Schwazze To Acquire One Medical Cannabis Dispensary In Denver, Colorado

Medicine Man Technologies operating as Schwazze, SHWZ SHWZ has signed definitive documents to acquire certain assets of Standing Akimbo LLC. The proposed transaction includes the medical cannabis dispensary located at 3801 Jason Street in Denver, Colorado. This acquisition expands the company's retail consumer base and furthers its growth efforts in the Colorado market, which upon close would bring the company's total number of operating Colorado dispensaries to 26 (this total excludes two additional Smokey's dispensaries previously announced for acquisition in the second quarter of 2023 as well as a Colorado Springs medical dispensary acquired in 2022).

The consideration for the proposed acquisition is $10.5 million and will be paid as $1 million in cash and $5.5 million in company common stock at closing, and $4 million in deferred cash payments. The acquisition is expected to close in the third quarter of 2023 upon receipt of approval from the Colorado Marijuana Enforcement Division and local licensing authorities. As part of the Standing Akimbo acquisition, Schwazze plans to open a Colorado Springs medical dispensary acquired in 2022 under the Standing Akimbo banner.

"We have tremendous respect for the Standing Akimbo brand and operators. We look forward to the team joining the Schwazze family, continue running their Denver location and also expand service by adding a second location in Colorado Springs," stated Nirup Krishnamurthy, president of Schwazze. "We look forward to utilizing Schwazze's operating playbook to support the Standing Akimbo team in their outstanding service to the Colorado medical cannabis community."

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

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