Schwazze Boosts Its New Mexico Footprint Via Acquisition Of Everest

Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (NEO: SHWZ), announced on Monday that it has acquired certain assets of Sucellus, LLC, pursuant to which the company will manage Everest Apothecary, Inc., a New Mexico not-for-profit corporation.

The Denver-based company said the transaction includes retail dispensaries, cultivation, and manufacturing facilities.

Why It Matters

The acquisition of Everest increases the company's retail consumer base and furthers Schwazze's growth strategy in the New Mexico market.

Upon closing, Schwazze's operations in the Land of Enchantment will include 32 dispensaries, four cultivations, two manufacturing facilities and over 400 employees statewide.

Moreover, the Everest brand complements Schwazze's existing retail brand in New Mexico, R. Greenleaf.

Nirup Krishnamurthy, president of Schwazze said the "acquisition fits well within our growing portfolio of retail brands alongside R.Greenleaf, and firmly positions us as a top operator in the New Mexico market."

Everest is a New-Mexico-based licensed medical and recreational cannabis provider comprising 14 dispensaries, one cultivation facility and one manufacturing plant. It was established in 2016.

SHWZ Price Action

Schwazze's shares traded 6.80% higher at $1.1 per share at the time of writing on Tuesday.

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