Schwazze, a Denver-based vertically built-in cannabis operator, stated it has acquired the five remaining Star Buds retail outlets in Colorado for $72.three million, together with $27.5 million in money.
With the acquisition, Schwazze, previously Medicine Man Technologies, now owns and operates all 13 Star Buds places in Colorado.
The phrases of the most recent acquisition included $26.9 million in sellers’ notes and $17.9 million in most well-liked inventory.
In 2020, these 13 stores generated roughly $28 million in web revenue on $70 million in income.
Schwazze beforehand acquired six Star Buds stores in December 2020 and two in February 2021 – with all 13 retailers pursuant to a June 2020 definitive settlement.
Schwazze’s retail footprint in Colorado now totals 17 stores.
“We are excited to have completed our acquisition of Star Buds Colorado, a highly respected, innovative and trusted retail operation characterized by high quality products and its budtenders’ commitment to customers and cannabis expertise,” Justin Dye, Schwazze CEO, stated in a information launch.
Some of Schwazze’s growth plans had been derailed final 12 months as a result of of tight capital markets and the COVID-19 pandemic.