Medicine Man Technologies, a Denver-based multistate cannabis operator, is now calling itself Schwazze, an offshoot of a proprietary marijuana pruning technique developed by the company.
The name change and corporate rebranding is designed to differentiate the company and “marks the next stage of our strategic growth,” Shane Sampson, chief marketing officer, said in a news release Monday announcing the move.
Medicine Man Technologies joins a number of multistate operators that have changed names or rebranded retail outlets in response to a rapidly changing business climate.
The company, currently trading on the over-the-counter markets with the ticker symbol MDCL, will start trading as SHWZ on Tuesday.
Schwazze also said it has completed its acquisition of Mesa Organics (aka MesaPur) and its Purplebee’s business. Mesa Organics operates four dispensaries in southern Colorado.
As recently as a year ago, Medicine Man Technologies was primarily a cannabis consulting firm.
Then it embarked on a $300 million acquisition spree, largely propelled by a new law in Colorado that opened up the marijuana space to public companies and out-of-state investment.
The former Medicine Man Technologies recently reported 2019 revenue of $12.4 million, an increase of 31% over $9.4 million in 2018.
CEO Justin Dye said in late March that the company remained on schedule to close 11 pending acquisitions despite the challenge of the coronavirus pandemic.
A Schwazze spokeswoman didn’t immediately return a query from Marijuana Business Daily for additional comment about the name change.