Schwazze

What Schwazze does

Schwazze, legally Medicine Man Technologies, Inc., was a vertically integrated cannabis company headquartered in Denver, Colorado, operating retail dispensaries and cultivation/manufacturing facilities under state-issued cannabis licenses. The company's core offering consisted of two integrated product lines: (1) retail dispensary operations selling adult-use recreational and medical cannabis products directly to consumers across Colorado and New Mexico, and (2) in-house cultivation and manufacturing operations producing cannabis products for distribution through its owned retail channel. At its peak the company operated 63 dispensaries and 10 manufacturing/cultivation facilities across two states with 501-1,000 employees, generating revenue through high-velocity retail transactions (transaction-fee model at the retail level) and wholesale-equivalent transfers internally.

Schwazze pursued an acquisition-led growth strategy beginning in 2020, using a $95 million convertible note financing in December 2021 to fund expansion into New Mexico (Greenleaf and related assets for $42 million) and additional Colorado acquisitions including Urban Health & Wellness ($3.2 million, 2022) and Lightshade Labs ($2.75 million, 2022). The company served two primary customer segments: adult-use recreational cannabis consumers and medical cannabis patients, with all sales conducted through company-owned storefronts in regulated US cannabis markets. No proprietary software, AI/ML, or technology platform components were disclosed; the business was a licensed, physical-goods operator.

Following financial pressure reflected in the October 2025 Restructuring Support Agreement with Vireo Growth, Vireo acquired substantially all Schwazze operating assets in March 2026 — 24 Colorado dispensaries, 21 New Mexico dispensaries, and one manufacturing facility per state — while the remaining Schwazze entity is being wound down. As a standalone going concern, Schwazze no longer operates; its former footprint and licenses now sit within Vireo Growth's portfolio.

Name

Schwazze

Legal name

Medicine Man Technologies, Inc.

Website

https://schwazze.com

Company type

Private

Founded year

2012

Operating status

Acquired

Headcount range

501–1,000 employees

Short description

Schwazze was a vertically integrated, multi-state cannabis operator headquartered in Denver, Colorado, operating 63 retail dispensaries and 10 cultivation/manufacturing facilities in Colorado and New Mexico to serve adult-use and medical cannabis consumers before its 2026 acquisition by Vireo Growth.

Ownership category

akta.pro rank

Product category

Cannabis Retail

NAICS

Tobacco, Electronic Cigarette, and Other Smoking Supplies Retailers (459991)

SIC

Retail-Drug Stores And Proprietary Stores (5912)

akta.pro primary industry

Adult-Use (Recreational) Cannabis Dispensaries (CRANAFAA)

akta.pro secondary industries

Medical Cannabis Dispensaries (CRANAFAB), Cannabis Dispensary + Delivery/Online Pickup (Omnichannel Retail) (CRANAFAG)

Keywords

• Cannabis retail dispensaries
• Vertical integration cannabis
• Multi-state operator
• Cannabis cultivation manufacturing
• Recreational medical cannabis

Headquarters

HQ city

Denver

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales

Revenue model

1. Cannabis Retail Sales: Revenue from operating retail dispensaries selling cannabis products to consumers in Colorado and New Mexico.
2. Cannabis Cultivation and Manufacturing: Revenue from cultivation facilities and manufacturing operations producing cannabis products for sale through company-owned dispensaries.

Go-to-market motion1 record

Distribution channels1 record

Core offering

Schwazze operates retail cannabis dispensaries and vertically integrated cannabis cultivation and manufacturing facilities in Colorado and New Mexico. The company sells adult-use recreational and medical cannabis products directly to consumers through its owned dispensary storefronts, with the majority of product sourced from its own cultivation and manufacturing operations.

Product overview

Schwazze (dba Medicine Man Technologies, Inc.) is a vertically integrated cannabis company operating a portfolio of retail dispensaries and manufacturing/cultivation facilities in Colorado and New Mexico. The company previously operated 63 dispensaries and 10 manufacturing facilities before restructuring its operations through an asset sale to Vireo Growth. The core offering consists of cannabis retail through dispensary locations and in-house cultivation/manufacturing operations.

Differentiator

Problem solved

Functional benefit

Products and services

• Retail Dispensaries Retail cannabis dispensary operations selling cannabis products directly to consumers in Colorado and New Mexico markets.
• Manufacturing Facilities Cannabis cultivation and manufacturing operations producing cannabis products for distribution through company-owned dispensaries in Colorado and New Mexico.

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered minor.

• Lightshade Labs LLCminorStrategic or Co-development PartnerSchwazze signed definitive documents to acquire certain assets of Lightshade Labs LLC, including two dispensaries in Colorado, with an all-cash consideration of US$2.75 million. Transaction planned to close in Q1 2023 pending licensing approvals.
• Urban Health & Wellness, Inc.minorStrategic or Co-development PartnerSchwazze signed definitive documents to acquire all assets of Urban Health & Wellness, Inc., including a dispensary and a cultivation facility in Denver, Colorado for $3.2 million, paid partly in cash and stock.
• GreenleafminorStrategic or Co-development PartnerSchwazze entered into an agreement to acquire assets and licenses in New Mexico, including Greenleaf, to expand its operations into a new state. The acquisitions include multiple dispensaries and cultivation facilities.

Scale indicators6 records

Recent moves6 records

Expansion highlights3 records

Direct peers

• Curaleaf Holdings: Large U.S. multi-state cannabis operator with vertically integrated cultivation, manufacturing, and retail dispensaries across numerous states; directly comparable to Schwazze's vertically integrated MSO model in Colorado and New Mexico.
• Trulieve Cannabis: U.S. multi-state cannabis operator combining retail dispensaries with in-house cultivation and manufacturing, sharing Schwazze's vertically integrated, multi-state operating approach.
• Green Thumb Industries: U.S. cannabis MSO with retail and consumer packaged goods operations across multiple states, comparable in operating model to Schwazze's integrated dispensary and cultivation footprint.
• Cresco Labs: Multi-state cannabis operator with wholesale, retail, and cultivation operations; comparable to Schwazze as a vertically integrated MSO serving regulated state markets.
• Verano Holdings: U.S. cannabis MSO operating dispensaries and cultivation/production facilities across multiple states, closely matching Schwazze's integrated retail-and-cultivation operating model.
• Vireo Growth Inc. Acquired substantially all Schwazze operating assets in 2026 and now operates the same Colorado and New Mexico dispensary and manufacturing footprint; the most direct peer and successor operator of the Schwazze platform.
• TerrAscend: Multi-state cannabis operator with retail, cultivation, and processing assets; comparable to Schwazze as a vertically integrated player with similar state-market concentration profile.
• Ayr Wellness: Cannabis MSO operating dispensaries and cultivation/production facilities in multiple U.S. states, with a similar integrated operating model to Schwazze's Colorado/New Mexico platform.
• Columbia Care: U.S. cannabis operator with retail dispensaries and cultivation/processing capabilities across multiple states; directly comparable in vertical integration and multi-state footprint.
• The Green Solution: Colorado-based vertically integrated cannabis operator with dispensaries and cultivation in the same primary market as Schwazze, making it a direct regional competitor in retail and wholesale.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights4 records

Customer concentration

• Xx.com/Schwazze_2021
• Facebookfacebook.com/SchwazzeInvestors
• LinkedInlinkedin.com/company/schwazze

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A6 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Schwazze