Schwazze Acquires Smokey's Dispensaries In $7.5M Deal, Expanding Colorado Presence

Multi-state cannabis operator, Schwazze (OTCQX: SHWZ) (NEO: SHWZ), completed the acquisition of Cannabis Care Wellness Centers and Green Medicals Wellness Center #5, known as Smokey's.

With the addition of these dispensaries in Garden City and Fort Collins, Schwazze's Colorado dispensary count reaches an impressive 27.

"As we continue to go deep in the state of Colorado, we're excited to bring our Star Buds operations to both Garden City and Fort Collins. We will operate a store within a store concept to serve both recreational consumers as well as medical patients," said Collin Lodge, Colorado division president of Schwazze.

Moreover, "the consideration for the acquisition was US$7.5 million paid as a combination of cash and stock," per a press release.

This move enhances their ability to serve customers in northern Colorado, providing expanded access to their renowned brands, diverse product range, and dedicated service.

"By bringing our operating playbook to two key cities in northern Colorado, it allows us to deliver our brands, product assortment, and dedicated service to customers in expanded areas throughout the state," Lodge added.

This acquisition marks another milestone in Schwazze's deliberate expansion strategy, solidifying its position as a key player in the cannabis industry.

Recently, Medicine Man Technologies Inc. operating as Schwazze, released financial results for the first quarter of 2023, revealing revenue of $40 million, an increase of 26% compared to $31.8 million in Q1 2022.

Image Credits: geralt and Kindel Media by Pixabay Edited By Benzinga