Schwazze To Expand Its Presence In New Mexico Via Acquisition Of Everest

Medicine Man Technologies, Inc., operating as Schwazze, SHWZ SHWZ 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. The proposed transaction includes retail dispensaries, cultivation, and manufacturing facilities.

The consideration for the proposed acquisition is $38 million 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.

Established 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.

This 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.

"This planned acquisition shows our commitment to the company's super-regional cannabis growth strategy to go deep in select markets," stated Nirup Krishnamurthy, president of Schwazze. "The Everest brand is a perfect complement to our existing retail brand in New Mexico, R. Greenleaf. Each serves a unique demographic, and we will continue to operate both retail banners in the state. By utilizing Schwazze's operating playbook, we fully intend to support the Everest team and its customers by delivering outstanding service, great selection and quality products throughout the state of New Mexico."

Photo: Benzinga edit with photos by jarmoluk and lindsayfox on Pixabay

Related News

Schwazze To Acquire One Medical Cannabis Dispensary In Denver, Colorado

Market News and Data brought to you by Benzinga APIs
Posted In: CannabisM&ANewsPenny StocksMarketsEverest ApothecaryNirup KrishnamurthypremiumSucellus
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

The Benzinga Cannabis Capital Conference is coming to Florida

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.

Get your tickets now on – Prices will increase very soon!