SCHWAZZE CLOSES ACQUISITION OF EMERALD FIELDS
Schwazze (OTCQX:SHWZ) announced that it has closed the transaction to acquire MCG, LLC ("Emerald Fields"). Emerald Fields is the owner and operator of two retail cannabis dispensaries, located in Manitou Springs and Glendale, Colorado. This successful acquisition is part of the Company's ongoing retail expansion plan in Colorado and New Mexico, bringing the total number of dispensaries the company operates to 32.
Total consideration for the acquisition is $29 million and will be paid as 60% cash and 40% Schwazze common stock upon closing. This is an estimated 3.8 multiple on 2021 Adjusted EBITDA.
"Our team is delighted to add the Emerald Fields Cannaboutiques to our growing portfolio of dispensaries and are eager to welcome the team to Schwazze. Manitou Springs and Glendale are attractive locations and valuable assets to our overall growth plan as we continue to build out Colorado. Our team is excited to add another store brand to our house of brands." Justin Dye, Schwazze's CEO stated.
