding, LLC Subsidiary · New Mexico, United States
    • Nuevo Holding, LLC Subsidiary · New Mexico, United States
    • PBS Holdco LLC d/b/a Mesa Organics d/b/a Purplebee’s Subsidiary · Colorado, United States
    • Reserve 1 Manitou, LLC d/b/a Emerald Fields Subsidiary · Colorado, United States
    • Reserve1, LLC d/b/a Emerald Fields Subsidiary · Colorado, United States
    • SBUD LLC d/b/a Star Buds Subsidiary · Colorado, United States
    • SCG Holding, LLC Subsidiary · Colorado, United States
    • Schwazze Biosciences, LLC Subsidiary · Colorado, United States
    • Schwazze Colorado LLC Medicine Man Consulting, Inc. Subsidiary · Colorado, United States
    • Schwazze IP Holdco LLC Subsidiary · Colorado, United States
    • Schwazze New Mexico, LLC Subsidiary · New Mexico, United States
    • Smoke Holdco, LLC d/b/a Star Buds d/b/a Emerald Fields Subsidiary · Colorado, United States
    • Two J’s LLC d/b/a The Big Tomato Subsidiary · Colorado, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Medicine Man Technologies, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$39.9M5 Dec 31, 2023$32.0M5 Dec 31, 2022+24.6%
Accumulated depreciation$8.7M5 Dec 31, 2023$4.9M5 Dec 31, 2022+78.4%
Property and equipment, net$31.1M5 Dec 31, 2023$27.1M5 Dec 31, 2022+14.9%
Operating-lease assets (leased space)$34.2M5 Dec 31, 2023$18.2M5 Dec 31, 2022+88.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$19.2M5 Dec 31, 2023$38.9M5 Dec 31, 2022−50.6%
Marketable securities, current$456.1K5 Dec 31, 2023$454.3K5 Dec 31, 2022+0.4%
Long-term investments$2.0M5 Dec 31, 2023$2.0M5 Dec 31, 20220%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$67.5M5 Dec 31, 2023$94.6M5 Dec 31, 2022−28.7%
Intangible assets, net (excluding goodwill)$166.2M5 Dec 31, 2023$107.7M5 Dec 31, 2022+54.2%
Finite-lived intangibles, gross$198.9M5 Dec 31, 2023$124.0M5 Dec 31, 2022+60.4%
Accumulated amortization$32.7M5 Dec 31, 2023$16.3M5 Dec 31, 2022+100.8%
Finite-lived intangibles, net$166.2M5 Dec 31, 2023$107.7M10 Dec 31, 2022+54.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$25.8M5 Dec 31, 2023$22.6M5 Dec 31, 2022+14.3%
Raw materials$2.0M5 Dec 31, 2023$2.3M5 Dec 31, 2022−13.8%
Work in process$5.8M5 Dec 31, 2023$14.5M5 Dec 31, 2022−59.9%
Finished goods$18.0M5 Dec 31, 2023$5.7M5 Dec 31, 2022+213.9%

Leadership

Who has led Medicine Man Technologies, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jonathan Sandberg2017
  2. Brett Roper2017–2018
  3. Justin Dye2020–2023
  4. Nirup Krishnamurthy2024

President

  1. Joshua Haupt2017–2019
  2. Nirup Krishnamurthy2023

Chief financial officer

  1. Paul Dickman2015–2016
  2. Jonathan Sandberg2017–2019
  3. Nancy B. Huber2021
  4. Forrest Hoffmaster2023–now

Chief operating officer

  1. Brett Roper2015–2016
  2. Joseph P. Puglise2019
  3. Nirup Krishnamurthy2020–2021
20202025
Board members and other officers (22)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorBradley Stewart named May 5, 202346
  • DirectorChristine Jones named Apr 27, 2023 to May 5, 202346
  • DirectorBrad Stewart named Apr 27, 202347

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Colorado Black Diamond Cannabis Company, LLC Colorado3
  • Double Brow, LLC d/b/a Star Buds d/b/a Emerald Fields Colorado3
  • Elemental Kitchen and Laboratories, LLC New Mexico3
  • Emerald Fields Merger Sub, LLC Colorado3
  • Evergreen Holdco, LLC New Mexico3
  • Liberty Fields, LLC Colorado3
  • MIH Manager LLC Colorado3
  • Mesa Organics II Ltd Colorado3
  • Mesa Organics III Ltd Colorado3
  • Mesa Organics IV Ltd Colorado3
  • Nuevo Elemental Holding, LLC New Mexico3
  • Nuevo Holding, LLC New Mexico3
  • PBS Holdco LLC d/b/a Mesa Organics d/b/a Purplebee’s Colorado3
  • Reserve 1 Manitou, LLC d/b/a Emerald Fields Colorado3
  • Reserve1, LLC d/b/a Emerald Fields Colorado3
  • SBUD LLC d/b/a Star Buds Colorado3
  • SCG Holding, LLC Colorado3
  • Schwazze Biosciences, LLC Colorado3
  • Schwazze Colorado LLC Medicine Man Consulting, Inc. Colorado3
  • Schwazze IP Holdco LLC Colorado3
  • Schwazze New Mexico, LLC New Mexico3
  • Smoke Holdco, LLC d/b/a Star Buds d/b/a Emerald Fields Colorado3
  • Two J’s LLC d/b/a The Big Tomato Colorado3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Oct 14, 20258-K Entered a material agreement; Debt or obligation accelerated; Regulation FD disclosure48
  2. Jul 18, 20258-K Executive or director change49
  3. May 6, 20258-K Executive or director change50
  4. Apr 21, 20258-K Executive or director change51
  5. Mar 13, 20258-K Debt or obligation accelerated52
  6. Dec 12, 20248-K Debt or obligation accelerated; Executive or director change53
  7. Dec 4, 20248-K Earlier financial statements no longer reliable54
  8. Aug 13, 20248-K Results of operations55
  9. Jul 11, 20248-K Entered a material agreement; New debt or obligation; Regulation FD disclosure56
  10. Jul 8, 20248-K Regulation FD disclosure; Other events57
  11. Jun 24, 20248-K Shareholder vote58
  12. May 15, 20248-K Results of operations59
  13. Jan 9, 2024New chief executive Nirup Krishnamurthy becomes CEO14
  14. May 22, 2020New chief executive Justin Dye becomes CEO15
  15. Jul 17, 2017New chief executive Brett Roper becomes CEO17
  16. Jun 16, 2017New chief executive Jonathan Sandberg becomes CEO16

Calendar

When it reported results

  1. Aug 13, 2024Reported quarterly or annual results55
  2. May 15, 2024Reported quarterly or annual results59
  3. Apr 3, 2024Reported quarterly or annual results60
  4. Nov 14, 2023Reported quarterly or annual results61
  5. Aug 9, 2023Reported quarterly or annual results62
  6. May 10, 2023Reported quarterly or annual results63
  7. Mar 29, 2023Reported quarterly or annual results64
  8. Nov 9, 2022Reported quarterly or annual results65

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

219 filings to the SEC since October 2021: 4 annual reports, 8 quarterly reports, 63 major events, 116 insider forms, 2 large holders, 6 private raises, 20 other. The latest 20:

  1. Dec 9, 20254 OWNERSHIP DOCUMENT EDGAR
  2. Nov 18, 202515-12G EDGAR
  3. Oct 14, 20258-K EDGAR
  4. Jul 18, 20258-K EDGAR
  5. May 6, 20258-K EDGAR
  6. Apr 21, 20258-K EDGAR
  7. Apr 1, 2025NT 10-K EDGAR
  8. Mar 13, 20258-K EDGAR
  9. Dec 12, 20248-K EDGAR
  10. Dec 4, 20248-K EDGAR
  11. Nov 15, 2024NT 10-Q EDGAR
  12. Oct 7, 20244 OWNERSHIP DOCUMENT EDGAR
  13. Oct 7, 20244 OWNERSHIP DOCUMENT EDGAR
  14. Oct 7, 20244 OWNERSHIP DOCUMENT EDGAR
  15. Aug 15, 2024NT 10-Q EDGAR
  16. Aug 13, 20248-K EDGAR
  17. Jul 11, 20248-K EDGAR
  18. Jul 8, 20248-K EDGAR
  19. Jul 2, 20244 OWNERSHIP DOCUMENT EDGAR
  20. Jul 2, 20244 OWNERSHIP DOCUMENT EDGAR

The 219 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

26 open-market trades by officers, directors and large owners since October 2021: 26 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Apr 11, 2024Pabon DanielChief Policy OfficerBuy150$0.70$105Form 4
Dec 29, 2023Garwood JeffDirectorBuy15,158Form 4
Dec 5, 2023JONES CHRISTINEChief Legal OfficerBuy1,880$0.56$1.1KForm 4
Nov 29, 2023HOFFMASTER FORRESTChief Financial OfficerBuy9,088$0.58$5.3KForm 4
Nov 29, 2023Krishnamurthy NirupChief Executive OfficerBuy6,600$0.59$3.9KForm 4
Nov 27, 2023HOFFMASTER FORRESTChief Financial OfficerBuy8,000$0.59$4.7KForm 4
Nov 27, 2023JONES CHRISTINEChief Legal OfficerBuy2,475$0.60$1.5KForm 4
Nov 21, 2023HOFFMASTER FORRESTChief Financial OfficerBuy7,912$0.58$4.6KForm 4
Nov 21, 2023Krishnamurthy NirupChief Executive OfficerBuy10,000$0.61$6.1KForm 4
Sep 29, 2023Garwood JeffDirectorBuy22,152Form 4
Aug 28, 2023Garwood JeffDirectorBuy50,000$0.69$34.4KForm 4
Aug 16, 2023Garwood JeffDirectorBuy33,000$0.75$24.7KForm 4
Aug 15, 2023Garwood JeffDirectorBuy45,155$0.75$33.8KForm 4
Feb 13, 2023Dye JustinDirectorBuy500,000$1.50$750.0KForm 4
Feb 13, 2023Dye JustinDirectorBuy500,000$1.50$750.0KForm 4
Aug 22, 2022Garwood JeffDirectorBuy5,840$1.37$8.0KForm 4
Aug 19, 2022Garwood JeffDirectorBuy2,059$1.43$2.9KForm 4
Aug 18, 2022Garwood JeffDirectorBuy9,832$1.42$14.0KForm 4
Apr 19, 2022Garwood JeffDirectorBuy19,304$1.82$35.1KForm 4
Apr 18, 2022Garwood JeffDirectorBuy12,696$1.97$25.0KForm 4

All 26 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

  • James E. ParcoSCHEDULE 13G/A, 1 filing Apr 2, 202466
  • CRW Capital, LLCSC 13D/A, 1 filing Dec 9, 202267

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Apr 21, 2023Raised $16 million in a private offering of equity Form D: 1 investor so far Form D
  2. Apr 13, 2023Raised $5.5 million in a private offering of equity Form D: 1 investor so far Form D
  3. Jan 25, 2023Raised $3.8 million in a private offering of equity Form D: 3 investors so far Form D
  4. Mar 11, 2022Raised $1.9 million in a private offering of equity Form D: 2 investors so far Form D
  5. Feb 9, 2022Raised $11.6 million in a private offering of equity Form D: 6 investors so far Form D
  6. Dec 3, 2021Raised $95 million in a private offering of securities Form D: 31 investors so far Form D

SEC filer profile

How Medicine Man Technologies, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMedicine Man Technologies, Inc.1
  • CIK0001622879
  • Employer ID (EIN)46-52894991
  • Filer statusNon-accelerated filer<br>smaller reporting company1
  • Incorporated inNevada1
  • Fiscal year endsDecember 311
  • Industry code (SIC)8742 Services-Management Consulting Services1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business address865 N. Albion St., Suite 300, Denver, CO 802201
  • Phone303-371-03871
  • Shares outstanding77,438,379 as of Mar 1, 20245
  • Public float$62.1M as of Jun 30, 20235
  • On EDGAR sinceOct 21, 20141
  • Filings484 in all: 4 (152), 8-K (138), 3 (33), 10-Q (25), 8-K/A (15), 4/A (13), D (12), 10-K (9)1
    All 37 form types

    UPLOAD (9), CORRESP (8), DEF 14A (8), 10-K/A (6), 10-Q/A (6), NT 10-Q (6), NT 10-K (4), S-1/A (4), 3/A (3), D/A (3), DEFA14A (3), PRE 14A (3), S-8 (3), SC 13D/A (3), ARS (2), EFFECT (2), SC 13D (2), 15-12G (1), 424B2 (1), 8-A12G (1), DEFR14A (1), PRE 14C (1), PREM14C (1), PRER14C (1), S-1 (1), S-3 (1), S-3/A (1), SC 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2024
    Quarterly report (10-Q) Nov 14, 2023
    Proxy statement (DEF 14A) Apr 29, 2024
    Latest 8-K (8-K) Oct 14, 2025

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67