Cannabis parent company Schwazze has announced signing definitive documents to acquire MCG, LLC (“Emerald Fields”) who own and operate two cannabis dispensaries in Colorado. The new acquisition is part of Schwazze’s larger retail expansion plan, bringing its number of acquired Colorado dispensaries to 22.
The total price for the acquisition will be $29 million. The deal is set to be paid out as 60% cash and 40% Schwazze common stock once closed, which is targeted to occur in the next 75 days. The acquisition deal is subject to closing conditions and covenants, including 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.
Formerly operating under the Medicine Man Technologies, Inc. name, Schwazze is the parent company of several cannabis brands and businesses from seed to sale. Its new name is derived from the pruning technique used to enhance cannabis plant structure and promote healthy growth.