DENVER,
March 16, 2022 – PRESS RELEASE – Schwazze announced that it has
signed definitive documents to acquire all the assets of Urban Health &
Wellness Inc. The proposed transaction includes the adult-use Urban Dispensary,
located at West 38th Avenue and Clay Street in Denver's vibrant Highlands
neighborhood, as well as a 7,200-square-foot indoor cultivation facility (2,700
square feet of canopy) located in Denver. This purchase continues Schwazze's
aggressive expansion in Colorado and upon close will bring the company's total
number of Colorado dispensaries to 23 and grow facilities to four.
The
consideration for the proposed acquisition is $3.2 million and will be paid as
$1.3 million cash and $1.9 million stock at closing. The acquisition is
expected to close in the second quarter of 2022 after the Colorado Marijuana
Enforcement Division and local licensing approval.
“We look
forward to the addition of the Urban group, including the strategically located
Urban Dispensary and its Denver grow facility to our expanding pipeline of
assets in Colorado. Delivering our brands and our excellent customer service
into new neighborhoods is a Schwazze hallmark as we continue to go deep in the
state. We also look forward to welcoming the Urban team to our growing Schwazze
family," said Nirup Krishnamurthy, Schwazze's chief operating
officer.
Since
April 2020, Schwazze has acquired or announced the planned acquisition of 33
cannabis dispensaries as well as seven cultivation facilities and two
manufacturing assets in Colorado and New Mexico. In May 2021, Schwazze
announced its BioSciences division, and in August 2021 it commenced home
delivery services in Colorado.
