Colorado-based marijuana company Schwazze signed an agreement to acquire Urban Health & Wellness, a cannabis retailer and cultivator in Denver, for $3.2 million.
The proposed deal includes Urban Dispensary as well as a 7,200-square-foot indoor cultivation facility with 2,700 square feet of canopy, according to a news release.
Under terms of the deal, Schwazze will pay $1.3 million paid in cash and $1.9 million in stock at closing.
The pending transaction is expected to close in the second quarter of 2022 after approval from the Colorado Marijuana Enforcement Division and local licensing officials.
The proposed deal is the latest in a series of moves by Schwazze, which has acquired cannabis assets, including retail stores and cultivators, in Colorado and neighboring New Mexico.
Once the deal is complete, Schwazze’s portfolio will include 23 cannabis retail stores and four grow operations, according to the release.
The company also announced it has received final approval to list its common shares on the Toronto-based NEO Exchange.
Stay informed with MJBiz Newsletters
MJBiz’s family of newsletters gives cannabis professionals an edge in this rapidly changing industry.
Featured newsletters:
- MJBizDaily: Business news for cannabis leaders in your inbox each morning
- MJBiz Cultivator: Insights for wholesale cannabis growers & vertically integrated businesses
- MJBizCon Buzz: Behind-the-scenes buzz on everything MJBizCon
- MJBiz Retail + Brand: New products, trends and news for cannabis retailers, distributors and marketers
- Hemp Industry Week: Roundup of news from hemp farming to CBD product manufacturing
- And more!
The common shares are expected to begin trading on the NEO on March 23 under the ticker symbol SHWZ.
Schwazze shares currently list as SHWZ on the U.S. over-the-counter markets.
