Business
SCHWAZZE SIGNS DEFINITIVE DOCUMENTS TO ACQUIRE ASSETS OF SUCELLUS, MANAGE ASSETS OF EVEREST, A PROMINENT NEW MEXICO CANNABIS OPERATOR
SCHWAZZE SIGNS DEFINITIVE DOCUMENTS TO ACQUIRE ASSETS OF SUCELLUS, MANAGE ASSETS OF EVEREST, A PROMINENT NEW MEXICO CANNABIS OPERATOR.
About this update from Medicine Man Technologies Inc.
[{"type":"text","content":"\n\n\n\nSCHWAZZE SIGNS DEFINITIVE DOCUMENTS TO ACQUIRE ASSETS OF SUCELLUS, MANAGE ASSETS OF EVEREST, A PROMINENT NEW MEXICO CANNABIS OPERATOR\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.prntar{\nTEXT-ALIGN: RIGHT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nSCHWAZZE SIGNS DEFINITIVE DOCUMENTS TO ACQUIRE ASSETS OF SUCELLUS, MANAGE ASSETS OF EVEREST, A PROMINENT NEW MEXICO CANNABIS OPERATOR\nPR Newswire\nDENVER, April 25, 2023\n\n\n\nNEO: SHWZOTCQX: SHWZ\nAnnounced Acquisition to Increase Schwazze's New Mexico Retail Store Count to 32\nTransaction Provides Expanded Coverage Throughout State\nDENVER, April 25, 2023 /PRNewswire/ - Medicine Man Technologies, Inc., operating as Schwazze, (OTCQX: SHWZ) (NEO: SHWZ) (\"Schwazze\" or the \"Company\"), announced that it has signed definitive documents to acquire certain assets of Sucellus, LLC, pursuant to which the Company will manage Everest Apothecary, Inc., a New Mexico not-for-profit corporation (\"Everest\"). The proposed transaction includes retail dispensaries, cultivation, and manufacturing facilities.  \n\n \n \n \n \n \n \n\n \nThe consideration for the proposed acquisition is US$38M and will be paid in a combination of cash, a four-year seller note and Company common stock. The acquisition is expected to close in the second quarter of 2023, upon receipt of approval from the New Mexico Regulation and Licensing Department.\nEstablished in 2016, Everest is a New-Mexico-based licensed medical and recreational cannabis provider that consists of 14 dispensaries, one cultivation facility and one manufacturing plant. The dispensaries are located in Albuquerque, Santa Fe, Las Cruces, Los Lunas, Sunland Park, Belen, and Texico. Everest's approximately 16,000 square feet of cultivation and 8,500 square foot manufacturing facility are located in Albuquerque.\nThis acquisition increases the Company's retail consumer base and furthers Schwazze's growth efforts in the New Mexico market, which upon transaction closing will bring the Company's total number of New Mexico dispensaries to 32 with over 450 Schwazze employees. ht...