Schwazze closes on acquisition of Drift dispensaries in Boulder

BOULDER — Schwazze, a cannabis company formerly operating as Medicine Man Technologies Inc. (OTCQX: SHWZ), has closed on a deal to buy the assets of  BG3 Investments LLC, the operator of two Drift-branded dispensaries in Boulder. 

The price of acquisition was $3.5 million  — $1.9 million in cash and $1.6 million in common stock.

“We look forward to adding these dispensaries to our portfolio. The Company remains focused on bringing excellent shopping experiences to all areas of Colorado by providing a wide assortment of quality products along with great service that our customers have come to expect from our brands, Schwazze chief operating officer Nirup Krishnamurthy said in a prepared statement. “We are excited to bring that experience to our customers in Boulder.”

Schwazze now operates 20 marijuana shops.