Schwazze cannabis company announced Nov. 16 that it has signed definitive documents to acquire Emerald Fields, which owns and operates retail cannabis dispensaries in Manitou Springs and Glendale, Colorado. This acquisition is part of the company’s continuing retail expansion plan in Colorado, bringing the total number of dispensaries including announced acquisitions to 22.
Founding partner Doug Burkhalter is the president and CEO of Emerald Fields.
Total consideration for the acquisition will be $29 million and will be paid as 60 percent cash and 40 percent Schwazze common stock upon closing.
The acquisition is targeted to close sometime before Jan. 29, subject to closing conditions and covenants customary for this type of transaction, such as obtaining Colorado Marijuana Enforcement Division and local licensing approval.
“Manitou Springs and Glendale are attractive locations and are valuable assets to our overall acquisitions plans as we continue to build out Colorado. Our team is excited to add another store brand to our house of brands,” said Justin Dye, Schwazze’s CEO.
Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The company derives its name from the pruning technique of a cannabis plant to promote healthy growth.
Information: schwazze.com.