Schwazze, (OTCQX:SHWZ) has signed definitive documents to acquire all the assets of Urban Health & Wellness, Inc. The proposed transaction includes the adult use Urban Dispensary, located at West 38th Avenue and Clay Street, in Denver's vibrant Highlands neighborhood as well as a 7,200 square foot indoor cultivation facility located in Denver, Colorado.
This purchase continues Schwazze's aggressive expansion in Colorado and upon close will bring the company's total number of Colorado dispensaries to 23 and grow facilities to four.
The consideration for the proposed acquisition is $3.2 million and will be paid as $1.3 million in cash and $1.9 million in stock at closing. The acquisition is expected to close in the second quarter of 2022 after the Colorado Marijuana Enforcement Division and local licensing approval.
"We look forward to the addition of the Urban group, including the strategically located Urban Dispensary and its Denver grow facility to our expanding pipeline of assets in Colorado. Delivering our brands and our excellent customer service into new neighborhoods is a Schwazze hallmark as we continue to go deep in the state. We also look forward to welcoming the Urban team to our growing Schwazze family," stated Nirup Krishnamurthy, Schwazze's COO.
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