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

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.