Schwazze (OTCQX:SHWZ) continued its acquisition efforts, announcing the $9.3 million close of two Star Buds Colorado dispensaries located in Denver.
According to a press release, the deal price tag included $3.5 million in cash, another $3.5 million in seller s notes and preferred stock totaling $2.3 million at $1,000 per share.
Why It s Important
The done deal helps bring Schwazze closer to its goal of having all Star Buds Colorado locations in its portfolio.
The acquisition follows Schwazze s previous acquisition of six Star Buds locations across the state. The company hopes to close on the rest of the stores by the end of March 2021, bringing the total to 13 if completed.
Press release content from Business Wire. The AP news staff was not involved in its creation.
Colorado-based Cannabis Collective, Schwazze, Announces Changes to Board of Directors
January 28, 2021 GMT
DENVER (BUSINESS WIRE) Jan 28, 2021
Focused on building the premier vertically integrated cannabis company in Colorado, Schwazze (formerly operating as Medicine Man Technologies Inc.; OTCQX: SHWZ) announces a Board appointment designed to drive continued synergy, strategic topline growth and acquisition activity.
Board of Director Appointment
Pratap Mukharji, a seasoned management consultant, has been appointed to the Schwazze Board of Directors. Mukharji is a retired consultant working over 30 years in management consulting, the majority with Bain & Company leading its Supply Chain and Service Operations practices. With a concentration in Industrials and Retail, Mukharji has led strategy; M&A; transformation and turnaround; operations improvement; due diligence, omnichannel; and
January 29, 2021 at 7:07 am Published by NCV Newswire
DENVER, January 28, 2021–(BUSINESS WIRE)–Focused on building the premier vertically integrated cannabis company in Colorado, Schwazze (formerly operating as Medicine Man Technologies Inc.; OTCQX: SHWZ) announces a Board appointment designed to drive continued synergy, strategic topline growth and acquisition activity.
Board of Director Appointment
Pratap Mukharji, a seasoned management consultant, has been appointed to the Schwazze Board of Directors. Mukharji is a retired consultant working over 30 years in management consulting, the majority with Bain & Company leading its Supply Chain and Service Operations practices. With a concentration in Industrials and Retail, Mukharji has led strategy; M&A; transformation and turnaround; operations improvement; due diligence, omnichannel; and e-commerce efforts across multiple industries. Prior to Bain, he was at Kearney and Booz-Allen & Hamilton. Mukharji received a BA
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.