Schwazze To Acquire Two Retail Dispensaries From Smokey's Cannabis Company

Schwazze, SHWZ SHWZ has signed definitive documents to acquire certain assets of Cannabis Care Wellness Centers, LLC and Green Medicals Wellness Center #5, LLC (d/b/a "Smokey's"). The proposed transaction includes the adult use Smokey's dispensaries located at 2515 7^th Avenue in Garden City as well as 5740 S. College Ave. in Fort Collins. These two cannabis markets have limited licenses and present Schwazze with more opportunities to serve customers in northern Colorado.

This acquisition continues Schwazze's deliberate expansion in Colorado and, upon close, will bring the company's total number of Colorado dispensaries to 27. The consideration for the proposed acquisition is $7.5 million and will be paid as $3.75 million cash and $3.75 million stock at closing. The acquisition is expected to close in the second quarter of 2023 after Colorado Marijuana Enforcement Division and local licensing approvals.

"We are excited to bring our Star Buds operations to Garden City and Fort Collins. Bringing our operating playbook to two key cities in northern Colorado allows us to deliver our brands, product assortment and our dedicated service to customers in new neighborhoods as we continue to go deep in the state," stated Nirup Krishnamurthy, president of Schwazze.

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Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay