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Medicine Man Technologies, Inc., operating as Schwazze, reports developments tied to its vertically integrated regional cannabis business in Colorado and New Mexico. The company operates a portfolio of cannabis businesses and brands spanning seed-to-sale activities, including retail dispensaries under banners such as R. Greenleaf and Everest.
Recurring updates include financial and operating results, retail expansion, store-base optimization, pricing and assortment initiatives, debt restructuring agreements, and cannabis market conditions in its core states. Schwazze news also covers public-company reporting matters, including delayed periodic filings, auditor-related reviews, restatement activity, capital-structure disclosures, and governance updates.
Schwazze (OTCQX: SHWZ) has appointed Jeff Cozad and Salim Wahdan to its Board of Directors, enhancing its leadership team. Cozad, co-founder of CRW Cann Holdings, brings extensive financial and board experience, including a background in managing over $10 billion in investments. Wahdan, with nearly 20 years in retail, has operational experience with cannabis dispensaries. Both aim to solidify Schwazze's position in the competitive Colorado cannabis market, driving growth and shareholder value.
Schwazze (OTCQX: SHWZ) has successfully completed the acquisition of five additional Star Buds dispensaries in Colorado for approximately $72.3 million. This amount comprises $27.5 million in cash, $26.9 million in sellers’ notes, and $17.9 million in preferred stock. Following this acquisition, Schwazze now owns all 13 Star Buds locations in Colorado, enhancing its retail footprint to 17 dispensaries in the Denver metro and southern Colorado region. In 2020, the 13 Star Buds dispensaries generated about $70 million in revenue, contributing to an estimated $95 million in total proforma revenue.
Schwazze has successfully concluded a funding round, raising $56 million through preferred equity, led by CRW Capital with $34 million. In the last three months, Schwazze garnered $71 million, including $15 million in debt financing. The funding will facilitate the acquisition of additional Star Buds stores in Colorado, positioning Schwazze as a market leader. The private placement involved approximately 56,000 shares of Series A Cumulative Convertible Preferred Stock, with an 8% annual dividend and specific conversion rights. This financial boost strengthens Schwazze's growth strategy in the cannabis industry.
Schwazze (OTCQX: SHWZ) has completed the acquisition of two Star Buds dispensaries in Denver, CO, increasing its total to eight out of thirteen planned locations in Colorado. The acquisition, valued at approximately $9.3 million, includes $3.5 million in cash, $3.5 million in seller's notes, and $2.3 million in Preferred Stock. This follows the integration of six Star Buds locations acquired in December 2020. The company aims to finalize the acquisition of the remaining five dispensaries by the end of March, further expanding its retail footprint in Colorado.
Schwazze (OTCQX: SHWZ) has appointed Pratap Mukharji to its Board of Directors to enhance strategic growth and acquisition efforts. Mukharji, a veteran management consultant with extensive experience in M&A and supply chain, aims to leverage his expertise to capitalize on industry consolidation. The company also announced the resignation of Leonard Riera, effective January 27, 2021, as he relocates for personal reasons. Schwazze continues to focus on becoming a leading vertically integrated cannabis company in Colorado.
Schwazze has completed the acquisition of the first six of 13 Star Buds retail locations in Colorado for approximately $37.1 million. The payment structure includes $13.9 million in cash, a seller's note, and $9.3 million in Preferred Stock. The acquired locations are anticipated to generate pro forma revenue of around $24 million and an EBITDA margin of 36% for 2020. This acquisition expands Schwazze's footprint to 17 dispensary locations, aiming for positive cash flow beginning January 2021 and positioning the company as a leading cannabis entity in Colorado.