Schwazze Completes Acquisition Of Drift, Expanding Retail Footprint In Boulder County, Colorado

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Schwazze, (OTCQX: SHWZ), the vertically integrated cannabis company previously operating as Medicine Man Technologies, announced on Wednesday that it has completed a transaction to acquire the assets of BG3 Investments, LLC dba Drift, which consists of two cannabis dispensaries located in Boulder, Colorado, increasing the company’s dispensary footprint to 20.

As part of the purchase, Schwazze will also acquire the assets of Black Box Licensing, LLC, which contains certain intellectual property.

Consideration for the Drift acquisition was $3.5 million, paid as $1.9 million in cash and $1.6 million in common stock.

“We look forward to adding these dispensaries to our portfolio. The company remains focused on bringing excellent shopping experiences to all areas of Colorado by providing a wide assortment of quality products along with great service that our customers have come to expect from our brands. We are excited to bring that experience to our customers in Boulder,” said Nirup Krishnamurthy, Schwazze’s COO.

Recent Schwazze Acquisitions: Since April 2020, Schwazze has either announced and/or acquired a total of 32 cannabis dispensaries, including 10 R. Greenleaf New Mexico dispensaries. In 2021, the company announced and/or acquired seven cultivation facilities, three in Colorado and four licensed by Medzen and RGO in New Mexico. 

The R. Greenleaf acquisition will add a New Mexico manufacturing asset, Elemental Kitchen & Laboratories, LLC, to the company’s manufacturing plant, Purplebee’s in Colorado.

In May 2021, Schwazze announced its BioSciences division and in August 2021 it commenced home delivery services in Colorado.

SHWZ Price Action: Schwazze shares were trading 10.67% higher to $1.66 Wednesday morning. 

Photo by Chris Lillie on Unsplash.

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