Medicine Man Technologies Inc. has announced it’s changed its corporate brand name to Schwazze – the name originates from the company’s cultivation technique from the Three A Light methodology.
Shane Sampson, chief marketing and merchandising officer, said the change will help the company realize its vision “of becoming the most admired cannabis company by positively impacting the health, well-being and happiness of our customers, team members and communities.”
“Our new brand, Schwazze enables differentiation as a true leader across all facets of cannabis and marks the next stage of our strategic growth. After finalizing the announced acquisitions, Schwazze will be one of the largest vertically integrated cannabis operators from seed to sale. We are proud to be building a great cannabis company at Schwazze.” – Sampson in a statement
The firm also announced it completed its acquisition of Mesa Organics and its Purplebee’s business. The deal is Schwazze’s first under the new brand and its first since it entered the Colorado market. Mesa operates four southern Colorado dispensaries. Purplebee’s is a cannabis extraction and manufacturing company.
Schwazze CEO Justin Dye called Mesa “a terrific business with strong leadership, talent and strong manufacturing and retail operations.”
“We are excited to take the first step in our acquisition strategy and Mesa Organics and Purplebee’s are a great strategic fit,” Dye said in a statement.
Under the terms of the agreement, which had been unanimously approved by the Medicine Man board of directors, the purchase consideration for the merger is about $2.6 million in cash and approximately 2.6 million in shares of common stock, subject to certain holdback and adjustment provisions.
The company began trading as Schwazze on over-the-counter markets on Tuesday.