DENVER, Jan. 26, 2022 /CNW/ - PRESS RELEASE - Schwazze has announced that it has closed the transaction to acquire the assets of BG3 Investments, LLC dba Drift which consists of two cannabis dispensaries located in Boulder, Colo. This purchase continues Schwazze's expansion plan in Colorado, adding to the company's current dispensary footprint, and bringing the total number of dispensaries to 20. As part of the purchase, Schwazze will also acquire the assets of Black Box Licensing, LLC, which contains certain intellectual property.
"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.
The consideration for the acquisition was $3.5 million and was paid as $1.9 million in cash, and $1.6 million in common stock.
Corporate Update
Since April 2020, Schwazze has announced and/or acquired a total of 32 cannabis dispensaries, including the ten R. Greenleaf New Mexico dispensaries. The company has also announced and/or acquired in 2021 a total of seven cultivation facilities, three in Colorado - SCG Holding LLC, Brow 2 LLC and Star Buds - 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.
