DENVER – Schwazze, (OTCQX: SHWZ) (“Schwazze” or the “Company”), announced that it has signed definitive documents to acquire MCG, LLC (“Emerald Fields”). Emerald Fields owns and operates two retail cannabis dispensaries, located in Manitou Springs and Glendale, Colorado. This acquisition is part of the Company’s continuing retail expansion plan in Colorado bringing the total number of dispensaries including announced acquisitions to 22.
Total consideration for the acquisition will be $29 million and will be paid as 60% cash and 40% Schwazze common stock upon closing. The acquisition is targeted to close in the next 75 days, subject to closing conditions and covenants customary for this type of transaction, including, without limitation, obtaining Colorado Marijuana Enforcement Division and local licensing approval.
“Our team is delighted to add the Emerald Fields Cannaboutiques to our growing portfolio of dispensaries and are eager to welcome the team to Schwazze. Manitou Springs and Glendale are attractive locations and are valuable assets to our overall acquisitions plans as we continue to build out Colorado. Our team is excited to add another store brand to our house of brands.” said Justin Dye, Schwazze’s CEO.
Schwazze (OTCQX: SHWZ) is building the premier vertically integrated cannabis company in Colorado and plans to take its operating system to other states where it can develop a differentiated leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices. Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc.
Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth.