The acquisition continues the multistate operator’s aggressive expansion in Colorado and will bring the company’s total number of dispensaries in the state to 25 upon deal closing.
In last month’s earnings report, Schwazze lowered its guidance for 2022 revenue, citing “challenging Colorado market conditions.”
Schwazze will pay $2.75 million in cash for the dispensaries. The acquisition is expected to close in the first quarter of 2023 after Colorado Marijuana Enforcement Division and local licensing approval, the company said.
Since April 2020, Schwazze – formerly known as Medicine Man Technologies – has acquired or announced acquisitions of 35 cannabis dispensaries, seven cultivation facilities and two manufacturing assets in Colorado and New Mexico.
In addition to acquiring new locations, Schwazze has been expanding in other ways as well. It launched a wholly owned research and development division, Schwazze BioSciences Ltd., in May 2021, and began home delivery services in Colorado in August 2021.