MINNEAPOLIS – Vireo Growth Inc. closed the acquisition of financially distressed multistate cannabis operator Medicine Man Technologies Inc., doing business as Schwazze. The transaction included twenty-four dispensaries in Colorado, twenty-one dispensaries in New Mexico, and one manufacturing facility in each of the two states. Vireo paid an assumed share price of $0.661.
“This acquisition represents an initial step toward a broader strategy to build a scaled retail presence in Colorado and New Mexico, which could grow to more than seventy-five dispensaries over time, subject to market conditions, regulatory approvals, and capital availability,” said Vireo Chief Executive Officer John Mazarakis.
In an effort to restructure outstanding debt, Schwazze and Vireo signed a restructuring agreement in October 2025. At the time, Vireo owned the majority of Schwazze’s senior secured notes at an interest rate of 13 percent.
Forrest Hoffmaster, who served as Schwazze’s CEO and chief financial officer during the restructuring period, was named CEO of what is now Vireo’s Colorado and New Mexico operations.
Justin Dye, a former Albertsons executive who preceded Hoffmaster as Schwazze CEO, was named chairman of the Colorado and New Mexico operating unit. Dye is the founder of Florida-based private equity group Dye Capital, which funded an $18.2-million investment in Medicine Man Technologies in 2019. He is now managing director at Sharpe Credit Partners, a senior secured lender focused on underserved niche markets.
