Schwazze expands New Mexico cannabis footprint through $38 million acquisition

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Colorado-based cannabis multistate operator Schwazze is deepening its presence in New Mexico with the planned acquisition of certain assets belonging to Sucellus.

The acquisition of not-for-profit Everest Apothecary is valued at approximately $38 million, according to a news release.

The transaction involves 14 dispensaries, a cultivation facility and a manufacturing plant.

Schwazze will pay a combination of cash, a four-year seller note and company common stock.

The deal, subject to approval by state regulators, is expected to close in the second quarter of 2023.

Once the transaction closes, Schwazze will have 32 dispensaries in New Mexico.

Schwazze has been growing at a rapid pace through M&A activity.

Last week, for example, the company announced plans to acquire certain assets of Colorado medical marijuana dispensary Standing Akimbo.