The acquisition agreement between southern Colorado dispensary chain Strawberry Fields and Schwazze, a publicly-traded cannabis conglomerate formerly known as Medicine Man Technologies, has been terminated.
Before transitioning to Schwazze (a term that describes defoliation during cannabis cultivation), Medicine Man Technologies had agreed to purchase Strawberry Fields, a dispensary chain with four dispensaries in Downieville, Pueblo and Trinidad, for $31 million in cash and MMT stock. The deal was announced last September, and Strawberry Fields co-owners and brothers Mike and Rich Kwesell were going to stay on after the merger, set to take place by May 31.
"Colorado is the most competitive cannabis market in the world, and to know we will have the support from other successful business teams and efficient operators all pulling in the same direction is quite significant," Mike Kwesell said after the agreement was announced.
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