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Cannabis Growth Operator, Schwazze, Announces Agreement to Acquire Southern Colorado Growers
Cannabis Growth Operator, Schwazze, Announces Agreement to Acquire Southern Colorado Growers.
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[{"type":"text","content":"\n\n\n\nCannabis Growth Operator, Schwazze, Announces Agreement to Acquire Southern Colorado Growers\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nCannabis Growth Operator, Schwazze, Announces Agreement to Acquire Southern Colorado Growers\nPR Newswire\nDENVER, Colo., June 1, 2021\n\n\n\nAcquisition will substantially increase Schwazze's vertical integration and cultivation capabilities; provide major boost to wholesale supply of distillate to Colorado CPG manufacturers \nOTCQX: SHWZ\n DENVER, Colo., June 1, 2021 /PRNewswire/ - Schwazze, (OTCQX: SHWZ) (\"Schwazze\" or the \"Company\"), announced signed definitive documents to acquire the assets of Southern Colorado Growers (\"SCG\") in Huerfano County, Colorado.  The proposed transaction includes 34 acres of land with outdoor cultivation capacity, as well as indoor, greenhouse, and hoop house cultivation facilities and equipment.  This planned purchase continues Schwazze's expansion in Colorado and, is the company's first major move into cultivation, which will provide high-end, premium cannabis directly to its Star Buds dispensaries and significant production of biomass for its PurpleBee's extraction and manufacturing facility. PurpleBee's is Colorado's largest supplier of wholesale distillate for the CPG market, providing quality distillate to leading vaporizer, concentrates and edibles companies.\n\n \n \n \n \n \n \n\n \nThe consideration for the proposed acquisition is $6.8 million for the business and $4.5 million for the real estate and farm assets.  Total consideration of $11.3 million will be paid as $5.9 million of cash at closing and $5.4 million in Schwazze common stock at closing.\nAfter closing, Schwazze has major expansion plans for SCG which includes the buildout of additional hoop house facilities over the next four quarters. SCG produces premium flower with approximately 30 strains and has won multiple Connoisseur Cup awards for select strains in 2020.  \n\"This is just the beginning of our foray into the cannabis cultivation space.&#...