Continue to Going deepAdd to business footprint in Colorado
DENVER, September 15, 2022 /PRNewswire/ — Schwazze, (OTCQX:SHWZ) (NEO:SHWZ) (“Schwazz” or the “Company”), announced that it has signed definitive documents to acquire certain assets of Lightshade Labs LLC (“Light Shadow”). The proposed transaction includes adult-use Lightshade dispensaries located at 503 Havana St. in Aurora, as well as 2215 E. Mississippi Ave. at from Denver bustling Washington Park area. This acquisition continues Schwazze’s aggressive expansion into Colorado and at closing will bring the total number of Colorado dispensaries at 25.
The consideration for the proposed acquisition is $2.75 million and will be paid in cash. The acquisition is expected to close in the first quarter of 2023 following approval from Colorado’s Marijuana Enforcement Division and local licensing approval.
“Schwazze is delighted to add to our commercial footprint in the greater denver area, providing two additional outlets to our existing 23 throughout Colorado. We look forward to extending our exceptional customer service and broad product selection to new and existing customers in these new locations,” said Collin LodgeColorado Division President.
Since April 2020Schwazze has acquired or announced planned acquisitions of 35 cannabis dispensaries as well as seven cultivation facilities and two manufacturing assets in Colorado and New Mexico. In May 2021Schwazze announced its BioSciences division and in August 2021 he launched home delivery services in Colorado.
Schwazze (OTCQX:SHWZ NEO:SHWZ) is building a first vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to expand its operating system to other states where it can develop a position of differentiated regional leadership. Schwazze is the parent company to a portfolio of leading cannabis businesses and brands from seed to retail. The company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is rooted in a high performance culture that combines customer-centric thinking and data science to test, measure and drive decisions and results. The company’s management team has deep expertise in retail, wholesale and building consumer brands in Fortune 500 companies as well as the cannabis industry. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices. Medicine Man Technologies, Inc. was the former trading name of Schwazze. The corporate entity continues to be called Medicine Man Technologies, Inc. Schwazze derives its name from the technique of pruning a cannabis plant to improve plant structure and promote healthy growth.
This press release contains “forward-looking statements”. Such statements may be preceded by the words “plan”, “will”, “may”, “continue”, “predict” or similar words. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Accordingly, actual events and results may differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, without limitation, the risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale by ourselves or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competitors; (iv) the loss of one or more key executives or scientists; (v) difficulties obtaining regulatory approval to commercialize our products and product candidates; (vi) our ability to successfully execute our growth strategy by Colorado and out of state, (vii) our ability to complete the acquisition described in this press release or identify and complete future acquisitions that meet our criteria, (viii) our ability to successfully integrate acquired businesses , including the acquisition described in this press release, and realizing synergies therefrom, (ix) the ongoing COVID-19 pandemic, (x) the timing and extent of government stimulus programs , and (xi) uncertainty in the application of federal, state and local laws to our business, and any changes to such laws. More detailed information about the company and the risk factors that may affect the making of forward-looking statements is set forth in the company’s filings with the Securities and Exchange Commission (SEC), including the company’s annual report on Form 10. -K and its Quarterly Report Reports on Form 10-Q. Investors and security holders are urged to read these materials free of charge on the SEC’s website at http://www.sec.gov. The Company undertakes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.