Medical cannabis company MedPharm Holdings has parted ways with Schwazze Inc. SHWZ.
The Denver-cannabis manufacturer agreed not to extend the term sheet for a sale to Schwazze, which expires Wednesday, Sept. 30, the press release said.
Schwazze disclosed its intentions to acquire MedPharm last year.
MedPharm CEO Albert Gutierrez shared that “after more than a year and a half of negotiations we have mutually agreed with Schwazze, this transaction no longer serves either party.”
“I felt it was good time to move on and seek other qualified partners for investment purposes, as MedPharm retains its role as a leader in the industry,” added Gutierrez.
MedPharm — which is launched in 2017 — would proceed with its work in neuropharmacological cannabis research, the company noted Wednesday.
MedPharm is the latest firm to split from Schwazze after Medicine Man Denver decided to part ways with the Denver-based company last month.
Schwazze previously operated as Medicine Man Technologies Inc. before rebranding in April.
In addition, Schwazze also recently opted for some changes to its board and executive team by appointing Jeff Garwood and Nirup Krishnamurthy.
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