Cannabis company Schwazze (OTCQX:SHWZ) has closed the acquisition of the first six out of 13 Star Buds Colorado retail locations for around $37.1 million.
Back in June, Schwazze signed definitive agreements to purchase all 13 Start Buds locations in Colorado, and one cultivation center. The company projects to obtain the other seven locations in the first quarter of the following year.
Star Buds is a retail cannabis operator in the U.S. offering a diverse portfolio of cannabis products, such as strains, edibles, concentrates, and tinctures.
These six dispensaries that were first acquired are located in Commerce City, Niwot, Pueblo, Pueblo West, Denver, and Longmont. Its collective pro-forma revenue for this year is estimated to reach around $24 million, and EBITDA to be around 36% of revenue.