Schwazze Buys Smokey’s Dispensaries for $7.5 Million

May 13, 2023 · Green Market Report

The deal enhances Schwazze’s presence in northern Colorado.

Denver-based Medicine Man Technologies Inc., which operates as Schwazze (OTCQX: SHWZ) (NEO: SHWZ), announced Thursday that it has finalized the acquisition of some assets from Cannabis Care Wellness Centers LLC and Green Medicals Wellness Center #5 LLC, commonly known as “Smokey’s.”

The transaction, valued at $7.5 million and paid through a mix of cash and stock, includes two Smokey’s dispensaries located at 2515 7th Avenue in Garden City and 5740 S. College Avenue in Fort Collins. Both locations are set to serve recreational and medical cannabis users.

The inclusion of Smokey’s dispensaries enhances Schwazze’s presence in northern Colorado, bringing the company’s total Colorado dispensaries to 27. The acquired assets encompass state and local retail marijuana licenses supporting the adult use dispensaries involved in the deal.

“As we continue to deepen our footprint in Colorado, we’re thrilled to introduce our Star Buds operations to both Garden City and Fort Collins,” said Collin Lodge, Colorado division president of Schwazze.

In a statement, Lodge added that the company plans to operate a store-within-a-store concept to cater to both recreational consumers and medical patients. The expansion allows the company to offer its brands, product assortment, and dedicated service to customers in additional areas throughout the state.

Schwazze’s acquisition is part of a broader expansion strategy dating back to April 2020. In addition to the two Smokey’s shops, the company has been inking deals in Colorado to buy Standing Akimbo, as well as New Mexico chain Everest Apothecary for $38 million.

In May 2021, Schwazze also announced its Biosciences division, and in August 2021, it launched home delivery services in Colorado, further enhancing its customer service. (Full Story)

In category:Dispensaries
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