Upon closing, Schwazze will have 26 retail stores in Colorado.
Medicine Man Technologies, better known as Schwazze (OTCQX: SHWZ) (NEO: SHWZ), will acquire Standing Akimbo LLC, a medical cannabis dispensary located at 3801 Jason Street in Denver.
The deal is valued at $10.5 million and will paid in a combination of cash and stock. It is expected to close in the third quarter of 2023 assuming approval form regulatory authorities.
“We have tremendous respect for the Standing Akimbo brand and operators. We look forward to the team joining the Schwazze family, continue running their Denver location and also expand service by adding a second location in Colorado Springs,” said Nirup Krishnamurthy, president of Schwazze.
Standing Akimbo is a medical-only dispensary. According to Weedmaps, it has won many awards for heavy-hitting marijuana strains like the Cannabis Cup for Best Sativa, THC Connoisseur’s Cup, and the Secret Cup.
The company said that the acquisition expands its retail consumer base and furthers its growth efforts in the Colorado market, which upon close would bring Schwazze’s total number of operating Colorado dispensaries to 26. (This total excludes two additional Smokey’s dispensaries previously announced for acquisition in the second quarter of 2023 as well as a Colorado Springs medical dispensary acquired in 2022).
As part of the acquisition, Schwazze plans to open a Colorado Springs medical dispensary acquired in 2022 under the Standing Akimbo banner.
Since April 2020, Schwazze has acquired, opened, or announced the planned acquisition of 46 cannabis retail dispensaries (bannered as Star Buds, Emerald Fields and R. Greenleaf) as well as seven cultivation facilities and two manufacturing plants in Colorado and New Mexico. In May 2021, Schwazze announced its biosciences division, and in August 2021 it commenced home delivery services in Colorado.
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