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Schwazze, formerly operating as Medicine Man Technologies Inc. (OTCQX: SHWZ) (“Schwazze ” or “the Company”), today announced that it has closed on the asset purchase of an additional two Star Buds Colorado dispensaries located in Denver, CO.
This follows the successful acquisition and integration of six Star Buds retail locations in Colorado in December 2020. The Company plans to acquire the remaining five Star Buds in Colorado by the end of March, for a total of 13.
Total consideration for this most recent acquisition was approximately $9.3 million, consisting of $3.5 million in cash, $3.5 million in sellers’s notes, and $2.3 million in Preferred Stock (at a price of $1,000 per share).
Schwazze Acquires Six Star Buds Dispensaries in Colorado businesswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesswire.com Daily Mail and Mail on Sunday newspapers.
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.