Schwazze spends $29 million to acquire two more Colorado cannabis retailers

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Quickly growing Colorado retail chain Schwazze said it has acquired two more cannabis shops in its home state, bringing the company’s store count to 22.

According to a news release issued Tuesday, Schwazze agreed to pay $29 million for MCG, which does business as Emerald Fields and has shops in Glendale, a Denver suburb, and Manitou Springs.

The deal, expected to close within 75 days, will be paid 60% in cash and 40% in Schwazze stock.

The acquisition is the second in a week for Schwazze, which has been on an acquisition tear through much of 2021.

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On Monday, the company announced it had acquired the Smokin’ Gun Apothecary retail shop in Glendale.

Schwazze, which formerly did business as Medicine Man Technologies, trades on the over-the-counter markets as SHWZ.